SIR Capital Management L.P. Makes New $32.90 Million Investment in Chord Energy Co. (NASDAQ:CHRD)

SIR Capital Management L.P. bought a new stake in Chord Energy Co. (NASDAQ:CHRD) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 196,180 shares of the company’s stock, valued at approximately $32,895,000. Chord Energy accounts for 3.3% of SIR Capital Management L.P.’s portfolio, making the stock its 4th biggest position. SIR Capital Management L.P. owned 0.47% of Chord Energy as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fortem Financial Group LLC increased its stake in Chord Energy by 1.6% during the 1st quarter. Fortem Financial Group LLC now owns 5,958 shares of the company’s stock worth $1,062,000 after acquiring an additional 91 shares during the period. New York State Teachers Retirement System increased its position in shares of Chord Energy by 0.6% in the first quarter. New York State Teachers Retirement System now owns 15,792 shares of the company’s stock worth $2,815,000 after purchasing an additional 100 shares during the period. Rise Advisors LLC acquired a new position in Chord Energy in the first quarter valued at about $31,000. Janney Montgomery Scott LLC raised its stake in Chord Energy by 2.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 6,531 shares of the company’s stock valued at $1,086,000 after purchasing an additional 175 shares in the last quarter. Finally, Ellsworth Advisors LLC lifted its position in Chord Energy by 6.6% during the second quarter. Ellsworth Advisors LLC now owns 3,048 shares of the company’s stock worth $511,000 after purchasing an additional 188 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Chord Energy

In related news, Director Samantha Holroyd acquired 500 shares of the stock in a transaction dated Friday, August 23rd. The stock was bought at an average cost of $149.51 per share, for a total transaction of $74,755.00. Following the completion of the transaction, the director now directly owns 14,417 shares of the company’s stock, valued at $2,155,485.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on CHRD shares. Truist Financial decreased their target price on shares of Chord Energy from $226.00 to $223.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Mizuho boosted their price objective on shares of Chord Energy from $195.00 to $214.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Jefferies Financial Group began coverage on Chord Energy in a report on Thursday, September 5th. They issued a “hold” rating and a $160.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $200.00 price target on shares of Chord Energy in a research note on Thursday, September 5th. Finally, Wolfe Research initiated coverage on Chord Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $202.10.

Chord Energy Stock Performance

NASDAQ:CHRD opened at $133.11 on Tuesday. The stock’s 50-day moving average is $159.30 and its 200-day moving average is $168.93. The stock has a market cap of $8.24 billion, a P/E ratio of 6.25, a price-to-earnings-growth ratio of 4.54 and a beta of 0.99. Chord Energy Co. has a 1-year low of $132.78 and a 1-year high of $190.23. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $4.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.00 by ($0.31). The business had revenue of $902.70 million during the quarter, compared to analyst estimates of $982.43 million. Chord Energy had a net margin of 20.83% and a return on equity of 15.06%. The company’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the company posted $3.65 earnings per share. Equities research analysts anticipate that Chord Energy Co. will post 19.61 earnings per share for the current year.

Chord Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Wednesday, August 21st were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 3.76%. The ex-dividend date was Wednesday, August 21st. Chord Energy’s payout ratio is presently 23.46%.

Chord Energy Company 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.