PNC Financial Services Group Inc. Lowers Holdings in Chord Energy Co. (NASDAQ:CHRD)

PNC Financial Services Group Inc. decreased its holdings in Chord Energy Co. (NASDAQ:CHRD) by 10.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,803 shares of the company’s stock after selling 343 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Chord Energy were worth $328,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CHRD. Pacer Advisors Inc. grew its holdings in Chord Energy by 50.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,872,156 shares of the company’s stock valued at $218,892,000 after buying an additional 627,122 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Chord Energy by 27.6% during the 4th quarter. Victory Capital Management Inc. now owns 2,864,456 shares of the company’s stock worth $334,912,000 after purchasing an additional 619,021 shares during the period. Point72 Asset Management L.P. grew its holdings in shares of Chord Energy by 143.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 880,787 shares of the company’s stock worth $114,705,000 after purchasing an additional 519,547 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Chord Energy during the 4th quarter worth about $29,984,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Chord Energy by 30.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 744,309 shares of the company’s stock worth $88,459,000 after purchasing an additional 172,196 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Stock Performance

Shares of CHRD opened at $109.71 on Friday. The business’s 50 day moving average is $112.92 and its two-hundred day moving average is $122.16. Chord Energy Co. has a 52-week low of $99.40 and a 52-week high of $190.23. The firm has a market cap of $6.54 billion, a price-to-earnings ratio of 5.65, a PEG ratio of 5.83 and a beta of 0.98. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10.

Chord Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Tuesday, March 11th will be given a dividend of $1.30 per share. This is a positive change from Chord Energy’s previous quarterly dividend of $1.25. This represents a $5.20 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend is Tuesday, March 11th. Chord Energy’s dividend payout ratio is currently 32.62%.

Wall Street Analyst Weigh In

CHRD has been the subject of a number of research reports. Mizuho decreased their target price on Chord Energy from $192.00 to $178.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Williams Trading set a $155.00 price target on Chord Energy in a report on Wednesday, March 5th. Wells Fargo & Company decreased their price target on Chord Energy from $176.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. UBS Group decreased their price target on Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a report on Monday, December 9th. Finally, Citigroup cut Chord Energy to a “reduce” rating in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $164.62.

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.