Chord Energy Co. (NASDAQ:CHRD) Position Reduced by MAI Capital Management

Posted by Defense World Staff on Aug 25th, 2023

MAI Capital Management decreased its position in shares of Chord Energy Co. (NASDAQ:CHRD – Free Report) by 45.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,584 shares of the company’s stock after selling 1,307 shares during the period. MAI Capital Management’s holdings in Chord Energy were worth $213,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Crewe Advisors LLC acquired a new position in Chord Energy in the fourth quarter worth approximately $25,000. FinTrust Capital Advisors LLC purchased a new position in Chord Energy during the 4th quarter worth approximately $28,000. Assetmark Inc. purchased a new position in Chord Energy during the 1st quarter worth approximately $30,000. Ellevest Inc. purchased a new position in Chord Energy during the 4th quarter worth approximately $34,000. Finally, CoreCap Advisors LLC purchased a new position in Chord Energy during the 4th quarter worth approximately $39,000. Institutional investors own 98.83% of the company’s stock.

Insider Transactions at Chord Energy

In other news, Director Lynn A. Peterson sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $146.29, for a total transaction of $438,870.00. Following the transaction, the director now directly owns 229,098 shares in the company, valued at $33,514,746.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Lynn A. Peterson sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $146.29, for a total transaction of $438,870.00. Following the transaction, the director now directly owns 229,098 shares in the company, valued at $33,514,746.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael H. Lou sold 7,632 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $161.26, for a total transaction of $1,230,736.32. Following the transaction, the chief financial officer now owns 186,235 shares in the company, valued at $30,032,256.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,632 shares of company stock worth $4,039,950. Corporate insiders own 0.52% of the company’s stock.

Analyst Upgrades and Downgrades

CHRD has been the topic of several research analyst reports. TD Cowen cut shares of Chord Energy from an “outperform” rating to a “market perform” rating and set a $151.00 price objective on the stock. in a research report on Wednesday, July 19th. Truist Financial reduced their price objective on shares of Chord Energy from $247.00 to $221.00 and set a “buy” rating for the company in a research note on Monday, July 24th. Citigroup lifted their price objective on shares of Chord Energy from $170.00 to $185.00 in a research note on Friday, August 4th. Piper Sandler cut their target price on shares of Chord Energy from $204.00 to $202.00 in a research report on Tuesday, June 13th. Finally, Mizuho boosted their price objective on shares of Chord Energy from $177.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, August 16th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Chord Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.38.

Read Our Latest Analysis on Chord Energy

Chord Energy Price Performance

Shares of Chord Energy stock opened at $156.57 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.90 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of 3.83, a P/E/G ratio of 0.43 and a beta of 1.28. Chord Energy Co. has a 1-year low of $117.05 and a 1-year high of $164.79. The firm’s 50-day moving average price is $153.99 and its two-hundred day moving average price is $144.81.

Chord Energy (NASDAQ:CHRD – Get Free Report) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $3.65 earnings per share for the quarter, missing the consensus estimate of $3.96 by ($0.31). The firm had revenue of $695.40 million for the quarter, compared to the consensus estimate of $677.85 million. Chord Energy had a return on equity of 19.07% and a net margin of 44.17%. Chord Energy’s quarterly revenue was up 29.1% compared to the same quarter last year. During the same period in the prior year, the company posted $7.30 earnings per share. On average, equities analysts predict that Chord Energy Co. will post 18.91 earnings per share for the current fiscal year.

Chord Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be given a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 3.47%. This is a positive change from Chord Energy’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend is Monday, August 14th. Chord Energy’s dividend payout ratio is presently 12.22%.

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.