Boston Partners Trims Holdings in Chord Energy Co. (NASDAQ:CHRD)

Boston Partners reduced its stake in shares of Chord Energy Co. (NASDAQ:CHRD) by 32.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 430,456 shares of the company’s stock after selling 207,539 shares during the quarter. Boston Partners owned approximately 1.04% of Chord Energy worth $66,219,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Signaturefd LLC increased its stake in shares of Chord Energy by 87.5% during the second quarter. Signaturefd LLC now owns 180 shares of the company’s stock valued at $28,000 after buying an additional 84 shares during the period. Insight Wealth Strategies LLC boosted its stake in shares of Chord Energy by 1.5% during the second 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 in the last quarter. Parallel Advisors LLC increased its holdings in Chord Energy by 17.1% during the second quarter. Parallel Advisors LLC now owns 711 shares of the company’s stock valued at $109,000 after buying an additional 104 shares during the period. Fifth Third Bancorp raised its stake in Chord Energy by 34.9% in the second quarter. Fifth Third Bancorp now owns 456 shares of the company’s stock worth $70,000 after buying an additional 118 shares in the last quarter. Finally, HFG Advisors Inc. lifted its holdings in Chord Energy by 2.1% during the second quarter. HFG Advisors Inc. now owns 8,465 shares of the company’s stock worth $1,302,000 after buying an additional 175 shares during the period. 97.76% of the stock is currently owned by institutional investors.

Insider Activity

In other Chord Energy news, Director Lynn A. Peterson sold 3,000 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $159.05, for a total value of $477,150.00. Following the sale, the director now directly owns 223,098 shares of the company’s stock, valued at $35,483,736.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Lynn A. Peterson sold 3,000 shares of Chord Energy 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 transaction, the director now directly owns 223,098 shares in the company, valued at $35,483,736.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Charles J. Rimer sold 1,500 shares of the company’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 value of $240,000.00. Following the completion of the sale, the chief operating officer now owns 91,273 shares in the company, valued at approximately $14,603,680. The disclosure for this sale can be found here. Insiders have sold 12,000 shares of company stock valued at $1,963,575 in the last ninety days. Insiders own 0.52% of the company’s stock.

Chord Energy Stock Performance

Shares of CHRD stock opened at $162.59 on Friday. The business has a fifty day moving average of $162.71 and a 200 day moving average of $155.64. Chord Energy Co. has a 1 year low of $117.05 and a 1 year high of $175.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.02 and a quick ratio of 0.97. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of 6.44, a price-to-earnings-growth ratio of 0.42 and a beta of 1.28.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $5.04 earnings per share for the quarter, missing analysts’ consensus estimates of $5.22 by ($0.18). The firm had revenue of $840.60 million during the quarter, compared to analyst estimates 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 prior year, the company posted $7.20 earnings per share. As a group, research analysts expect that Chord Energy Co. will post 19.56 earnings per share for the current year.

Chord Energy Cuts Dividend

The firm 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 3.08%. The ex-dividend date of this dividend is Monday, November 13th. Chord Energy’s payout ratio is 19.81%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CHRD. Wells Fargo & Company began coverage on Chord Energy in a research report on Wednesday. They issued an “overweight” rating and a $189.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $180.00 price target on shares of Chord Energy in a report on Wednesday, August 23rd. Stifel Nicolaus boosted their price objective on shares of Chord Energy from $177.00 to $178.00 and gave the stock a “buy” rating in a research note on Friday, August 18th. Citigroup raised their target price on shares of Chord Energy from $170.00 to $185.00 in a research note on Friday, August 4th. Finally, Bank of America upped their price target on Chord Energy from $169.00 to $177.00 in a research report on Wednesday, September 27th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $186.90.

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.