Jennison Associates LLC Makes New $60.19 Million Investment in Chord Energy Corporation $CHRD

Jennison Associates LLC acquired a new position in shares of Chord Energy Corporation (NASDAQ:CHRD) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 423,338 shares of the company’s stock, valued at approximately $60,190,000.

Several other institutional investors have also recently made changes to their positions in CHRD. Geode Capital Management LLC lifted its stake in shares of Chord Energy by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock valued at $190,346,000 after purchasing an additional 277,588 shares during the period. Wellington Management Group LLP grew its position in Chord Energy by 6.1% during the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock valued at $167,743,000 after buying an additional 104,373 shares during the period. Adage Capital Partners GP L.L.C. increased its holdings in Chord Energy by 18.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock valued at $115,305,000 after buying an additional 193,469 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Chord Energy by 85.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock valued at $112,927,000 after buying an additional 561,899 shares in the last quarter. Finally, Sourcerock Group LLC raised its position in shares of Chord Energy by 2.1% in the second quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company’s stock worth $99,947,000 after acquiring an additional 20,916 shares during the period. 97.76% of the stock is owned by hedge funds and other institutional investors.

Chord Energy Price Performance

CHRD stock opened at $128.10 on Monday. The stock has a market capitalization of $7.21 billion, a P/E ratio of -113.36 and a beta of 0.49. The firm has a 50-day simple moving average of $130.12 and a 200-day simple moving average of $121.06. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.18. Chord Energy Corporation has a 52 week low of $84.25 and a 52 week high of $151.95.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, topping the consensus estimate of $3.51 by $1.05. The firm had revenue of $1.67 billion during 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 company’s revenue for the quarter was up 37.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.04 EPS. Equities analysts forecast that Chord Energy Corporation will post 18.32 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.1%. The ex-dividend date was Wednesday, May 20th. Chord Energy’s payout ratio is -460.18%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Williams Trading set a $189.00 target price on shares of Chord Energy in a research note on Monday, April 20th. UBS Group cut their price target on Chord Energy from $179.00 to $153.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Wall Street Zen cut Chord Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 27th. Wells Fargo & Company increased their price target on Chord Energy from $136.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. Finally, Citigroup dropped their price objective on Chord Energy from $155.00 to $130.00 and set a “neutral” rating on the stock in a report on Friday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Chord Energy presently has an average rating of “Moderate Buy” and a consensus price target of $152.38.

Insider Buying and Selling

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

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.