Engineers Gate Manager LP Buys Shares of 70,023 Chord Energy Corporation $CHRD

Engineers Gate Manager LP purchased a new stake in shares of Chord Energy Corporation (NASDAQ:CHRD) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 70,023 shares of the company’s stock, valued at approximately $8,004,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Allworth Financial LP boosted its position in shares of Chord Energy by 16.6% in the second quarter. Allworth Financial LP now owns 1,189 shares of the company’s stock valued at $136,000 after acquiring an additional 169 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Chord Energy during the 2nd quarter worth approximately $423,000. California State Teachers Retirement System lifted its stake in Chord Energy by 11,278.5% in the 2nd quarter. California State Teachers Retirement System now owns 7,608,151 shares of the company’s stock worth $869,612,000 after purchasing an additional 7,541,287 shares in the last quarter. HB Wealth Management LLC lifted its stake in Chord Energy by 21.4% in the 2nd quarter. HB Wealth Management LLC now owns 2,942 shares of the company’s stock worth $336,000 after purchasing an additional 518 shares in the last quarter. Finally, AlphaGrep UK Ltd bought a new position in Chord Energy in the 2nd quarter valued at $310,000. 97.76% of the stock is owned by hedge funds and other institutional investors.

Chord Energy Stock Up 1.6%

Shares of NASDAQ:CHRD opened at $151.82 on Friday. Chord Energy Corporation has a 52-week low of $84.25 and a 52-week high of $154.00. The firm has a fifty day moving average of $136.32 and a 200 day moving average of $133.20. The firm has a market capitalization of $8.30 billion, a PE ratio of 10.18 and a beta of 0.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.15 and a current ratio of 1.22.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the business earned $1.79 EPS. The company’s revenue for the quarter was up 128.6% on a year-over-year basis. As a group, research analysts anticipate that Chord Energy Corporation will post 19.33 EPS for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Thursday, August 20th were given a $1.30 dividend. The ex-dividend date was Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 3.4%. Chord Energy’s payout ratio is presently 34.85%.

Insiders Place Their Bets

In other Chord Energy news, Director Douglas Brooks sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of the sale, the director owned 10,705 shares of the company’s stock, valued at $1,425,263.70. This represents a 42.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Shannon Kinney sold 4,019 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total transaction of $562,660.00. Following the transaction, the executive vice president owned 13,560 shares in the company, valued at $1,898,400. The trade was a 22.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,969 shares of company stock valued at $3,389,599 over the last quarter. 0.79% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CHRD shares. Mizuho raised shares of Chord Energy to a “strong-buy” rating in a report on Friday, July 31st. Stifel Nicolaus started coverage on Chord Energy in a research report on Thursday. They set a “buy” rating and a $182.00 target price for the company. Wells Fargo & Company upped their target price on Chord Energy from $163.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 2nd. Weiss Ratings upgraded Chord Energy from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $145.00 price target on shares of Chord Energy in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $155.50.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company’s activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord’s portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.