Chord Energy (NASDAQ:CHRD) Announces Earnings Results

Chord Energy (NASDAQ:CHRD) announced its earnings results on Wednesday. The company reported $6.44 EPS for the quarter, missing the consensus estimate of $6.55 by ($0.11), Zacks reports. The business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.62 billion. Chord Energy had a return on equity of 10.27% and a net margin of 13.42%.The firm’s revenue for the quarter was up 128.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.79 earnings per share.

Chord Energy Trading Up 0.7%

Shares of NASDAQ:CHRD traded up $0.87 during midday trading on Friday, hitting $133.37. 276,013 shares of the stock were exchanged, compared to its average volume of 912,154. The business’s 50-day moving average price is $128.04 and its 200 day moving average price is $125.29. Chord Energy has a 12 month low of $84.25 and a 12 month high of $151.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 8.94 and a beta of 0.48.

Chord Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Thursday, August 20th. Chord Energy’s payout ratio is 34.85%.

Insider Activity at Chord Energy

In other news, COO Darrin J. Henke sold 1,276 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $145.97, for a total value of $186,257.72. Following the completion of the sale, the chief operating officer owned 21,157 shares of the company’s stock, valued at approximately $3,088,287.29. This represents a 5.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Douglas E. Brooks sold 1,500 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $138.57, for a total transaction of $207,855.00. Following the completion of the sale, the director directly owned 18,705 shares in the company, valued at approximately $2,591,951.85. This represents a 7.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.79% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chord Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings in shares of Chord Energy by 6.1% in the 4th quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock worth $167,743,000 after purchasing an additional 104,373 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in shares of Chord Energy by 18.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock valued at $115,305,000 after buying an additional 193,469 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Chord Energy by 85.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock valued at $112,927,000 after buying an additional 561,899 shares during the last quarter. Sourcerock Group LLC raised its holdings in shares of Chord Energy by 2.1% in the 2nd quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company’s stock worth $99,947,000 after acquiring an additional 20,916 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Chord Energy by 28.7% in the 3rd quarter. AQR Capital Management LLC now owns 944,696 shares of the company’s stock valued at $93,874,000 after acquiring an additional 210,471 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Williams Trading set a $189.00 price target on Chord Energy in a research note on Monday, April 20th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Chord Energy in a report on Monday, June 29th. Wall Street Zen downgraded shares of Chord Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 27th. Mizuho raised Chord Energy to a “strong-buy” rating in a report on Friday, July 31st. Finally, Roth Capital reissued a “buy” rating and set a $145.00 price target on shares of Chord Energy in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Chord Energy has a consensus rating of “Moderate Buy” and a consensus target price of $152.38.

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.