Wellington Management Group LLP Decreases Stake in Chord Energy Co. (NASDAQ:CHRD)

Wellington Management Group LLP lowered its position in shares of Chord Energy Co. (NASDAQ:CHRD) by 6.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,511,603 shares of the company’s stock after selling 159,871 shares during the quarter. Wellington Management Group LLP owned about 6.06% of Chord Energy worth $417,504,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CHRD. HighTower Advisors LLC grew its holdings in shares of Chord Energy by 19.0% during the 3rd quarter. HighTower Advisors LLC now owns 2,458 shares of the company’s stock worth $397,000 after purchasing an additional 392 shares during the period. Deutsche Bank AG grew its holdings in shares of Chord Energy by 11.1% during the 3rd quarter. Deutsche Bank AG now owns 28,611 shares of the company’s stock worth $4,637,000 after purchasing an additional 2,868 shares during the period. Rhumbline Advisers grew its holdings in shares of Chord Energy by 2.1% during the 3rd quarter. Rhumbline Advisers now owns 142,622 shares of the company’s stock worth $23,115,000 after purchasing an additional 2,925 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Chord Energy during the 3rd quarter worth about $434,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Chord Energy by 41.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 105,611 shares of the company’s stock worth $17,116,000 after purchasing an additional 30,877 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Stock Performance

Chord Energy stock opened at $162.42 on Monday. The stock has a market cap of $6.77 billion, a P/E ratio of 7.62 and a beta of 1.05. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average of $179.10 and a 200-day moving average of $168.51. Chord Energy Co. has a 52 week low of $145.06 and a 52 week high of $190.23.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Tuesday, May 7th. The company reported $5.10 EPS for the quarter, beating the consensus estimate of $4.75 by $0.35. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $771.87 million. Chord Energy had a return on equity of 16.57% and a net margin of 22.67%. The business’s revenue was up 24.8% on a year-over-year basis. During the same period in the prior year, the business posted $4.50 EPS. On average, analysts expect that Chord Energy Co. will post 22.63 EPS for the current fiscal year.

Chord Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a dividend of $2.94 per share. This represents a $11.76 annualized dividend and a dividend yield of 7.24%. The ex-dividend date of this dividend was Tuesday, May 21st. Chord Energy’s dividend payout ratio is currently 23.46%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Mizuho upped their price target on Chord Energy from $195.00 to $214.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Royal Bank of Canada upped their price target on Chord Energy from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, April 29th. Stifel Nicolaus upped their price target on Chord Energy from $178.00 to $211.00 and gave the stock a “buy” rating in a report on Tuesday, February 27th. Piper Sandler upped their price target on Chord Energy from $231.00 to $233.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Finally, Truist Financial decreased their price target on Chord Energy from $228.00 to $226.00 and set a “buy” rating for the company in a report on Monday, June 3rd. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Chord Energy currently has an average rating of “Moderate Buy” and an average target price of $204.00.

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.