State of Michigan Retirement System Decreases Stake in Chord Energy Co. (NASDAQ:CHRD)

State of Michigan Retirement System cut its stake in Chord Energy Co. (NASDAQ:CHRD) by 1.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,500 shares of the company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Chord Energy were worth $1,695,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Delta Capital Management LLC grew its holdings in shares of Chord Energy by 4.3% during the fourth quarter. Delta Capital Management LLC now owns 2,200 shares of the company’s stock valued at $257,000 after buying an additional 90 shares during the last quarter. Commerce Bank grew its stake in Chord Energy by 4.3% during the 3rd quarter. Commerce Bank now owns 2,361 shares of the company’s stock valued at $307,000 after purchasing an additional 98 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Chord Energy by 1.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 6,145 shares of the company’s stock valued at $718,000 after purchasing an additional 110 shares during the period. Lindenwold Advisors INC raised its stake in shares of Chord Energy by 5.0% in the third quarter. Lindenwold Advisors INC now owns 2,523 shares of the company’s stock worth $329,000 after purchasing an additional 119 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Chord Energy by 4.0% during the fourth quarter. Blue Trust Inc. now owns 3,334 shares of the company’s stock worth $390,000 after purchasing an additional 128 shares during the period. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Stock Up 1.2 %

Chord Energy stock opened at $103.63 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.89. The stock has a market capitalization of $6.18 billion, a PE ratio of 5.34, a price-to-earnings-growth ratio of 5.83 and a beta of 0.98. The business has a 50 day simple moving average of $115.54 and a 200-day simple moving average of $125.06. Chord Energy Co. has a 12 month low of $99.40 and a 12 month high of $190.23.

Chord Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Tuesday, March 11th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 5.02%. The ex-dividend date is Tuesday, March 11th. This is a positive change from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s payout ratio is presently 32.62%.

Insiders Place Their Bets

In other Chord Energy news, CAO Shannon Browning Kinney sold 1,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $116.35, for a total transaction of $116,350.00. Following the completion of the transaction, the chief accounting officer now owns 19,488 shares of the company’s stock, valued at $2,267,428.80. This represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CHRD shares. Wolfe Research upgraded shares of Chord Energy from a “peer perform” rating to an “outperform” rating and set a $155.00 price target on the stock in a report on Friday, January 3rd. Truist Financial increased their price objective on shares of Chord Energy from $185.00 to $186.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Bank of America restated a “neutral” rating and set a $138.00 target price (down from $208.00) on shares of Chord Energy in a research report on Monday, January 13th. Morgan Stanley started coverage on Chord Energy in a research report on Friday, January 10th. They set an “equal weight” rating and a $158.00 price target on the stock. Finally, Citigroup decreased their price objective on Chord Energy from $160.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $165.42.

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.