UBS Group AG Increases Stake in Chord Energy Corporation $CHRD

UBS Group AG boosted its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD) by 11.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 644,481 shares of the company’s stock after buying an additional 65,804 shares during the quarter. UBS Group AG’s holdings in Chord Energy were worth $59,743,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CHRD. Victory Capital Management Inc. increased its stake in shares of Chord Energy by 5.4% during the third quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock worth $314,661,000 after buying an additional 163,125 shares during the period. Wellington Management Group LLP raised its stake in Chord Energy by 19.9% in the third quarter. Wellington Management Group LLP now owns 1,705,153 shares of the company’s stock valued at $169,441,000 after buying an additional 282,746 shares in the last quarter. Sourcerock Group LLC lifted its stake in Chord Energy by 2.1% during the second quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company’s stock worth $99,947,000 after purchasing an additional 20,916 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Chord Energy by 22.2% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company’s stock valued at $95,918,000 after buying an additional 180,000 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Chord Energy by 28.7% in the third quarter. AQR Capital Management LLC now owns 944,696 shares of the company’s stock valued at $93,874,000 after acquiring an additional 210,471 shares in the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wall Street Zen raised Chord Energy from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Williams Trading set a $189.00 target price on shares of Chord Energy in a research note on Monday, April 20th. Morgan Stanley upgraded shares of Chord Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $114.00 to $168.00 in a research note on Friday, March 27th. Weiss Ratings upgraded Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 17th. Finally, Citigroup increased their price target on shares of Chord Energy from $120.00 to $155.00 and gave the company a “neutral” rating in a report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $152.23.

Chord Energy Price Performance

Shares of NASDAQ CHRD opened at $149.16 on Wednesday. Chord Energy Corporation has a 52 week low of $84.25 and a 52 week high of $150.50. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of 236.76 and a beta of 0.52. The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. The company’s 50-day moving average price is $129.95 and its 200 day moving average price is $106.64.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.49 by $1.07. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the firm earned $4.04 earnings per share. The company’s revenue for the quarter was up 37.1% compared to the same quarter last year. As a group, research analysts forecast that Chord Energy Corporation will post 16.94 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, May 20th. Chord Energy’s dividend payout ratio is 825.40%.

Insider Buying and Selling

In related news, EVP Shannon Browning Kinney sold 1,801 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total transaction of $205,962.36. Following the sale, the executive vice president owned 20,188 shares of the company’s stock, valued at $2,308,699.68. This trade represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas E. Brooks sold 2,126 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $120.28, for a total transaction of $255,715.28. Following the sale, the director owned 25,181 shares in the company, valued at approximately $3,028,770.68. This trade represents a 7.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 23,927 shares of company stock worth $2,912,028 in the last ninety days. 0.79% of the stock is currently owned by insiders.

About Chord Energy

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.