Jennison Associates LLC Sells 122,275 Shares of Chord Energy Co. (NASDAQ:CHRD)

Jennison Associates LLC cut its holdings in Chord Energy Co. (NASDAQ:CHRD) by 33.5% during the third quarter, Holdings Channel.com reports. The fund owned 243,135 shares of the company’s stock after selling 122,275 shares during the period. Jennison Associates LLC’s holdings in Chord Energy were worth $31,663,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. increased its holdings in Chord Energy by 397.5% in the second quarter. Victory Capital Management Inc. now owns 1,589,061 shares of the company’s stock valued at $266,454,000 after purchasing an additional 1,269,658 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Chord Energy by 72.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,771,780 shares of the company’s stock worth $297,090,000 after buying an additional 741,705 shares during the period. Boston Partners increased its stake in shares of Chord Energy by 107.0% in the 1st quarter. Boston Partners now owns 1,305,942 shares of the company’s stock valued at $232,813,000 after acquiring an additional 674,965 shares during the last quarter. Millennium Management LLC raised its position in shares of Chord Energy by 226.5% in the 2nd quarter. Millennium Management LLC now owns 696,488 shares of the company’s stock valued at $116,787,000 after acquiring an additional 483,144 shares during the period. Finally, KGH Ltd boosted its stake in Chord Energy by 872.0% during the 2nd quarter. KGH Ltd now owns 485,998 shares of the company’s stock worth $81,492,000 after acquiring an additional 435,998 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CHRD. Citigroup lowered their price objective on shares of Chord Energy from $195.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Royal Bank of Canada lowered their price target on Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday. BMO Capital Markets cut their price objective on Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Siebert Williams Shank upgraded Chord Energy to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Jefferies Financial Group assumed coverage on shares of Chord Energy in a report on Thursday, September 5th. They set a “hold” rating and a $160.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $188.45.

Chord Energy Price Performance

NASDAQ CHRD opened at $132.36 on Friday. The firm’s 50 day moving average is $131.00 and its 200-day moving average is $153.33. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $8.09 billion, a PE ratio of 6.82, a price-to-earnings-growth ratio of 5.14 and a beta of 0.98. Chord Energy Co. has a 12-month low of $123.30 and a 12-month high of $190.23.

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

Chord Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Wednesday, November 27th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Wednesday, November 27th. Chord Energy’s dividend payout ratio (DPR) is presently 25.75%.

Chord Energy 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.