JPMorgan Chase & Co. Trims Holdings in Chord Energy Corporation $CHRD

JPMorgan Chase & Co. lowered its holdings in Chord Energy Corporation (NASDAQ:CHRD) by 7.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 242,924 shares of the company’s stock after selling 18,373 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.42% of Chord Energy worth $24,139,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. WealthCollab LLC raised its holdings in shares of Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after acquiring an additional 145 shares in the last quarter. Quent Capital LLC purchased a new position in Chord Energy during the 3rd quarter valued at $32,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Chord Energy by 91.2% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company’s stock worth $40,000 after purchasing an additional 196 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Chord Energy in the 3rd quarter worth about $46,000. Finally, Allworth Financial LP boosted its stake in shares of Chord Energy by 160.5% during the 2nd quarter. Allworth Financial LP now owns 659 shares of the company’s stock valued at $64,000 after purchasing an additional 406 shares in the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Chord Energy from $113.00 to $109.00 and set an “overweight” rating for the company in a research note on Tuesday, January 27th. Zacks Research lowered Chord Energy from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Morgan Stanley lowered their target price on Chord Energy from $123.00 to $114.00 and set an “equal weight” rating for the company in a research note on Friday, January 23rd. Jefferies Financial Group set a $99.00 price target on Chord Energy in a research note on Saturday, January 17th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Chord Energy in a report on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $123.92.

Chord Energy Stock Up 2.8%

Shares of NASDAQ:CHRD opened at $108.37 on Monday. The stock has a fifty day simple moving average of $96.89 and a two-hundred day simple moving average of $97.06. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of 172.02 and a beta of 0.84. Chord Energy Corporation has a 12-month low of $79.83 and a 12-month high of $115.37. The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the firm posted $3.49 earnings per share. The company’s quarterly revenue was down 19.6% on a year-over-year basis. On average, research analysts anticipate that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Thursday, March 12th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $5.20 annualized dividend and a yield of 4.8%. Chord Energy’s payout ratio is 825.40%.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD), formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.