Principal Financial Group Inc. Reduces Stake in Chord Energy Co. (NASDAQ:CHRD)

Principal Financial Group Inc. cut its holdings in shares of Chord Energy Co. (NASDAQ:CHRD) by 4.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 485,514 shares of the company’s stock after selling 23,821 shares during the quarter. Principal Financial Group Inc.’s holdings in Chord Energy were worth $63,229,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. FMR LLC raised its holdings in shares of Chord Energy by 2.2% during the third quarter. FMR LLC now owns 3,420,012 shares of the company’s stock worth $445,388,000 after purchasing an additional 74,165 shares during the last quarter. State Street Corp grew its position in Chord Energy by 0.9% during the 3rd quarter. State Street Corp now owns 2,485,777 shares of the company’s stock worth $323,723,000 after purchasing an additional 22,753 shares during the period. Victory Capital Management Inc. raised its stake in shares of Chord Energy by 41.3% during the 3rd quarter. Victory Capital Management Inc. now owns 2,245,435 shares of the company’s stock valued at $292,423,000 after buying an additional 656,374 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Chord Energy by 72.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,771,780 shares of the company’s stock valued at $297,090,000 after buying an additional 741,705 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in shares of Chord Energy by 8,762.1% in the third quarter. Pacer Advisors Inc. now owns 1,245,034 shares of the company’s stock worth $162,141,000 after buying an additional 1,230,985 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CHRD has been the subject of several recent research reports. Royal Bank of Canada reduced their price target on Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, November 20th. UBS Group decreased their target price on shares of Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Piper Sandler dropped their price target on shares of Chord Energy from $212.00 to $194.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. BMO Capital Markets cut their price objective on shares of Chord Energy from $205.00 to $175.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, Truist Financial dropped their target price on Chord Energy from $223.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $182.55.

Chord Energy Trading Up 0.4 %

Shares of Chord Energy stock opened at $110.83 on Friday. Chord Energy Co. has a twelve month low of $109.71 and a twelve month high of $190.23. The firm’s 50-day moving average price is $125.72 and its 200 day moving average price is $144.40. The company has a current ratio of 0.93, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $6.78 billion, a PE ratio of 5.71, a P/E/G ratio of 4.79 and a beta of 0.96.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $3.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.23). Chord Energy had a return on equity of 12.88% and a net margin of 19.74%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the firm earned $5.04 earnings per share. The business’s revenue was up 33.4% on a year-over-year basis. On average, sell-side analysts predict that Chord Energy Co. will post 16.5 EPS for the current fiscal year.

Chord Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Wednesday, November 27th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Wednesday, November 27th. Chord Energy’s payout ratio is 25.75%.

Insider Activity

In other news, CAO Shannon Browning Kinney sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $121.27, for a total value of $121,270.00. Following the completion of the sale, the chief accounting officer now directly owns 20,488 shares in the company, valued at $2,484,579.76. This represents a 4.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company 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.