Royal Bank of Canada Increases Position in Chord Energy Corporation $CHRD

Royal Bank of Canada raised its holdings in Chord Energy Corporation (NASDAQ:CHRD) by 119.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 36,579 shares of the company’s stock after acquiring an additional 19,896 shares during the period. Royal Bank of Canada’s holdings in Chord Energy were worth $5,202,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Chord Energy by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company’s stock valued at $13,973,000 after purchasing an additional 18,137 shares during the last quarter. Focus Partners Wealth purchased a new position in Chord Energy during the first quarter worth approximately $289,000. EverSource Wealth Advisors LLC boosted its stake in Chord Energy by 364.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company’s stock worth $151,000 after buying an additional 1,220 shares during the last quarter. Jump Financial LLC acquired a new position in Chord Energy during the second quarter worth $1,010,000. Finally, Gamco Investors INC. ET AL grew its holdings in Chord Energy by 108.5% in the 2nd quarter. Gamco Investors INC. ET AL now owns 10,429 shares of the company’s stock valued at $1,010,000 after buying an additional 5,428 shares in the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chord Energy

In related news, Director Samantha Mckinney sold 2,200 shares of Chord Energy stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $136.32, for a total value of $299,904.00. Following the completion of the transaction, the director owned 17,030 shares in the company, valued at approximately $2,321,529.60. The trade was a 11.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Shannon Browning Kinney sold 4,019 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total transaction 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. The trade was a 22.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 15,495 shares of company stock worth $2,113,942. 0.79% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CHRD. BMO Capital Markets reaffirmed an “outperform” rating on shares of Chord Energy in a research note on Monday, June 29th. Mizuho raised shares of Chord Energy to a “strong-buy” rating in a report on Friday, July 31st. Truist Financial cut their price objective 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. Zacks Research downgraded shares of Chord Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen lowered shares of Chord Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold 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 $152.54.

Chord Energy Price Performance

CHRD stock opened at $137.58 on Thursday. The business’s fifty day moving average price is $128.00 and its 200 day moving average price is $126.50. Chord Energy Corporation has a 12-month low of $84.25 and a 12-month high of $151.95. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $7.53 billion, a PE ratio of 9.22 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The business’s revenue was up 128.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.79 earnings per share. On average, sell-side analysts anticipate that Chord Energy Corporation will post 18.03 EPS for the current year.

Chord Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be paid a $1.30 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.8%. Chord Energy’s dividend payout ratio (DPR) is presently 34.85%.

About Chord Energy

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.