Cambria Investment Management L.P. Sells 1,078 Shares of Chord Energy Co. (NASDAQ:CHRD)

Cambria Investment Management L.P. reduced its position in shares of Chord Energy Co. (NASDAQ:CHRD) by 18.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,616 shares of the company’s stock after selling 1,078 shares during the period. Cambria Investment Management L.P.’s holdings in Chord Energy were worth $710,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Signaturefd LLC lifted its holdings in Chord Energy by 87.5% during the 2nd quarter. Signaturefd LLC now owns 180 shares of the company’s stock valued at $28,000 after purchasing an additional 84 shares during the last quarter. Insight Wealth Strategies LLC lifted its holdings in Chord Energy by 1.5% during the 2nd quarter. Insight Wealth Strategies LLC now owns 6,446 shares of the company’s stock valued at $991,000 after purchasing an additional 95 shares during the last quarter. Parallel Advisors LLC increased its position in Chord Energy by 17.1% in the 2nd quarter. Parallel Advisors LLC now owns 711 shares of the company’s stock valued at $109,000 after acquiring an additional 104 shares in the last quarter. Fifth Third Bancorp increased its position in Chord Energy by 34.9% in the 2nd quarter. Fifth Third Bancorp now owns 456 shares of the company’s stock valued at $70,000 after acquiring an additional 118 shares in the last quarter. Finally, HFG Advisors Inc. increased its position in Chord Energy by 2.1% in the 2nd quarter. HFG Advisors Inc. now owns 8,465 shares of the company’s stock valued at $1,302,000 after acquiring an additional 175 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Price Performance

Shares of CHRD opened at $163.05 on Thursday. Chord Energy Co. has a 52-week low of $117.05 and a 52-week high of $175.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.97 and a current ratio of 1.02. The firm has a market capitalization of $6.73 billion, a PE ratio of 6.46, a P/E/G ratio of 0.43 and a beta of 1.28. The stock has a 50 day simple moving average of $162.75 and a 200 day simple moving average of $155.43.

Chord Energy (NASDAQ:CHRD) last posted its earnings results on Wednesday, November 1st. The company reported $5.04 earnings per share for the quarter, missing the consensus estimate of $5.22 by ($0.18). The firm had revenue of $840.60 million during the quarter, compared to analysts’ expectations of $763.94 million. Chord Energy had a net margin of 27.86% and a return on equity of 16.74%. The firm’s revenue for the quarter was down 20.4% on a year-over-year basis. During the same period in the previous year, the firm posted $7.20 earnings per share. Sell-side analysts predict that Chord Energy Co. will post 19.56 EPS for the current fiscal year.

Chord Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Tuesday, November 14th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 3.07%. The ex-dividend date is Monday, November 13th. Chord Energy’s dividend payout ratio is presently 19.81%.

Insider Buying and Selling at Chord Energy

In other Chord Energy news, Director Lynn A. Peterson sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $159.05, for a total transaction of $477,150.00. Following the completion of the sale, the director now directly owns 223,098 shares of the company’s stock, valued at approximately $35,483,736.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Chord Energy news, COO Charles J. Rimer sold 1,500 shares of the business’s stock in a transaction that occurred 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 owns 91,273 shares in the company, valued at approximately $14,603,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lynn A. Peterson sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $159.05, for a total value of $477,150.00. Following the transaction, the director now owns 223,098 shares in the company, valued at approximately $35,483,736.90. The disclosure for this sale can be found here. Insiders sold a total of 10,500 shares of company stock valued at $1,718,385 in the last ninety days. Insiders own 0.52% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. TD Cowen cut shares of Chord Energy from an “outperform” rating to a “market perform” rating and set a $151.00 price objective for the company. in a research report on Wednesday, July 19th. Royal Bank of Canada restated an “outperform” rating and issued a $180.00 price objective on shares of Chord Energy in a research report on Wednesday, August 23rd. Bank of America raised their price objective on shares of Chord Energy from $169.00 to $177.00 in a research report on Wednesday, September 27th. Citigroup lifted their price target on shares of Chord Energy from $170.00 to $185.00 in a research report on Friday, August 4th. Finally, Stifel Nicolaus lifted their price target on shares of Chord Energy from $177.00 to $178.00 and gave the stock a “buy” rating in a research report on Friday, August 18th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Chord Energy presently has an average rating of “Moderate Buy” and an average price target of $186.20.

Chord Energy 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.