Public Employees Retirement Association of Colorado Reduces Position in Chord Energy Co. (NASDAQ:CHRD)

Posted by Defense World Staff on Aug 13th, 2023

Public Employees Retirement Association of Colorado trimmed its holdings in shares of Chord Energy Co. (NASDAQ:CHRD – Free Report) by 22.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,675 shares of the company’s stock after selling 1,615 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Chord Energy were worth $764,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Crewe Advisors LLC acquired a new stake in Chord Energy in the fourth quarter valued at approximately $25,000. FinTrust Capital Advisors LLC acquired a new stake in Chord Energy in the fourth quarter valued at approximately $28,000. Fifth Third Bancorp acquired a new stake in Chord Energy in the fourth quarter valued at approximately $29,000. Assetmark Inc. acquired a new stake in Chord Energy in the first quarter valued at approximately $30,000. Finally, Adams Natural Resources Fund Inc. acquired a new stake in Chord Energy in the fourth quarter valued at approximately $31,000. 98.83% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Stock Up 0.9 %

Shares of Chord Energy stock opened at $158.44 on Friday. The stock has a 50-day moving average price of $153.04 and a 200 day moving average price of $144.07. The company has a market cap of $6.58 billion, a P/E ratio of 3.87, a P/E/G ratio of 0.44 and a beta of 1.28. The company has a current ratio of 0.96, a quick ratio of 0.90 and a debt-to-equity ratio of 0.08. Chord Energy Co. has a 1 year low of $117.05 and a 1 year high of $164.79.

Chord Energy (NASDAQ:CHRD – Get Free Report) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.96 by ($0.31). The business had revenue of $695.40 million during the quarter, compared to analysts’ expectations of $677.85 million. Chord Energy had a return on equity of 19.07% and a net margin of 44.17%. The firm’s revenue was up 29.1% on a year-over-year basis. During the same period in the prior year, the company posted $7.30 earnings per share. As a group, analysts expect that Chord Energy Co. will post 18.76 EPS for the current fiscal year.

Chord Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th will be paid a $1.36 dividend. This is an increase from Chord Energy’s previous quarterly dividend of $1.25. This represents a $5.44 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Monday, August 14th. Chord Energy’s dividend payout ratio is currently 12.22%.

Insider Buying and Selling

In other Chord Energy news, COO Charles J. Rimer sold 1,111 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $160.00, for a total value of $177,760.00. Following the transaction, the chief operating officer now directly owns 92,773 shares of the company’s stock, valued at approximately $14,843,680. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Chord Energy news, Director Lynn A. Peterson sold 3,000 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $140.56, for a total value of $421,680.00. Following the transaction, the director now directly owns 235,098 shares of the company’s stock, valued at approximately $33,045,374.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Charles J. Rimer sold 1,111 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $160.00, for a total value of $177,760.00. Following the completion of the transaction, the chief operating officer now directly owns 92,773 shares in the company, valued at $14,843,680. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,632 shares of company stock valued at $4,461,630. Corporate insiders own 0.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CHRD. TD Cowen lowered shares of Chord Energy from an “outperform” rating to a “market perform” rating and set a $151.00 target price on the stock. in a research report on Wednesday, July 19th. Truist Financial lowered their target price on shares of Chord Energy from $247.00 to $221.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. Royal Bank of Canada lowered their target price on shares of Chord Energy from $185.00 to $180.00 in a research report on Monday, July 17th. Stifel Nicolaus raised their target price on shares of Chord Energy from $176.00 to $177.00 and gave the stock a “buy” rating in a research report on Monday, July 24th. Finally, Mizuho raised their target price on shares of Chord Energy from $172.00 to $177.00 in a research report on Tuesday, July 18th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Chord Energy has a consensus rating of “Moderate Buy” and a consensus target price of $183.88.

View Our Latest Stock Analysis on Chord Energy

About Chord Energy

(Free Report)

Chord Energy Corporation operates as an independent exploration and production company. It acquires, exploits, develops, and explores for crude oil, natural gas, and natural gas liquids in the Williston Basin. Chord Energy Corporation was founded in 2007 and is headquartered in Houston, Texas.