Wellington Management Group LLP Has $362.08 Million Stake in Chord Energy Corporation $CHRD

Wellington Management Group LLP reduced its stake in Chord Energy Corporation (NASDAQ:CHRD) by 16.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,167,815 shares of the company’s stock after selling 616,638 shares during the period. Wellington Management Group LLP owned 5.79% of Chord Energy worth $362,081,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CHRD. Public Employees Retirement System of Ohio bought a new position in shares of Chord Energy in the second quarter valued at approximately $1,991,000. Globeflex Capital L P purchased a new position in Chord Energy in the second quarter valued at about $585,000. Ninepoint Partners LP bought a new position in shares of Chord Energy during the 2nd quarter valued at approximately $5,144,000. Foster & Motley Inc. bought a new position in shares of Chord Energy during the 2nd quarter valued at approximately $695,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Chord Energy during the 2nd quarter worth approximately $66,489,000. 97.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CHRD. Roth Capital reiterated a “buy” rating and issued a $145.00 price objective on shares of Chord Energy in a research note on Wednesday, July 15th. BMO Capital Markets restated an “outperform” rating on shares of Chord Energy in a research note on Monday, June 29th. Mizuho raised Chord Energy to a “strong-buy” rating in a research report on Friday, July 31st. Truist Financial cut their target price on shares of Chord Energy from $170.00 to $166.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Finally, Citigroup reduced their price target on Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $152.54.

Insider Activity at Chord Energy

In other news, EVP Shannon Browning Kinney sold 4,019 shares of Chord Energy stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total value of $562,660.00. Following the sale, the executive vice president directly owned 13,560 shares in the company, valued at approximately $1,898,400. This trade represents a 22.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Douglas E. Brooks sold 8,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the completion of the transaction, the director owned 10,705 shares of the company’s stock, valued at $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 14,219 shares of company stock worth $1,927,684 in the last three months. 0.79% of the stock is owned by insiders.

Chord Energy Price Performance

Shares of CHRD opened at $146.00 on Monday. Chord Energy Corporation has a 1 year low of $84.25 and a 1 year high of $153.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. The stock has a 50 day simple moving average of $130.78 and a two-hundred day simple moving average of $130.27. The firm has a market cap of $7.99 billion, a P/E ratio of 9.79 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The company’s revenue was up 128.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.79 earnings per share. On average, analysts forecast that Chord Energy Corporation will post 18.61 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be given a $1.30 dividend. The ex-dividend date is Thursday, August 20th. This represents a $5.20 annualized dividend and a yield of 3.6%. Chord Energy’s payout ratio is presently 34.85%.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD), formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.