Key Points
- Executive sale: EVP Shannon Browning Kinney sold 4,019 Chord Energy shares at an average price of $140, totaling $562,660 and reducing her direct ownership by 22.86%.
- Financial results and dividend: Chord Energy reported quarterly revenue of $2.17 billion, up 128.6% year over year, though earnings per share of $6.44 narrowly missed estimates. The company declared a $1.30 quarterly dividend, equivalent to a 3.8% annualized yield.
- Analyst outlook remains positive: Chord Energy has a consensus “Moderate Buy” rating and an average price target of $152.54, while institutional investors collectively own 97.76% of the company.
Chord Energy Corporation (NASDAQ:CHRD - Get Free Report) Director Samantha Mckinney sold 2,200 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $136.32, for a total value of $299,904.00. Following the transaction, the director directly owned 17,030 shares of the company's stock, valued at approximately $2,321,529.60. This represents a 11.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.
Chord Energy Stock Down 1.2%
CHRD stock opened at $137.58 on Thursday. The company's 50 day moving average price is $128.00 and its 200 day moving average price is $126.50. The firm has a market capitalization of $7.53 billion, a price-to-earnings ratio of 9.22 and a beta of 0.48. Chord Energy Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $151.95. 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 - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The firm had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $1.62 billion. During the same quarter in the prior year, the firm earned $1.79 EPS. The firm's revenue was up 128.6% compared to the same quarter last year. On average, equities research analysts anticipate that Chord Energy Corporation will post 18.03 EPS for the current fiscal year.
Chord Energy Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Thursday, August 20th. Chord Energy's dividend payout ratio (DPR) is presently 34.85%.
Institutional Trading of Chord Energy
Institutional investors have recently modified their holdings of the stock. Globeflex Capital L P acquired a new position in shares of Chord Energy in the 2nd quarter valued at $585,000. Ninepoint Partners LP purchased a new position in shares of Chord Energy in the 2nd quarter valued at $5,144,000. Foster & Motley Inc. acquired a new stake in Chord Energy during the 2nd quarter worth $695,000. Bank of New York Mellon Corp acquired a new stake in Chord Energy during the 2nd quarter worth $66,489,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Chord Energy during the 2nd quarter worth $24,670,000. Hedge funds and other institutional investors own 97.76% of the company's stock.
Analyst Ratings Changes
CHRD has been the subject of a number of analyst reports. Scotiabank boosted their target price on shares of Chord Energy from $114.00 to $135.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Roth Capital restated a "buy" rating and issued a $145.00 price target on shares of Chord Energy in a research note on Wednesday, July 15th. Zacks Research cut Chord Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 9th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $163.00 price target on shares of Chord Energy in a report on Thursday. Finally, Citigroup lowered their price objective on Chord Energy from $155.00 to $130.00 and set a "neutral" rating for the company in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $152.54.
Read Our Latest Research Report on Chord Energy
Chord Energy Company Profile
(
Get Free Report)
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.
Further Reading
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