Tectonic Advisors LLC Grows Stock Holdings in Chord Energy Corporation (NASDAQ:CHRD)

Tectonic Advisors LLC lifted its stake in Chord Energy Corporation (NASDAQ:CHRD) by 7.6% in the 1st quarter, HoldingsChannel reports. The firm owned 9,081 shares of the company’s stock after acquiring an additional 638 shares during the period. Tectonic Advisors LLC’s holdings in Chord Energy were worth $1,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Natixis Advisors LLC acquired a new stake in Chord Energy in the fourth quarter valued at approximately $1,191,000. JPMorgan Chase & Co. increased its stake in shares of Chord Energy by 3.3% during the fourth quarter. JPMorgan Chase & Co. now owns 263,288 shares of the company’s stock worth $30,784,000 after purchasing an additional 8,455 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Chord Energy by 6.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company’s stock valued at $89,198,000 after acquiring an additional 47,649 shares in the last quarter. New York State Teachers Retirement System grew its stake in Chord Energy by 8.4% during the 1st quarter. New York State Teachers Retirement System now owns 29,190 shares of the company’s stock valued at $3,290,000 after acquiring an additional 2,263 shares in the last quarter. Finally, Perigon Wealth Management LLC boosted its holdings in Chord Energy by 56.9% in the 1st quarter. Perigon Wealth Management LLC now owns 35,642 shares of the company’s stock valued at $4,018,000 after purchasing an additional 12,925 shares during the last quarter. Institutional investors own 97.76% of the company’s stock.

Chord Energy Stock Performance

NASDAQ CHRD opened at $104.09 on Wednesday. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of 6.96 and a beta of 0.96. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $98.54 and a 200-day moving average price of $104.51. Chord Energy Corporation has a twelve month low of $79.83 and a twelve month high of $181.17.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.44. Chord Energy had a return on equity of 10.34% and a net margin of 16.15%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the company earned $5.10 earnings per share. The firm’s revenue was up 12.0% on a year-over-year basis. As a group, equities research analysts predict that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Wednesday, May 21st were issued a $1.30 dividend. The ex-dividend date was Wednesday, May 21st. This represents a $5.20 annualized dividend and a dividend yield of 5.00%. Chord Energy’s payout ratio is 34.78%.

Wall Street Analyst Weigh In

CHRD has been the topic of a number of recent analyst reports. Piper Sandler dropped their price objective on shares of Chord Energy from $161.00 to $159.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 1st. Citigroup upped their price target on shares of Chord Energy from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Wells Fargo & Company upped their price target on shares of Chord Energy from $142.00 to $143.00 and gave the company an “overweight” rating in a report on Tuesday. Wall Street Zen upgraded Chord Energy from a “sell” rating to a “hold” rating in a report on Friday, June 27th. Finally, Royal Bank Of Canada lowered their price objective on Chord Energy from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $151.15.

Insider Buying and Selling at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,091 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $94.10, for a total value of $290,863.10. Following the sale, the executive vice president directly owned 21,277 shares in the company, valued at approximately $2,002,165.70. This represents a 12.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.70% of the company’s stock.

Chord Energy Profile

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.