Florida-based Kore Advisors sold 34,000 shares of Chord Energy Corporation in the third quarter, reducing their stake by $3.26 million from the previous period. As of September 30, they held 14,000 CHRD shares valued at $1.39 million. The position now represents 1.59% of 13F AUM.

Chord Energy Corporation produces and sells oil, natural gas, and liquids, primarily from the Williston Basin. The company focuses on exploration and development to maximize production efficiency, serving energy marketers, refiners, and industrial customers in the U.S. market.

Kore Advisors’ move to trim their Chord Energy Corporation position suggests a shift in their conviction in the volatile energy market. Despite operational success, CHRD stock is down over 50% from its peak last year. The fund’s decision reflects a reclassification of Chord from a core holding to a tactical one.

The fund’s top holdings after the filing include NYSE:UP at $31.29 million, NYSE:GEO at $14.78 million, NYSE:CRGY at $13.19 million, NYSE:WOLF at $9.70 million, and NYSE:AR at $7.01 million. CHRD shares were priced at $90.91 as of Wednesday, down 20% over the past year and underperforming the S&P 500.

Read more at Yahoo Finance: Why a Fund Slashed Its Chord Energy Stake by 80% as the Stock Sits 50% Below Its Peak