Goehring & Rozencwajg Associates LLC Invests $40.30 Million in Chord Energy Corporation $CHRD

Goehring & Rozencwajg Associates LLC purchased a new stake in Chord Energy Corporation (NASDAQ:CHRD) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 283,461 shares of the company’s stock, valued at approximately $40,302,000. Chord Energy comprises about 2.2% of Goehring & Rozencwajg Associates LLC’s portfolio, making the stock its 16th largest holding. Goehring & Rozencwajg Associates LLC owned 0.50% of Chord Energy at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC boosted its holdings in shares of Chord Energy by 47.4% in the 1st quarter. Sanctuary Advisors LLC now owns 4,223 shares of the company’s stock worth $600,000 after purchasing an additional 1,358 shares during the period. State of Michigan Retirement System lifted its position in Chord Energy by 2.2% in the first quarter. State of Michigan Retirement System now owns 13,700 shares of the company’s stock worth $1,948,000 after buying an additional 300 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Chord Energy by 7.7% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 36,609 shares of the company’s stock worth $5,205,000 after buying an additional 2,620 shares during the period. Seneca House Advisors increased its position in Chord Energy by 10.0% during the first quarter. Seneca House Advisors now owns 36,393 shares of the company’s stock valued at $5,174,000 after acquiring an additional 3,308 shares during the last quarter. Finally, Citizens Financial Group Inc. RI bought a new position in Chord Energy during the first quarter valued at $362,000. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Insider Activity at Chord Energy

In other Chord Energy news, COO Darrin J. Henke sold 1,276 shares of Chord Energy stock in a transaction on Friday, May 15th. The stock was sold at an average price of $145.97, for a total transaction of $186,257.72. Following the completion of the sale, the chief operating officer directly owned 21,157 shares of the company’s stock, valued at $3,088,287.29. The trade was a 5.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas E. Brooks sold 3,500 shares of Chord Energy stock in a transaction on Friday, May 8th. The shares were sold at an average price of $136.71, for a total value of $478,485.00. Following the sale, the director directly owned 20,205 shares of the company’s stock, valued at approximately $2,762,225.55. This trade represents a 14.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 9,276 shares of company stock worth $1,285,968. 0.79% of the stock is owned by insiders.

Analyst Ratings Changes

CHRD has been the subject of several analyst reports. Wells Fargo & Company raised their target price on shares of Chord Energy from $136.00 to $175.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Scotiabank upped their price target on shares of Chord Energy from $114.00 to $135.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. UBS Group reduced their price objective on shares of Chord Energy from $179.00 to $153.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Morgan Stanley decreased their price objective on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Finally, Truist Financial dropped their target price on Chord Energy from $185.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Eleven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $152.38.

Chord Energy Stock Up 1.2%

Shares of CHRD opened at $123.44 on Thursday. The firm has a fifty day moving average price of $130.56 and a 200-day moving average price of $120.56. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $6.95 billion, a P/E ratio of -109.24 and a beta of 0.49. Chord Energy Corporation has a 12-month low of $84.25 and a 12-month high of $151.95.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, topping the consensus estimate of $3.51 by $1.05. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.21 billion. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The firm’s revenue was up 37.1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.04 EPS. Equities research analysts expect that Chord Energy Corporation will post 18.13 earnings per share for the current year.

Chord Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were issued a $1.30 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.2%. Chord Energy’s payout ratio is presently -460.18%.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD), formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.