Jennison Associates LLC Cuts Position in Chord Energy Co. (NASDAQ:CHRD)

Jennison Associates LLC decreased its position in Chord Energy Co. (NASDAQ:CHRD) by 53.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 373,494 shares of the company’s stock after selling 428,681 shares during the quarter. Jennison Associates LLC owned 0.90% of Chord Energy worth $62,086,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vest Financial LLC increased its position in shares of Chord Energy by 36.0% during the fourth quarter. Vest Financial LLC now owns 79,293 shares of the company’s stock worth $13,181,000 after acquiring an additional 20,995 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Chord Energy by 12.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 491,737 shares of the company’s stock valued at $81,742,000 after acquiring an additional 53,992 shares during the last quarter. Natixis Advisors L.P. raised its position in shares of Chord Energy by 68.5% during the 3rd quarter. Natixis Advisors L.P. now owns 38,458 shares of the company’s stock worth $6,233,000 after acquiring an additional 15,632 shares in the last quarter. Vanguard Group Inc. lifted its stake in Chord Energy by 0.5% during the third quarter. Vanguard Group Inc. now owns 4,351,393 shares of the company’s stock worth $705,230,000 after purchasing an additional 21,034 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Chord Energy by 7.9% during the third quarter. Invesco Ltd. now owns 444,627 shares of the company’s stock worth $72,061,000 after purchasing an additional 32,429 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Wall Street Analysts Forecast Growth

CHRD has been the subject of several recent analyst reports. Bank of America cut Chord Energy from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $177.00 to $165.00 in a research note on Friday, January 5th. Piper Sandler boosted their target price on Chord Energy from $219.00 to $230.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Truist Financial decreased their target price on Chord Energy from $229.00 to $224.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Stifel Nicolaus lifted their price target on Chord Energy from $178.00 to $211.00 and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Finally, Mizuho lifted their price target on Chord Energy from $189.00 to $195.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $191.50.

Chord Energy Trading Up 0.6 %

CHRD opened at $183.12 on Wednesday. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of 7.78 and a beta of 1.06. The company has a quick ratio of 1.16, a current ratio of 1.22 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $171.02 and its two-hundred day moving average is $164.85. Chord Energy Co. has a 52 week low of $133.34 and a 52 week high of $190.23.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Wednesday, February 21st. The company reported $5.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.04 by $0.21. The business had revenue of $964.69 million for the quarter, compared to analyst estimates of $891.67 million. Chord Energy had a return on equity of 16.35% and a net margin of 26.27%. On average, research analysts predict that Chord Energy Co. will post 21.6 EPS for the current year.

Chord Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Tuesday, March 5th were issued a $3.25 dividend. The ex-dividend date was Monday, March 4th. This represents a $13.00 dividend on an annualized basis and a dividend yield of 7.10%. This is a positive change from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s payout ratio is presently 21.25%.

Insider Activity

In other news, CFO Michael H. Lou sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $165.00, for a total value of $495,000.00. Following the transaction, the chief financial officer now owns 128,209 shares of the company’s stock, valued at $21,154,485. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.70% of the company’s stock.

About Chord Energy

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.