KBC Group NV Cuts Stake in Chord Energy Corporation (NASDAQ:CHRD)

KBC Group NV reduced its stake in Chord Energy Corporation (NASDAQ:CHRD) by 78.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,163 shares of the company’s stock after selling 43,810 shares during the period. KBC Group NV’s holdings in Chord Energy were worth $1,371,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CHRD. Allspring Global Investments Holdings LLC lifted its holdings in shares of Chord Energy by 6.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company’s stock valued at $89,198,000 after purchasing an additional 47,649 shares in the last quarter. Paragon Capital Management Inc. bought a new position in shares of Chord Energy during the first quarter valued at $1,362,000. Perigon Wealth Management LLC lifted its holdings in shares of Chord Energy by 56.9% during the first quarter. Perigon Wealth Management LLC now owns 35,642 shares of the company’s stock valued at $4,018,000 after purchasing an additional 12,925 shares in the last quarter. Archford Capital Strategies LLC bought a new position in shares of Chord Energy during the first quarter valued at $338,000. Finally, Blue Trust Inc. lifted its holdings in shares of Chord Energy by 24.2% during the first quarter. Blue Trust Inc. now owns 1,377 shares of the company’s stock valued at $155,000 after purchasing an additional 268 shares in the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CHRD has been the topic of a number of recent research reports. Citigroup lowered their target price on Chord Energy from $135.00 to $120.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Wall Street Zen raised Chord Energy from a “sell” rating to a “hold” rating in a report on Friday, June 27th. Bank of America reduced their price target on Chord Energy from $114.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, May 23rd. Piper Sandler reduced their price target on Chord Energy from $161.00 to $159.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company reduced their price target on Chord Energy from $158.00 to $142.00 and set an “overweight” rating for the company in a research report on Monday, June 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $150.69.

Chord Energy Stock Performance

NASDAQ:CHRD opened at $104.36 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.09. Chord Energy Corporation has a 12-month low of $79.83 and a 12-month high of $181.17. The stock has a 50-day moving average price of $96.32 and a 200 day moving average price of $104.89. The stock has a market capitalization of $6.03 billion, a P/E ratio of 6.98 and a beta of 0.96.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Tuesday, May 6th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.60 by $0.44. Chord Energy had a return on equity of 10.34% and a net margin of 16.15%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter last year, the business posted $5.10 earnings per share. The firm’s revenue was up 12.0% on a year-over-year basis. Equities research analysts forecast that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Wednesday, May 21st were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.98%. The ex-dividend date of this dividend was Wednesday, May 21st. Chord Energy’s dividend payout ratio is presently 34.78%.

Insiders Place Their Bets

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,091 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $94.10, for a total transaction of $290,863.10. Following the completion of the transaction, the executive vice president owned 21,277 shares in the company, valued at $2,002,165.70. This trade represents a 12.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.70% of the stock is owned by corporate insiders.

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.