Engineers Gate Manager LP Invests $8 Million in Chord Energy Corporation $CHRD

Engineers Gate Manager LP bought a new stake in Chord Energy Corporation (NASDAQ:CHRD) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 70,023 shares of the company’s stock, valued at approximately $8,004,000. Engineers Gate Manager LP owned approximately 0.13% of Chord Energy as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CHRD. Bessemer Group Inc. raised its position in Chord Energy by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock valued at $27,000 after buying an additional 74 shares during the last quarter. Versant Capital Management Inc lifted its stake in Chord Energy by 330.9% during the 2nd quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock valued at $27,000 after acquiring an additional 182 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Chord Energy during the 1st quarter worth $29,000. WealthCollab LLC boosted its holdings in Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after acquiring an additional 145 shares during the last quarter. Finally, Root Financial Partners LLC grew its stake in shares of Chord Energy by 178.6% in the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock worth $33,000 after acquiring an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Analyst Ratings Changes

CHRD has been the subject of several analyst reports. UBS Group increased their target price on shares of Chord Energy from $153.00 to $171.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings upgraded shares of Chord Energy from a “hold (c-)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Roth Capital reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Chord Energy in a research report on Wednesday, July 15th. Citigroup decreased their price objective on shares of Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a research note on Friday, July 10th. Finally, Morgan Stanley dropped their target price on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Chord Energy presently has a consensus rating of “Moderate Buy” and an average target price of $155.50.

Insiders Place Their Bets

In other news, Director Douglas Brooks sold 8,000 shares of Chord Energy stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of the transaction, the director owned 10,705 shares in the company, valued at $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the sale, the director directly owned 7,280 shares in the company, valued at approximately $1,091,563.20. This trade represents a 57.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 23,969 shares of company stock worth $3,389,599 over the last quarter. 0.79% of the stock is currently owned by company insiders.

Chord Energy Price Performance

Chord Energy stock opened at $151.82 on Friday. The business’s 50 day simple moving average is $136.32 and its 200 day simple moving average is $133.20. Chord Energy Corporation has a 12 month low of $84.25 and a 12 month high of $154.00. The company has a market cap of $8.30 billion, a price-to-earnings ratio of 10.18 and a beta of 0.50. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing the consensus estimate of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the previous year, the company posted $1.79 EPS. The firm’s revenue was up 128.6% compared to the same quarter last year. Sell-side analysts forecast that Chord Energy Corporation will post 19.33 EPS for the current year.

Chord Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Thursday, August 20th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Thursday, August 20th. Chord Energy’s dividend payout ratio (DPR) is currently 34.85%.

About Chord Energy

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company’s activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord’s portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.