Martingale Asset Management L P Buys New Shares in Chord Energy Corporation $CHRD

Martingale Asset Management L P bought a new position in shares of Chord Energy Corporation (NASDAQ:CHRD) in the first quarter, Holdings Channel reports. The fund bought 36,573 shares of the company’s stock, valued at approximately $4,123,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC acquired a new stake in shares of Chord Energy during the fourth quarter worth $43,745,000. Nuveen LLC acquired a new position in shares of Chord Energy in the 1st quarter valued at $36,837,000. Squarepoint Ops LLC increased its stake in Chord Energy by 365.5% in the 4th quarter. Squarepoint Ops LLC now owns 337,284 shares of the company’s stock worth $39,435,000 after purchasing an additional 264,828 shares in the last quarter. Sourcerock Group LLC raised its holdings in Chord Energy by 214.9% during the 4th quarter. Sourcerock Group LLC now owns 314,870 shares of the company’s stock worth $36,815,000 after buying an additional 214,870 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Chord Energy during the 4th quarter worth about $23,136,000. Institutional investors and hedge funds own 97.76% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Shannon Browning Kinney sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $101.64, for a total transaction of $101,640.00. Following the completion of the sale, the executive vice president directly owned 17,669 shares of the company’s stock, valued at $1,795,877.16. This trade represents a 5.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CHRD has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on shares of Chord Energy from $143.00 to $146.00 and gave the stock an “overweight” rating in a research report on Friday, August 15th. Piper Sandler raised their price objective on shares of Chord Energy from $164.00 to $166.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. Bank of America lowered their price objective on shares of Chord Energy from $114.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, May 23rd. UBS Group boosted their target price on shares of Chord Energy from $120.00 to $122.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Wall Street Zen cut Chord Energy from a “hold” rating to a “sell” rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $148.92.

Chord Energy Stock Down 0.6%

Chord Energy stock opened at $102.00 on Friday. Chord Energy Corporation has a twelve month low of $79.83 and a twelve month high of $154.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97. The firm has a market cap of $5.84 billion, a PE ratio of 25.95 and a beta of 0.97. The firm’s 50 day moving average price is $104.50 and its two-hundred day moving average price is $101.78.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 EPS for the quarter, missing the consensus estimate of $1.88 by ($0.09). Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $984.07 million. During the same quarter in the prior year, the firm earned $4.69 earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. On average, research analysts predict that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Thursday, August 21st will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Thursday, August 21st. Chord Energy’s dividend payout ratio is presently 132.32%.

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.