Zurcher Kantonalbank Zurich Cantonalbank Acquires 1,927 Shares of Chord Energy Co. (NASDAQ:CHRD)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Chord Energy Co. (NASDAQ:CHRD) by 20.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 11,260 shares of the company’s stock after acquiring an additional 1,927 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Chord Energy were worth $1,888,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CHRD. State of Michigan Retirement System raised its stake in shares of Chord Energy by 48.5% during the 2nd quarter. State of Michigan Retirement System now owns 15,000 shares of the company’s stock valued at $2,515,000 after purchasing an additional 4,900 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Chord Energy by 4.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 558,329 shares of the company’s stock valued at $93,621,000 after buying an additional 26,185 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Chord Energy by 27.7% in the second quarter. Bank of New York Mellon Corp now owns 761,852 shares of the company’s stock valued at $127,747,000 after acquiring an additional 165,196 shares during the period. Retirement Systems of Alabama grew its stake in Chord Energy by 39.7% during the second quarter. Retirement Systems of Alabama now owns 165,048 shares of the company’s stock valued at $27,675,000 after acquiring an additional 46,914 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in Chord Energy by 47.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 17,600 shares of the company’s stock worth $2,951,000 after acquiring an additional 5,700 shares during the period. Institutional investors own 97.76% of the company’s stock.

Insider Activity

In related news, Director Samantha Holroyd bought 500 shares of the stock in a transaction dated Friday, August 23rd. The stock was bought at an average price of $149.51 per share, with a total value of $74,755.00. Following the purchase, the director now owns 14,417 shares in the company, valued at approximately $2,155,485.67. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.70% of the company’s stock.

Chord Energy Stock Performance

Shares of NASDAQ CHRD opened at $148.43 on Monday. The stock’s 50-day moving average is $162.79 and its 200 day moving average is $170.00. The stock has a market cap of $6.19 billion, a price-to-earnings ratio of 6.97, a P/E/G ratio of 0.88 and a beta of 1.01. Chord Energy Co. has a 1-year low of $145.35 and a 1-year high of $190.23. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11.

Chord Energy (NASDAQ:CHRD) last posted 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 for the quarter, compared to analysts’ expectations of $982.43 million. During the same period last year, the business posted $3.65 earnings per share. The company’s revenue was up 29.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Chord Energy Co. will post 19.61 EPS for the current fiscal year.

Chord Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Wednesday, August 21st will be given a dividend of $1.25 per share. The ex-dividend date is Wednesday, August 21st. This represents a $5.00 annualized dividend and a yield of 3.37%. Chord Energy’s payout ratio is 23.46%.

Analyst Upgrades and Downgrades

CHRD has been the subject of several analyst reports. Truist Financial cut their price target on shares of Chord Energy from $226.00 to $223.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Bank of America boosted their target price on Chord Energy from $201.00 to $208.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Mizuho upped their target price on Chord Energy from $195.00 to $214.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. BMO Capital Markets initiated coverage on Chord Energy in a research report on Monday, June 3rd. They set an “outperform” rating and a $230.00 price target for the company. Finally, Citigroup decreased their price objective on shares of Chord Energy from $195.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $206.78.

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.