Boothbay Fund Management LLC Sells 11,952 Shares of Chord Energy Corporation $CHRD

Boothbay Fund Management LLC cut its stake in Chord Energy Corporation (NASDAQ:CHRD) by 25.9% in the third quarter, Holdings Channel.com reports. The firm owned 34,108 shares of the company’s stock after selling 11,952 shares during the period. Boothbay Fund Management LLC’s holdings in Chord Energy were worth $3,389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. WealthCollab LLC increased its holdings in shares of Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after purchasing an additional 145 shares during the period. Quent Capital LLC bought a new stake in shares of Chord Energy in the third quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Chord Energy by 91.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company’s stock worth $40,000 after buying an additional 196 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in Chord Energy during the third quarter worth about $46,000. Finally, Allworth Financial LP increased its stake in Chord Energy by 160.5% during the second quarter. Allworth Financial LP now owns 659 shares of the company’s stock valued at $64,000 after acquiring an additional 406 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CHRD has been the subject of several recent research reports. Morgan Stanley reduced their price objective on Chord Energy from $123.00 to $114.00 and set an “equal weight” rating for the company in a research report on Friday, January 23rd. Citigroup boosted their price objective on Chord Energy from $97.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. Pickering Energy Partners lowered Chord Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. UBS Group lifted their price target on shares of Chord Energy from $119.00 to $142.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Finally, Royal Bank Of Canada lowered their price target on shares of Chord Energy from $135.00 to $128.00 and set an “outperform” rating on the stock in a report on Tuesday, January 13th. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $131.27.

Chord Energy Trading Up 2.4%

Shares of CHRD opened at $126.37 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. The stock has a market cap of $7.18 billion, a PE ratio of 200.59 and a beta of 0.84. Chord Energy Corporation has a 1 year low of $79.83 and a 1 year high of $127.56. The stock has a 50 day simple moving average of $103.11 and a 200-day simple moving average of $98.25.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, beating 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 business posted $3.49 earnings per share. The business’s revenue was down 19.6% compared to the same quarter last year. On average, sell-side analysts predict that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders 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 dividend yield of 4.1%. Chord Energy’s dividend payout ratio is presently 825.40%.

Insider Activity

In related news, Director Douglas E. Brooks sold 2,126 shares of Chord Energy stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $120.28, for a total transaction of $255,715.28. Following the completion of the transaction, the director directly owned 25,181 shares of the company’s stock, valued at $3,028,770.68. This trade represents a 7.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Shannon Browning Kinney sold 1,801 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the completion of the transaction, the executive vice president owned 20,188 shares in the company, valued at approximately $2,308,699.68. This trade represents a 8.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 23,927 shares of company stock worth $2,912,028. Company insiders own 0.70% of the company’s stock.

About Chord Energy

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.