Phocas Financial Corp. Buys New Shares in Chord Energy Co. (NASDAQ:CHRD)

Phocas Financial Corp. purchased a new position in shares of Chord Energy Co. (NASDAQ:CHRD) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 41,519 shares of the company’s stock, valued at approximately $6,386,000. Phocas Financial Corp. owned about 0.10% of Chord Energy at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC acquired a new stake in Chord Energy during the fourth quarter worth about $28,000. Assetmark Inc. acquired a new stake in Chord Energy during the first quarter worth about $30,000. CoreCap Advisors LLC acquired a new stake in Chord Energy during the fourth quarter worth about $39,000. Fifth Third Bancorp increased its stake in Chord Energy by 57.2% during the first quarter. Fifth Third Bancorp now owns 338 shares of the company’s stock worth $45,000 after acquiring an additional 123 shares during the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Chord Energy in the fourth quarter valued at about $48,000. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CHRD shares. Stifel Nicolaus increased their target price on Chord Energy from $177.00 to $178.00 and gave the company a “buy” rating in a research note on Friday, August 18th. Piper Sandler lowered their target price on Chord Energy from $204.00 to $202.00 in a research note on Tuesday, June 13th. TD Cowen downgraded Chord Energy from an “outperform” rating to a “market perform” rating and set a $151.00 price target for the company. in a report on Wednesday, July 19th. Truist Financial reaffirmed a “buy” rating and set a $221.00 target price on shares of Chord Energy in a report on Wednesday, September 6th. Finally, Citigroup increased their target price on Chord Energy from $170.00 to $185.00 in a report on Friday, August 4th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $186.00.

Chord Energy Stock Performance

Shares of Chord Energy stock traded down $0.77 on Tuesday, reaching $156.75. 132,917 shares of the company were exchanged, compared to its average volume of 531,075. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.90 and a current ratio of 0.96. The company’s 50-day moving average is $156.92 and its two-hundred day moving average is $147.76. The firm has a market cap of $6.51 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 $167.81.

Chord Energy (NASDAQ:CHRD) last posted its earnings results on Wednesday, August 2nd. The company reported $3.65 EPS for the quarter, missing the consensus estimate of $3.96 by ($0.31). Chord Energy had a net margin of 44.17% and a return on equity of 19.07%. The business had revenue of $695.40 million during the quarter, compared to analyst estimates of $677.85 million. During the same quarter in the prior year, the business earned $7.30 earnings per share. The firm’s revenue was up 29.1% compared to the same quarter last year. As a group, research analysts expect that Chord Energy Co. will post 18.91 earnings per share for the current fiscal year.

Chord Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th were given a $1.36 dividend. This is a boost from Chord Energy’s previous quarterly dividend of $1.25. This represents a $5.44 annualized dividend and a yield of 3.47%. The ex-dividend date was Monday, August 14th. Chord Energy’s dividend payout ratio (DPR) is currently 12.22%.

Insider Activity at Chord Energy

In other news, COO Charles J. Rimer sold 1,500 shares of Chord Energy stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $160.00, for a total transaction of $240,000.00. Following the transaction, the chief operating officer now directly owns 91,273 shares in the company, valued at approximately $14,603,680. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, COO Charles J. Rimer sold 1,500 shares of Chord Energy stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $160.00, for a total transaction of $240,000.00. Following the transaction, the chief operating officer now directly owns 91,273 shares in the company, valued at approximately $14,603,680. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lynn A. Peterson sold 3,000 shares of Chord Energy stock in a transaction on Monday, July 17th. The shares were sold at an average price of $146.29, for a total value of $438,870.00. Following the transaction, the director now owns 229,098 shares in the company, valued at $33,514,746.42. The disclosure for this sale can be found here. Insiders have sold a total of 24,132 shares of company stock worth $3,829,860 in the last three months. 0.52% of the stock is owned by company insiders.

Chord Energy Company Profile

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.