Phocas Financial Corp. Reduces Holdings in Chord Energy Co. (NASDAQ:CHRD)

Phocas Financial Corp. reduced its stake in Chord Energy Co. (NASDAQ:CHRD) by 83.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,368 shares of the company’s stock after selling 27,216 shares during the period. Phocas Financial Corp.’s holdings in Chord Energy were worth $628,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Victory Capital Management Inc. raised its holdings in Chord Energy by 41.3% during the 3rd quarter. Victory Capital Management Inc. now owns 2,245,435 shares of the company’s stock valued at $292,423,000 after buying an additional 656,374 shares during the last quarter. Merit Financial Group LLC purchased a new stake in shares of Chord Energy during the fourth quarter worth about $553,000. Geode Capital Management LLC grew its stake in shares of Chord Energy by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,162,442 shares of the company’s stock worth $151,077,000 after purchasing an additional 34,156 shares during the last quarter. Kingsview Wealth Management LLC raised its position in Chord Energy by 55.3% during the 4th quarter. Kingsview Wealth Management LLC now owns 21,744 shares of the company’s stock valued at $2,542,000 after purchasing an additional 7,743 shares during the last quarter. Finally, Arkfeld Wealth Strategies L.L.C. raised its holdings in shares of Chord Energy by 3.5% during the fourth quarter. Arkfeld Wealth Strategies L.L.C. now owns 92,211 shares of the company’s stock valued at $11,596,000 after acquiring an additional 3,151 shares in the last quarter. Institutional investors own 97.76% of the company’s stock.

Chord Energy Stock Performance

Shares of CHRD stock opened at $108.56 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.93. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 5.59, a price-to-earnings-growth ratio of 5.83 and a beta of 0.98. Chord Energy Co. has a one year low of $107.24 and a one year high of $190.23. The company’s 50-day moving average is $116.27 and its 200 day moving average is $127.25.

Analyst Ratings Changes

Several research analysts have commented on CHRD shares. Truist Financial upped their price objective on shares of Chord Energy from $185.00 to $186.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Wolfe Research raised Chord Energy from a “peer perform” rating to an “outperform” rating and set a $155.00 price objective on the stock in a research report on Friday, January 3rd. Royal Bank of Canada reduced their target price on Chord Energy from $185.00 to $180.00 and set an “outperform” rating on the stock in a report on Wednesday, November 20th. Piper Sandler lowered their target price 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. Finally, Morgan Stanley started coverage on Chord Energy in a research note on Friday, January 10th. They issued an “equal weight” rating and a $158.00 price target on the stock. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Chord Energy has a consensus rating of “Moderate Buy” and an average target price of $173.08.

Insider Activity

In related news, CAO Shannon Browning Kinney sold 1,000 shares of the stock in a transaction 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 sale, the chief accounting officer now directly owns 19,488 shares of the company’s stock, valued at $2,267,428.80. This trade represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.70% of the company’s stock.

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.