Pacer Advisors Inc., a financial investment firm, recently acquired a new position in Chord Energy Co. (NASDAQ:CHRD) during the second quarter of this year. According to their 13F filing with the Securities and Exchange Commission, Pacer Advisors Inc. purchased 8,820 shares of Chord Energy’s stock, which were valued at approximately $1,357,000.
Chord Energy, listed on NASDAQ as CHRD, recently released its quarterly earnings results on August 2nd. The company reported an earnings per share (EPS) of $3.65 for the quarter; however, this figure fell short of analysts’ consensus estimates by ($0.31). Despite this minor setback, Chord Energy experienced a revenue of $695.40 million for the quarter. This figure surpassed the consensus estimate of $677.85 million and indicated a 29.1% increase compared to the same quarter last year.
Analysts took note of these results and several research reports have since been published regarding Chord Energy’s performance. Truist Financial reiterated a “buy” rating for CHRD shares and provided a price objective of $221.00 in a research report dated September 6th. Mizuho also expressed optimism by lifting its price objective from $180.00 to $194.00 and rating CHRD as a “buy” in another research report published on September 18th.
Stifel Nicolaus joined in with positive sentiment towards Chord Energy by raising their price objective from $177.00 to $178.00 and maintaining a “buy” rating in their report released on August 18th. Conversely, Piper Sandler lowered their price objective from $204.00 to $202.00 in their research report dated June 13th.
TD Cowen offered mixed views by downgrading CHRD from an “outperform” rating to a “market perform” rating and setting a price objective of $151.00. With these varied assessments, it is important to note that CHRD shares currently have a Bloomberg.com average rating of “Moderate Buy” with an average target price of $186.00.
Despite falling short of earnings expectations for the quarter, Chord Energy remains an attractive investment opportunity as indicated by the positive ratings from various analysts. It is anticipated that Chord Energy Co., listed as CHRD, will post 18.91 earnings per share for the current fiscal year. Investors continue to evaluate this energy company’s performance to determine its long-term potential in the market.
Chord Energy Corporation
Updated on: 03/12/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Chord Energy Co. Sees Attention from Large Investors and Insider Selling
As of September 27, 2023, Chord Energy Co. (CHRD) has attracted the attention of several large investors, leading to significant modifications in their holdings. FinTrust Capital Advisors LLC recently acquired a new position in CHRD shares during the fourth quarter with a value of approximately $28,000. Similarly, Assetmark Inc. and CoreCap Advisors LLC bought new positions in CHRD in the first and fourth quarters respectively, with values of about $30,000 and $39,000 each. Fifth Third Bancorp also increased its position in CHRD by 57.2% during the first quarter, now owning 338 shares worth $45,000 after purchasing an additional 123 shares. Lastly, Rockefeller Capital Management L.P. invested approximately $48,000 by acquiring a new position in CHRD during the fourth quarter.
It is important to note that institutional investors currently own around 97.76% of CHRD stock.
In recent news concerning Chord Energy Co., Chief Financial Officer (CFO) Michael H. Lou executed a transaction on August 8th by selling 7,632 shares of CHRD stock at an average price of $161.26 per share—resulting in a total value of $1,230,736.32. Following this transaction, the CFO’s holdings consist of 186,235 shares valued at approximately $30,032,256.10.
Another notable development involves Chief Operating Officer (COO) Charles J. Rimer who sold 7,259 shares of CHRD stock on July 12th at an average price of $160.03 per share—yielding a total worth of $1,161,657.77. As a result of this transaction’s completion, the COO now directly owns 97,514 shares worth $15,605,165.42.
Moreover,CFO Michael H.Lou conducted another sale on August 8th where he sold 7,632 shares of CHRD stock at an average price of $161.26 per share, amounting to a total transaction value of $1,230,736.32. Consequently, the CFO holds 186,235 shares directly in the company valued at $30,032,256.10.
Notably, insiders have collectively sold 28,632 shares of CHRD valued at $4,547,610 throughout the last quarter. It is worth mentioning that insiders currently own approximately 0.52% of the company’s stock.
On Wednesday, CHRD opened at a price of $159.38 per share. The stock’s performance over the past year has fluctuated between a low of $117.05 and a high of $167.81. As for market capitalization, CHRD stands at around $6.62 billion with a price-to-earnings ratio standing at 3.89 and a price-to-earnings-growth ratio amounting to 0.43—signifying potential undervaluation based on projected growth prospects relative to its current valuation methodology.
Additionally,the beta value for CHRD stands at 1.28—indicating a higher degree of volatility compared to the market average.
Furthermore,the company’s financial health indicates it possesses a current ratio of 0.96 and a quick ratio of 0.90—which signifies its ability to meet short-term obligations.The debt-to-equity ratio is an impressive 0.08 indicating minimal reliance on debt financing.
In conclusion, Chord Energy Co.(CHRD) has undergone significant changes in its ownership structure due to investments from large institutional investors.Efforts from FinTrust Capital Advisors LLC, Assetmark Inc., CoreCap Advisors LLC,Fifth Third Bancorp,and Rockefeller Capital Management L.P.have bolstered confidence in the energy company.
Recent insider transactions involving CFO Michael H.Lou and COO Charles J.Rimer demonstrate their decisions to divest shares. The trading activity of these insiders offers insights into their evaluation of the stock’s value and may provide guidance to potential investors.
As CHRD continues to make strides in the market, it is crucial for investors to keep an eye on its performance and closely monitor any changes within the company or the industry that could influence its outlook.