Phocas Financial Corp. Raises Stock Holdings in Chord Energy Corporation $CHRD

Phocas Financial Corp. lifted its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD) by 20.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 72,153 shares of the company’s stock after purchasing an additional 12,356 shares during the quarter. Phocas Financial Corp.’s holdings in Chord Energy were worth $6,689,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of CHRD. WealthCollab LLC raised its position in Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after purchasing an additional 145 shares during the last quarter. Quent Capital LLC acquired a new stake in Chord Energy during the 3rd quarter worth $32,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Chord Energy during the 3rd quarter worth $46,000. Triumph Capital Management acquired a new position in Chord Energy in the third quarter valued at $56,000. Finally, Larson Financial Group LLC increased its stake in Chord Energy by 43.0% in the third quarter. Larson Financial Group LLC now owns 791 shares of the company’s stock valued at $79,000 after purchasing an additional 238 shares during the period. 97.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Pickering Energy Partners downgraded shares of Chord Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Citigroup boosted their price target on Chord Energy from $120.00 to $155.00 and gave the company a “neutral” rating in a research report on Tuesday, March 31st. Truist Financial began coverage on Chord Energy in a research note on Tuesday, March 24th. They set a “buy” rating and a $169.00 price objective for the company. Piper Sandler increased their price objective on Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Finally, Weiss Ratings upgraded Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Chord Energy has a consensus rating of “Moderate Buy” and an average target price of $141.83.

Insiders Place Their Bets

In related news, Director Douglas E. Brooks sold 2,126 shares of Chord Energy stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $120.28, for a total value of $255,715.28. Following the sale, the director directly owned 25,181 shares in the company, valued at $3,028,770.68. The trade was a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Lara J. Kroll sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total value of $568,300.00. Following the transaction, the chief accounting officer directly owned 8,921 shares in the company, valued at $1,013,960.86. This represents a 35.92% decrease in their position. 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.

Chord Energy Price Performance

CHRD stock opened at $142.00 on Monday. The stock has a market capitalization of $8.05 billion, a PE ratio of 225.40 and a beta of 0.66. The company has a fifty day moving average of $115.66 and a 200-day moving average of $101.35. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06. Chord Energy Corporation has a one year low of $79.83 and a one year high of $148.41.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.03 billion. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The business’s revenue was down 19.6% compared to the same quarter last year. During the same period in the previous year, the business posted $3.49 earnings per share. As a group, analysts expect that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Thursday, March 12th were given a dividend of $1.30 per share. The ex-dividend date was Thursday, March 12th. This represents a $5.20 annualized dividend and a yield of 3.7%. Chord Energy’s payout ratio is presently 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.