Retirement Systems of Alabama Raises Stock Position in Chord Energy Co. (NASDAQ:CHRD)

Retirement Systems of Alabama lifted its stake in shares of Chord Energy Co. (NASDAQ:CHRD) by 44.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 99,799 shares of the company’s stock after acquiring an additional 30,643 shares during the quarter. Retirement Systems of Alabama owned approximately 0.24% of Chord Energy worth $16,590,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Contravisory Investment Management Inc. increased its position in shares of Chord Energy by 48.9% during the fourth quarter. Contravisory Investment Management Inc. now owns 259 shares of the company’s stock worth $43,000 after acquiring an additional 85 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Chord Energy by 67.6% during the fourth quarter. Lindbrook Capital LLC now owns 305 shares of the company’s stock valued at $51,000 after purchasing an additional 123 shares in the last quarter. Viking Fund Management LLC boosted its stake in shares of Chord Energy by 40.0% during the fourth quarter. Viking Fund Management LLC now owns 350 shares of the company’s stock valued at $58,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Chord Energy by 15.4% during the third quarter. Fifth Third Bancorp now owns 526 shares of the company’s stock valued at $85,000 after purchasing an additional 70 shares in the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in shares of Chord Energy during the fourth quarter valued at approximately $183,000. 97.76% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Chord Energy

In related news, CFO Michael H. Lou sold 3,000 shares of Chord Energy stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $165.00, for a total value of $495,000.00. Following the completion of the sale, the chief financial officer now owns 128,209 shares in the company, valued at approximately $21,154,485. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.70% of the company’s stock.

Chord Energy Stock Down 4.0 %

Shares of NASDAQ CHRD opened at $176.98 on Wednesday. The company has a 50 day simple moving average of $173.66 and a 200-day simple moving average of $165.70. The company has a market capitalization of $7.35 billion, a P/E ratio of 7.52 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.22 and a quick ratio of 1.16. Chord Energy Co. has a 1 year low of $133.34 and a 1 year high of $190.23.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Wednesday, February 21st. The company reported $5.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.04 by $0.21. The business had revenue of $964.69 million during the quarter, compared to the consensus estimate of $891.67 million. Chord Energy had a net margin of 26.27% and a return on equity of 16.35%. On average, equities research analysts predict that Chord Energy Co. will post 22.03 earnings per share for the current year.

Chord Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Tuesday, March 5th were issued a dividend of $3.25 per share. 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 7.35%. This is an increase from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s dividend payout ratio (DPR) is currently 21.25%.

Analyst Ratings Changes

CHRD has been the topic of a number of recent research reports. Mizuho increased their price objective on shares of Chord Energy from $189.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, March 14th. Royal Bank of Canada increased their price objective on shares of Chord Energy from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Monday. Truist Financial lowered their target price on shares of Chord Energy from $229.00 to $224.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Piper Sandler raised their target price on shares of Chord Energy from $219.00 to $230.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Finally, Bank of America downgraded shares of Chord Energy from a “buy” rating to an “underperform” rating and lowered their target price for the company from $177.00 to $165.00 in a research note on Friday, January 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Chord Energy presently has an average rating of “Moderate Buy” and an average target price of $193.50.

Chord Energy 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.