Portfolio Design Labs LLC Makes New Investment in Chord Energy Co. (NASDAQ:CHRD)

Portfolio Design Labs LLC acquired a new position in Chord Energy Co. (NASDAQ:CHRD) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,010 shares of the company’s stock, valued at approximately $2,866,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CHRD. Seven Eight Capital LP purchased a new position in shares of Chord Energy in the first quarter worth $784,000. MQS Management LLC bought a new position in shares of Chord Energy during the 1st quarter valued at about $306,000. Shell Asset Management Co. bought a new stake in shares of Chord Energy in the first quarter worth about $246,000. Westwood Holdings Group Inc. lifted its position in shares of Chord Energy by 28.0% in the first quarter. Westwood Holdings Group Inc. now owns 137,411 shares of the company’s stock worth $24,492,000 after buying an additional 30,077 shares in the last quarter. Finally, Huber Capital Management LLC boosted its stake in Chord Energy by 91.7% during the first quarter. Huber Capital Management LLC now owns 14,842 shares of the company’s stock valued at $2,645,000 after buying an additional 7,100 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on CHRD shares. Truist Financial decreased their price objective on Chord Energy from $223.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Piper Sandler increased their price objective on shares of Chord Energy from $211.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday. BMO Capital Markets reduced their target price on shares of Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Wells Fargo & Company lowered their price target on shares of Chord Energy from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Finally, Bank of America lifted their price target on Chord Energy from $201.00 to $208.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.27.

Insider Buying and Selling at Chord Energy

In related news, Director Samantha Holroyd acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average cost of $149.51 per share, for a total transaction of $74,755.00. Following the purchase, the director now directly owns 14,417 shares of the company’s stock, valued at $2,155,485.67. This trade represents a 3.59 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.70% of the company’s stock.

Chord Energy Trading Down 1.8 %

Shares of CHRD opened at $127.97 on Wednesday. Chord Energy Co. has a 1-year low of $123.30 and a 1-year high of $190.23. The company has a 50-day moving average of $131.06 and a 200 day moving average of $153.49. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of 6.59, a PEG ratio of 5.02 and a beta of 0.98. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.89.

Chord Energy (NASDAQ:CHRD) last posted its earnings results on Wednesday, November 6th. The company reported $3.40 EPS for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.23). Chord Energy had a net margin of 19.74% and a return on equity of 12.88%. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the business posted $5.04 EPS. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. On average, research analysts expect that Chord Energy Co. will post 16.8 EPS for the current year.

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th will be issued a dividend of $1.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $5.00 dividend on an annualized basis and a yield of 3.91%. Chord Energy’s dividend payout ratio is currently 25.75%.

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.