Magnetar Financial LLC Reduces Position in Chord Energy Co. (NASDAQ:CHRD)

Magnetar Financial LLC decreased its stake in shares of Chord Energy Co. (NASDAQ:CHRD) by 86.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,913 shares of the company’s stock after selling 18,726 shares during the period. Magnetar Financial LLC’s holdings in Chord Energy were worth $488,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in shares of Chord Energy by 397.5% in the second quarter. Victory Capital Management Inc. now owns 1,589,061 shares of the company’s stock valued at $266,454,000 after purchasing an additional 1,269,658 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Chord Energy by 72.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,771,780 shares of the company’s stock valued at $297,090,000 after purchasing an additional 741,705 shares during the period. Boston Partners grew its position in shares of Chord Energy by 107.0% in the first quarter. Boston Partners now owns 1,305,942 shares of the company’s stock valued at $232,813,000 after purchasing an additional 674,965 shares during the period. SIR Capital Management L.P. purchased a new stake in shares of Chord Energy in the second quarter valued at $32,895,000. Finally, Renaissance Technologies LLC grew its position in shares of Chord Energy by 168.5% in the second quarter. Renaissance Technologies LLC now owns 280,116 shares of the company’s stock valued at $46,970,000 after purchasing an additional 175,798 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Trading Down 1.8 %

Shares of CHRD opened at $134.80 on Wednesday. The stock’s 50-day moving average is $151.18 and its two-hundred day moving average is $166.84. The stock has a market cap of $8.34 billion, a PE ratio of 6.33, a P/E/G ratio of 4.92 and a beta of 0.99. Chord Energy Co. has a 12 month low of $129.75 and a 12 month high of $190.23. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.96 and a quick ratio of 0.91.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, August 7th. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $5.00 by ($0.31). Chord Energy had a return on equity of 15.06% and a net margin of 20.83%. The business had revenue of $902.70 million during the quarter, compared to analyst estimates of $982.43 million. During the same quarter last year, the firm posted $3.65 EPS. The company’s revenue was up 29.8% compared to the same quarter last year. Equities analysts forecast that Chord Energy Co. will post 18.48 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Wednesday, August 21st were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 3.71%. The ex-dividend date was Wednesday, August 21st. Chord Energy’s dividend payout ratio (DPR) is 23.46%.

Analyst Ratings Changes

A number of brokerages have recently commented on CHRD. Citigroup lowered their price objective on Chord Energy from $195.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Wolfe Research began coverage on Chord Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Truist Financial reduced their target price on Chord Energy from $226.00 to $223.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Piper Sandler reduced their target price on Chord Energy from $234.00 to $206.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Finally, 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. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Chord Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.10.

Insider Buying and Selling

In other news, Director Samantha Holroyd acquired 500 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average cost of $149.51 per share, with a total value of $74,755.00. Following the completion of the acquisition, the director now directly owns 14,417 shares in the company, valued at $2,155,485.67. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.70% of the company’s stock.

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.