12 Best Gas Stocks To Buy According to Hedge Funds

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8. Chord Energy Corporation (NASDAQ:CHRD)

Number of Hedge Fund Holders: 50

Chord Energy Corporation (NASDAQ:CHRD) is an independent oil and gas company that focuses on exploring, developing, producing, and acquiring crude oil, natural gas, and natural gas liquids (NGLs). The corporation is a leading operator in the Williston Basin, known for its high-quality assets. In May 2024, Chord Energy Corporation (NASDAQ:CHRD) completed its acquisition of Enerplus Corporation, enhancing its position as a premier operator in the Williston Basin. This merger not only increases the company’s scale but also adds significant low-cost inventory to its portfolio.

For the third quarter of 2024, Chord Energy Corporation (NASDAQ:CHRD) reported total production volumes of 280.8 thousand barrels of oil equivalent per day (MBoepd), surpassing guidance expectations. The company’s exploration and production and other capital were $329.2 million, reflecting improved operational efficiencies. This strong performance resulted in an adjusted free cash flow of $312.5 million for the quarter. Chord Energy Corporation (NASDAQ:CHRD) committed to returning 75% of its adjusted free cash flow to shareholders, amounting to $234 million through dividends and share repurchases.

On October 25, 2024, Chord Energy Corporation (NASDAQ:CHRD) sold its assets in the DJ Basin for $36.1 million. The proceeds from this divestiture are expected to fund recent acquisitions and share repurchases in the fourth quarter of 2024. Additionally, Chord Energy Corporation (NASDAQ:CHRD) has been actively acquiring more interests in operated assets in the Williston Basin, investing $7 million during the third quarter of 2024.

CHRD is one of the best gas stocks to buy according to hedge funds. With its strategic acquisitions, operational efficiencies, and commitment to returning capital to shareholders, Chord Energy Corporation (NASDAQ:CHRD) presents a compelling investment opportunity.

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