Chord Energy Co. (NASDAQ:CHRD) is HITE Hedge Asset Management LLC’s 6th Largest Position

HITE Hedge Asset Management LLC increased its stake in Chord Energy Co. (NASDAQ:CHRD) by 6.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 232,052 shares of the company’s stock after purchasing an additional 14,405 shares during the period. Chord Energy makes up 3.5% of HITE Hedge Asset Management LLC’s holdings, making the stock its 6th biggest holding. HITE Hedge Asset Management LLC’s holdings in Chord Energy were worth $30,220,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of CHRD. Hexagon Capital Partners LLC boosted its stake in Chord Energy by 462.9% in the third quarter. Hexagon Capital Partners LLC now owns 197 shares of the company’s stock valued at $26,000 after acquiring an additional 162 shares during the last quarter. Stone House Investment Management LLC bought a new position in Chord Energy in the 3rd quarter valued at approximately $26,000. UMB Bank n.a. increased its holdings in Chord Energy by 77.7% during the third quarter. UMB Bank n.a. now owns 231 shares of the company’s stock valued at $30,000 after buying an additional 101 shares during the last quarter. Spartan Fund Management Inc. purchased a new position in shares of Chord Energy in the third quarter worth $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Chord Energy in the second quarter valued at $40,000. 97.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CHRD has been the subject of several recent research reports. Piper Sandler raised their target price on shares of Chord Energy from $211.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Siebert Williams Shank raised shares of Chord Energy to a “strong-buy” rating in a research note on Tuesday, October 15th. Wells Fargo & Company dropped their target price on Chord Energy from $185.00 to $180.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Truist Financial cut their price target on Chord Energy from $223.00 to $185.00 and set a “buy” rating for the company in a report on Monday, September 30th. Finally, BMO Capital Markets decreased their price target 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. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $188.45.

Chord Energy Price Performance

CHRD opened at $126.88 on Tuesday. Chord Energy Co. has a fifty-two week low of $123.30 and a fifty-two week high of $190.23. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 6.53, a price-to-earnings-growth ratio of 5.12 and a beta of 0.96. The company’s 50-day moving average price is $129.96 and its 200 day moving average price is $150.25. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10.

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

Chord Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Wednesday, November 27th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Wednesday, November 27th. Chord Energy’s dividend payout ratio is currently 25.75%.

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.