Royce & Associates LP Raises Stock Position in Chord Energy Corporation $CHRD

Royce & Associates LP raised its position in Chord Energy Corporation (NASDAQ:CHRD) by 6.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,941 shares of the company’s stock after purchasing an additional 5,426 shares during the quarter. Royce & Associates LP owned about 0.16% of Chord Energy worth $9,136,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA purchased a new stake in shares of Chord Energy during the 3rd quarter valued at approximately $91,434,000. Orion Porfolio Solutions LLC increased its stake in Chord Energy by 6,714.2% during the second quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock worth $68,675,000 after acquiring an additional 698,680 shares during the last quarter. AQR Capital Management LLC increased its stake in Chord Energy by 210.5% during the second quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock worth $71,110,000 after acquiring an additional 497,789 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in Chord Energy by 22.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company’s stock valued at $95,918,000 after purchasing an additional 180,000 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Chord Energy by 15.5% in the 2nd quarter. American Century Companies Inc. now owns 1,337,079 shares of the company’s stock valued at $129,496,000 after purchasing an additional 179,209 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Stock Performance

Shares of Chord Energy stock opened at $112.34 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of 178.32 and a beta of 0.84. The business has a 50-day moving average of $97.77 and a 200 day moving average of $97.20. Chord Energy Corporation has a 12 month low of $79.83 and a 12 month high of $116.26.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.11. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The business’s quarterly revenue was down 19.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.49 earnings per share. As a group, sell-side analysts forecast that Chord Energy Corporation will post 15.59 earnings per share for the current year.

Chord Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Thursday, March 12th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Thursday, March 12th. Chord Energy’s dividend payout ratio (DPR) is currently 825.40%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CHRD. Piper Sandler cut their price objective on Chord Energy from $160.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, February 11th. UBS Group lowered their target price on shares of Chord Energy from $123.00 to $119.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Mizuho set a $148.00 price target on shares of Chord Energy in a research report on Friday, January 9th. Jefferies Financial Group set a $99.00 price objective on shares of Chord Energy in a report on Saturday, January 17th. Finally, Scotiabank restated a “sector perform” rating and issued a $114.00 price objective on shares of Chord Energy in a report on Friday, January 16th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $123.92.

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.