American International Group Inc. Decreases Stock Holdings in Chord Energy Co. (NASDAQ:CHRD)

American International Group Inc. trimmed its holdings in shares of Chord Energy Co. (NASDAQ:CHRD) by 1.7% in the first quarter, HoldingsChannel.com reports. The fund owned 74,940 shares of the company’s stock after selling 1,296 shares during the period. American International Group Inc.’s holdings in Chord Energy were worth $13,357,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of CHRD. Boston Partners increased its position in shares of Chord Energy by 50.8% during the fourth quarter. Boston Partners now owns 630,977 shares of the company’s stock valued at $104,815,000 after acquiring an additional 212,463 shares during the last quarter. Jennison Associates LLC increased its position in shares of Chord Energy by 40.5% during the first quarter. Jennison Associates LLC now owns 524,712 shares of the company’s stock valued at $93,525,000 after acquiring an additional 151,218 shares during the last quarter. First Trust Advisors LP increased its position in shares of Chord Energy by 11.0% during the fourth quarter. First Trust Advisors LP now owns 1,402,359 shares of the company’s stock valued at $233,114,000 after acquiring an additional 138,957 shares during the last quarter. Anchor Capital Advisors LLC increased its position in shares of Chord Energy by 847.8% during the first quarter. Anchor Capital Advisors LLC now owns 139,424 shares of the company’s stock valued at $24,851,000 after acquiring an additional 124,714 shares during the last quarter. Finally, LSV Asset Management purchased a new stake in shares of Chord Energy during the fourth quarter valued at approximately $16,549,000. 97.76% of the stock is owned by hedge funds and other institutional investors.

Chord Energy Price Performance

NASDAQ:CHRD traded up $3.34 during trading hours on Thursday, hitting $174.12. 307,443 shares of the company’s stock traded hands, compared to its average volume of 915,211. The firm has a market cap of $7.26 billion, a P/E ratio of 8.01, a P/E/G ratio of 0.96 and a beta of 1.01. Chord Energy Co. has a 52 week low of $148.32 and a 52 week high of $190.23. The business’s fifty day simple moving average is $172.72 and its two-hundred day simple moving average is $169.74. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.08.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $5.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.75 by $0.35. Chord Energy had a return on equity of 16.57% and a net margin of 22.67%. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $771.87 million. During the same quarter last year, the company earned $4.50 earnings per share. The firm’s quarterly revenue was up 24.8% on a year-over-year basis. On average, research analysts anticipate that Chord Energy Co. will post 20.85 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a dividend of $2.94 per share. This represents a $11.76 annualized dividend and a yield of 6.75%. The ex-dividend date was Tuesday, May 21st. Chord Energy’s dividend payout ratio (DPR) is currently 23.46%.

Wall Street Analysts Forecast Growth

CHRD has been the subject of a number of recent research reports. Royal Bank of Canada raised their target price on Chord Energy from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Monday, April 29th. Bank of America reissued a “buy” rating and issued a $201.00 target price on shares of Chord Energy in a research report on Friday, June 14th. Wolfe Research initiated coverage on Chord Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial reduced their price target on Chord Energy from $226.00 to $223.00 and set a “buy” rating for the company in a research report on Monday. Finally, Mizuho lifted their price target on Chord Energy from $195.00 to $214.00 and gave the company a “buy” rating in a research report on Monday, May 13th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chord Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $210.78.

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.