Chord Energy (NASDAQ:CHRD) Releases Quarterly Earnings Results, Beats Estimates By $0.24 EPS

Chord Energy (NASDAQ:CHRD) announced its quarterly earnings data on Tuesday. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.24, Zacks reports. Chord Energy had a return on equity of 9.02% and a net margin of 5.02%.

Chord Energy Stock Down 2.2%

Shares of CHRD stock traded down $1.99 on Tuesday, reaching $88.93. 951,453 shares of the company were exchanged, compared to its average volume of 830,925. The company has a market cap of $5.09 billion, a price-to-earnings ratio of 22.63 and a beta of 0.92. The company has a 50-day moving average of $99.25 and a 200-day moving average of $99.67. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.97 and a quick ratio of 0.90. Chord Energy has a one year low of $79.83 and a one year high of $136.38.

Chord Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 21st were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Thursday, August 21st. Chord Energy’s dividend payout ratio is 132.32%.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $105.43, for a total transaction of $318,293.17. Following the transaction, the executive vice president owned 14,650 shares of the company’s stock, valued at $1,544,549.50. This represents a 17.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chord Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sourcerock Group LLC boosted its position in shares of Chord Energy by 2.1% during the 2nd 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 in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Chord Energy by 22.2% during 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 purchasing an additional 180,000 shares during the last quarter. AQR Capital Management LLC boosted its stake in Chord Energy by 210.5% during the 2nd quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock valued at $71,110,000 after purchasing an additional 497,789 shares during the last quarter. Orion Porfolio Solutions LLC boosted its stake in Chord Energy by 6,714.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock valued at $68,675,000 after purchasing an additional 698,680 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Chord Energy by 28.4% during the 2nd quarter. Bank of America Corp DE now owns 408,345 shares of the company’s stock valued at $39,548,000 after purchasing an additional 90,235 shares during the last quarter. Institutional investors own 97.76% of the company’s stock.

Analyst Ratings Changes

CHRD has been the subject of a number of research analyst reports. Piper Sandler reduced their price objective on shares of Chord Energy from $169.00 to $167.00 and set an “overweight” rating for the company in a research report on Friday, October 3rd. Scotiabank started coverage on shares of Chord Energy in a research report on Friday, September 19th. They issued a “sector perform” rating and a $120.00 price target for the company. Royal Bank Of Canada restated an “outperform” rating and set a $130.00 price objective on shares of Chord Energy in a research report on Monday, October 6th. Roth Capital assumed coverage on shares of Chord Energy in a research report on Monday, October 13th. They set a “buy” rating and a $130.00 price objective for the company. Finally, Morgan Stanley lowered their price target on shares of Chord Energy from $131.00 to $128.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $138.38.

About Chord Energy

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.