Principal Financial Group Inc. Decreases Holdings in Chord Energy Co. (NASDAQ:CHRD)

Principal Financial Group Inc. lessened its holdings in shares of Chord Energy Co. (NASDAQ:CHRD - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 412,331 shares of the company's stock after selling 73,183 shares during the quarter. Principal Financial Group Inc. owned about 0.67% of Chord Energy worth $48,210,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CHRD. Stone House Investment Management LLC purchased a new stake in shares of Chord Energy in the 3rd quarter valued at $26,000. Brooklyn Investment Group purchased a new stake in Chord Energy during the 4th quarter valued at $29,000. Fortitude Family Office LLC purchased a new stake in shares of Chord Energy in the 3rd quarter worth about $47,000. R Squared Ltd purchased a new position in shares of Chord Energy in the 4th quarter valued at approximately $51,000. Finally, Union Bancaire Privee UBP SA purchased a new position in Chord Energy during the fourth quarter valued at $77,000. Hedge funds and other institutional investors own 97.76% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CHRD. Piper Sandler lowered their price objective on Chord Energy from $194.00 to $193.00 and set an "overweight" rating for the company in a research note on Wednesday, January 15th. Truist Financial upped their price objective on Chord Energy from $185.00 to $186.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Mizuho decreased their price target on Chord Energy from $192.00 to $178.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Royal Bank of Canada decreased their target price 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. Finally, Bank of America restated a "neutral" rating and issued a $138.00 target price (down previously from $208.00) on shares of Chord Energy in a report on Monday, January 13th. Three 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. Based on data from MarketBeat.com, Chord Energy has a consensus rating of "Moderate Buy" and a consensus price target of $173.08.

Insider Activity

In other news, CAO Shannon Browning Kinney sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $116.35, for a total value 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 approximately $2,267,428.80. This trade represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.70% of the company's stock.

Chord Energy Stock Performance

CHRD traded down $3.99 on Friday, reaching $111.68. The stock had a trading volume of 1,500,134 shares, compared to its average volume of 761,128. The company has a current ratio of 0.93, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10. Chord Energy Co. has a 12-month low of $107.24 and a 12-month high of $190.23. The business's 50-day moving average price is $116.50 and its two-hundred day moving average price is $128.18. The company has a market cap of $6.83 billion, a P/E ratio of 5.75, a price-to-earnings-growth ratio of 5.77 and a beta of 0.98.

Chord Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 4.48%. The ex-dividend date was Wednesday, November 27th. Chord Energy's payout ratio is currently 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.