State of Alaska Department of Revenue Reduces Stake in Chord Energy Co. (NASDAQ:CHRD)

State of Alaska Department of Revenue trimmed its stake in Chord Energy Co. (NASDAQ:CHRD) by 9.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,458 shares of the company’s stock after selling 480 shares during the quarter. State of Alaska Department of Revenue’s holdings in Chord Energy were worth $741,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Chord Energy by 50.4% in the first quarter. BlackRock Inc. now owns 4,888,058 shares of the company’s stock valued at $657,933,000 after acquiring an additional 1,638,278 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Chord Energy by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 4,351,393 shares of the company’s stock valued at $705,230,000 after buying an additional 21,034 shares in the last quarter. FMR LLC lifted its stake in shares of Chord Energy by 12.9% during the 3rd quarter. FMR LLC now owns 3,185,243 shares of the company’s stock valued at $516,232,000 after buying an additional 364,673 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Chord Energy by 1.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,671,474 shares of the company’s stock valued at $432,966,000 after buying an additional 26,896 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Chord Energy by 22.5% during the 1st quarter. State Street Corp now owns 1,903,685 shares of the company’s stock valued at $256,236,000 after buying an additional 349,592 shares in the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Stock Performance

Chord Energy stock opened at $186.88 on Thursday. The firm’s 50 day simple moving average is $166.38 and its 200 day simple moving average is $163.48. The company has a current ratio of 1.22, a quick ratio of 1.16 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $7.76 billion, a PE ratio of 7.94 and a beta of 1.06. Chord Energy Co. has a 1-year low of $133.34 and a 1-year high of $187.71.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, February 21st. The company reported $5.25 EPS for the quarter, topping analysts’ consensus estimates of $5.04 by $0.21. The firm had revenue of $964.69 million for the quarter, compared to analyst estimates of $891.67 million. Chord Energy had a net margin of 26.27% and a return on equity of 16.35%. As a group, analysts expect that Chord Energy Co. will post 21.97 earnings per share for the current fiscal year.

Chord Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Tuesday, March 5th were issued a $3.25 dividend. This is a positive change from Chord Energy’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend was Monday, March 4th. This represents a $13.00 dividend on an annualized basis and a dividend yield of 6.96%. Chord Energy’s dividend payout ratio is presently 21.25%.

Insider Transactions at Chord Energy

In other news, CFO Michael H. Lou sold 3,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $154.15, for a total value of $462,450.00. Following the transaction, the chief financial officer now owns 131,209 shares of the company’s stock, valued at approximately $20,225,867.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CHRD. Bank of America cut shares of Chord Energy from a “buy” rating to an “underperform” rating and dropped their price target for the company from $177.00 to $165.00 in a research note on Friday, January 5th. Truist Financial dropped their price target on shares of Chord Energy from $229.00 to $224.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Piper Sandler upped their price target on shares of Chord Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research note on Thursday, March 7th. Stifel Nicolaus upped their price target on shares of Chord Energy from $178.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, Mizuho upped their target price on shares of Chord Energy from $189.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, March 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $190.40.

Chord Energy Company Profile

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.