Chord Energy (NASDAQ:CHRD) Hits New 12-Month Low – Here’s Why

Shares of Chord Energy Co. (NASDAQ:CHRD) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $99.03 and last traded at $100.15, with a volume of 455365 shares traded. The stock had previously closed at $113.54.

Wall Street Analyst Weigh In

CHRD has been the subject of several analyst reports. Piper Sandler decreased their price objective on shares of Chord Energy from $193.00 to $184.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Wolfe Research raised Chord Energy from a “peer perform” rating to an “outperform” rating and set a $155.00 price target for the company in a research report on Friday, January 3rd. Morgan Stanley set a $139.00 price objective on Chord Energy and gave the stock a “cautious” rating in a research report on Wednesday, March 26th. Williams Trading set a $155.00 target price on Chord Energy in a research report on Wednesday, March 5th. Finally, Truist Financial boosted their target price on shares of Chord Energy from $185.00 to $186.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $161.46.

Chord Energy Stock Down 11.7 %

The stock’s 50 day moving average is $109.83 and its 200 day moving average is $120.34. The company has a market capitalization of $5.22 billion, a PE ratio of 4.52, a PEG ratio of 5.83 and a beta of 0.98. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.93.

Chord Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 11th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $5.20 annualized dividend and a dividend yield of 5.92%. This is an increase from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s dividend payout ratio is currently 32.62%.

Hedge Funds Weigh In On Chord Energy

Hedge funds have recently made changes to their positions in the stock. Townsquare Capital LLC grew its holdings in Chord Energy by 55.7% during the 3rd quarter. Townsquare Capital LLC now owns 2,199 shares of the company’s stock valued at $286,000 after buying an additional 787 shares in the last quarter. Benjamin Edwards Inc. boosted its position in shares of Chord Energy by 61.3% in the third quarter. Benjamin Edwards Inc. now owns 3,117 shares of the company’s stock valued at $407,000 after acquiring an additional 1,184 shares during the period. HighTower Advisors LLC grew its stake in Chord Energy by 58.7% during the third quarter. HighTower Advisors LLC now owns 6,821 shares of the company’s stock valued at $899,000 after acquiring an additional 2,522 shares in the last quarter. Investment Management Corp of Ontario increased its holdings in Chord Energy by 42.9% during the 3rd quarter. Investment Management Corp of Ontario now owns 2,000 shares of the company’s stock worth $260,000 after acquiring an additional 600 shares during the period. Finally, Quarry LP lifted its stake in Chord Energy by 437.5% in the 3rd quarter. Quarry LP now owns 946 shares of the company’s stock worth $123,000 after purchasing an additional 770 shares in the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

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.