Retirement Systems of Alabama Sells 1,578 Shares of Chord Energy Co. (NASDAQ:CHRD)

Retirement Systems of Alabama lessened its stake in shares of Chord Energy Co. (NASDAQ:CHRD) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,470 shares of the company’s stock after selling 1,578 shares during the quarter. Retirement Systems of Alabama owned about 0.27% of Chord Energy worth $21,289,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CHRD. Franklin Resources Inc. boosted its holdings in Chord Energy by 72.5% in the third quarter. Franklin Resources Inc. now owns 27,434 shares of the company’s stock worth $3,631,000 after acquiring an additional 11,527 shares in the last quarter. Synovus Financial Corp lifted its holdings in shares of Chord Energy by 14.9% in the 3rd quarter. Synovus Financial Corp now owns 5,869 shares of the company’s stock worth $764,000 after purchasing an additional 761 shares in the last quarter. Sanctuary Advisors LLC grew its position in Chord Energy by 21.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 5,141 shares of the company’s stock valued at $691,000 after purchasing an additional 892 shares during the period. TCW Group Inc. grew its position in Chord Energy by 11.7% in the 3rd quarter. TCW Group Inc. now owns 33,540 shares of the company’s stock valued at $4,368,000 after purchasing an additional 3,500 shares during the period. Finally, TD Private Client Wealth LLC increased its stake in Chord Energy by 18.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,631 shares of the company’s stock valued at $212,000 after purchasing an additional 252 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Price Performance

CHRD opened at $119.28 on Friday. Chord Energy Co. has a fifty-two week low of $115.96 and a fifty-two week high of $190.23. The firm has a 50-day moving average of $127.88 and a 200 day moving average of $146.71. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.93. The firm has a market cap of $7.29 billion, a P/E ratio of 6.14, a PEG ratio of 4.79 and a beta of 0.96.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Wednesday, November 6th. The company reported $3.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.23). The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.26 billion. Chord Energy had a net margin of 19.74% and a return on equity of 12.88%. The firm’s revenue was up 33.4% on a year-over-year basis. During the same period in the prior year, the company earned $5.04 earnings per share. On average, research analysts expect that Chord Energy Co. will post 16.5 EPS for the current year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend was Wednesday, November 27th. Chord Energy’s dividend payout ratio is currently 25.75%.

Insider Buying and Selling at Chord Energy

In related news, CAO Shannon Browning Kinney sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $121.27, for a total transaction of $121,270.00. Following the sale, the chief accounting officer now directly owns 20,488 shares in the company, valued at approximately $2,484,579.76. This represents a 4.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. UBS Group reduced their price objective on shares of Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a report on Monday, December 9th. Jefferies Financial Group assumed coverage on Chord Energy in a research note on Thursday, September 5th. They set a “hold” rating and a $160.00 price target for the company. BMO Capital Markets lowered their price objective on Chord Energy from $205.00 to $175.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Piper Sandler upped their price target on Chord Energy from $211.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company dropped their price objective on Chord Energy from $185.00 to $180.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $187.82.

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.