Chord Energy Co. (NASDAQ:CHRD) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its holdings in Chord Energy Co. (NASDAQ:CHRD) by 1.4% during the fourth quarter, HoldingsChannel reports. The firm owned 14,500 shares of the company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Chord Energy were worth $1,695,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stone House Investment Management LLC purchased a new stake in shares of Chord Energy in the third quarter valued at about $26,000. Brooklyn Investment Group acquired a new position in Chord Energy in the 4th quarter valued at about $29,000. R Squared Ltd acquired a new position in Chord Energy in the 4th quarter valued at about $51,000. Venturi Wealth Management LLC grew its stake in shares of Chord Energy by 1,751.9% in the 4th quarter. Venturi Wealth Management LLC now owns 500 shares of the company’s stock valued at $58,000 after buying an additional 473 shares during the period. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Chord Energy during the 4th quarter worth approximately $77,000. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Price Performance

Shares of CHRD opened at $103.63 on Friday. The company has a market cap of $6.18 billion, a P/E ratio of 5.34, a PEG ratio of 5.83 and a beta of 0.98. Chord Energy Co. has a fifty-two week low of $99.40 and a fifty-two week high of $190.23. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average price is $115.54 and its 200 day moving average price is $125.06.

Chord Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Tuesday, March 11th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.02%. This is a positive change from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s dividend payout ratio is currently 32.62%.

Insider Activity

In related news, CAO Shannon Browning Kinney sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $116.35, for a total transaction of $116,350.00. Following the sale, the chief accounting officer now directly owns 19,488 shares in the company, valued at approximately $2,267,428.80. This represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Bank of America reiterated a “neutral” rating and issued a $138.00 price objective (down from $208.00) on shares of Chord Energy in a research report on Monday, January 13th. Mizuho lowered their price target on Chord Energy from $192.00 to $178.00 and set an “outperform” rating for the company in a report on Monday, December 16th. UBS Group reduced their price objective on shares of Chord Energy from $168.00 to $161.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Citigroup lowered their target price on shares of Chord Energy from $160.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, Wolfe Research upgraded shares of Chord Energy from a “peer perform” rating to an “outperform” rating and set a $155.00 price target for the company in a research report on Friday, January 3rd. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Chord Energy has a consensus rating of “Moderate Buy” and an average price target of $165.42.

About Chord Energy

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.