Cornercap Investment Counsel Inc. has significantly reduced its position in Chord Energy Co., according to recent filings with the SEC. The investment firm sold 8,225 shares, representing a 56.9% decrease in its holdings. As of the most recent filing, Cornercap Investment Counsel Inc. now owns 6,218 shares of Chord Energy, with a total value of $810,000.
This move by Cornercap Investment Counsel Inc. follows a trend among other hedge funds and institutional investors who have either increased or decreased their stakes in Chord Energy. Victory Capital Management Inc., for example, has raised its position in the company by 41.3% during the third quarter. Similarly, Aptus Capital Advisors LLC has increased its stake by 15.6%, and Sumitomo Mitsui Trust Group Inc. has raised its position by 0.7%.
These changes in ownership suggest a shift in confidence and investment strategies within the energy sector. It is important to note, however, that 97.76% of Chord Energy is still owned by hedge funds and institutional investors, indicating continued interest in the company.
While the recent filings do not provide specific reasons for the reduction in stake by Cornercap Investment Counsel Inc., it is clear that the investment firm has made a significant adjustment to its portfolio. This move may be influenced by various factors, such as market conditions, performance expectations, or changes in investment goals.
As investors continue to closely monitor the energy market, it will be interesting to see how these ownership changes impact the future of Chord Energy. With analysts providing mixed ratings and price targets for the stock, investors should consider conducting their own thorough research before making any investment decisions.
FAQ:
1. Why did Cornercap Investment Counsel Inc. reduce its position in Chord Energy?
– The article does not specify the specific reasons for the reduction in stake by Cornercap Investment Counsel Inc.
2. Has Cornercap Investment Counsel Inc. completely sold its shares in Chord Energy?
– No, Cornercap Investment Counsel Inc. still owns 6,218 shares of Chord Energy.
3. What is the significance of other hedge funds and institutional investors increasing or decreasing their stakes in Chord Energy?
– These changes suggest a shift in confidence and investment strategies within the energy sector.
4. How much of Chord Energy is owned by hedge funds and institutional investors?
– 97.76% of Chord Energy is owned by hedge funds and institutional investors.
5. Are there any specific factors that may have influenced the reduction in stake by Cornercap Investment Counsel Inc.?
– The article mentions that factors such as market conditions, performance expectations, or changes in investment goals may have influenced the reduction.
6. What should investors consider before making any investment decisions regarding Chord Energy?
– Investors should conduct their own thorough research and consider the mixed ratings and price targets provided by analysts.
Definitions:
1. SEC: The Securities and Exchange Commission is a regulatory body responsible for overseeing and regulating financial securities and investment practices in the United States. – Link to the SEC website
2. Hedge funds: Hedge funds are investment firms that pool capital from accredited individuals or institutional investors and use various investment strategies to generate returns. They are typically less regulated than other types of investment funds.
3. Institutional investors: Institutional investors are professional investment entities that pool money from individuals, businesses, or pension funds and invest in various financial instruments such as stocks, bonds, and real estate.
Related links:
1. Chord Energy official website: Chord Energy