Ninepoint Partners LP Buys 214,700 Shares of Chord Energy Co. (NASDAQ:CHRD)

Ninepoint Partners LP lifted its stake in Chord Energy Co. (NASDAQ:CHRD) by 285.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 290,000 shares of the company’s stock after purchasing an additional 214,700 shares during the period. Chord Energy makes up 4.6% of Ninepoint Partners LP’s investment portfolio, making the stock its 7th largest holding. Ninepoint Partners LP owned 0.70% of Chord Energy worth $48,627,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Rise Advisors LLC purchased a new position in Chord Energy in the first quarter valued at about $31,000. Ashton Thomas Private Wealth LLC purchased a new position in Chord Energy in the 2nd quarter valued at approximately $40,000. Benjamin F. Edwards & Company Inc. raised its holdings in Chord Energy by 125.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 244 shares of the company’s stock worth $41,000 after purchasing an additional 136 shares during the last quarter. GAMMA Investing LLC raised its holdings in Chord Energy by 151.6% during the second quarter. GAMMA Investing LLC now owns 317 shares of the company’s stock worth $53,000 after purchasing an additional 191 shares during the last quarter. Finally, Atlas Capital Advisors LLC purchased a new stake in Chord Energy during the second quarter worth $60,000. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Wall Street Analysts Forecast Growth

CHRD has been the subject of a number of research analyst reports. Jefferies Financial Group assumed coverage on Chord Energy in a research report on Thursday, September 5th. They issued a “hold” rating and a $160.00 price target for the company. Wolfe Research started coverage on shares of Chord Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Bank of America upped their price target on shares of Chord Energy from $201.00 to $208.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Piper Sandler dropped their price objective on shares of Chord Energy from $234.00 to $206.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Finally, Citigroup reduced their target price on Chord Energy from $195.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.10.

Insider Buying and Selling

In related news, Director Samantha Holroyd purchased 500 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were bought at an average price of $149.51 per share, for a total transaction of $74,755.00. Following 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 0.70% of the stock is currently owned by company insiders.

Chord Energy Price Performance

CHRD stock opened at $130.80 on Friday. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 6.14, a price-to-earnings-growth ratio of 4.92 and a beta of 0.99. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 0.11. Chord Energy Co. has a 52-week low of $126.96 and a 52-week high of $190.23. The stock’s fifty day simple moving average is $148.46 and its 200-day simple moving average is $166.11.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the business posted $3.65 earnings per share. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. Equities research analysts expect that Chord Energy Co. will post 18.48 EPS for the current year.

Chord Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Wednesday, August 21st were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Wednesday, August 21st. Chord Energy’s dividend payout ratio (DPR) is 23.46%.

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.