Chord Energy (NASDAQ:CHRD) Stock Price Crosses Below 50-Day Moving Average – Should You Sell?

Chord Energy Corporation (NASDAQ:CHRD) passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $145.93 and traded as low as $143.71. Chord Energy shares last traded at $143.83, with a volume of 783,690 shares changing hands.

Analyst Upgrades and Downgrades

CHRD has been the topic of several research reports. Roth Capital reissued a “buy” rating and set a $165.00 price objective on shares of Chord Energy in a report on Monday, October 19th. Seaport Research Partners began coverage on Chord Energy in a report on Thursday, September 3rd. They set a “neutral” rating for the company. Citigroup increased their target price on Chord Energy from $130.00 to $150.00 and gave the company a “neutral” rating in a research report on Thursday, September 17th. Weiss Ratings upgraded Chord Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Finally, Wall Street Zen raised Chord Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $174.54.

Chord Energy Stock Down 2.4%

The company’s 50 day moving average price is $145.93 and its 200 day moving average price is $131.25. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $7.87 billion, a price-to-earnings ratio of 9.64 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%. The business’s revenue was up 128.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.79 EPS. As a group, research analysts forecast that Chord Energy Corporation will post 23.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Chord Energy

In related news, EVP Shannon Kinney sold 4,019 shares of Chord Energy stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total transaction of $562,660.00. Following the completion of the transaction, the executive vice president directly owned 13,560 shares in the company, valued at approximately $1,898,400. This trade represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Samantha Mckinney sold 9,750 shares of Chord Energy stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the transaction, the director directly owned 7,280 shares of the company’s stock, valued at approximately $1,091,563.20. This trade represents a 57.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 23,969 shares of company stock worth $3,389,599. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Chord Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in Chord Energy by 27.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock worth $220,078,000 after buying an additional 329,565 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Chord Energy by 1.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 734,416 shares of the company’s stock worth $100,586,000 after buying an additional 7,250 shares in the last quarter. First Trust Advisors LP increased its stake in Chord Energy by 98.2% during the 1st quarter. First Trust Advisors LP now owns 579,920 shares of the company’s stock worth $82,453,000 after buying an additional 287,340 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Chord Energy during the second quarter valued at approximately $66,489,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Chord Energy by 178.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 424,841 shares of the company’s stock valued at $60,404,000 after acquiring an additional 272,349 shares during the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Chord Energy Company Profile

Chord Energy Corporation is an independent exploration and production company focused on the development and operation of oil and natural gas properties in the United States. Its portfolio is concentrated in the Williston Basin, which spans parts of North Dakota and Montana. The company’s production mix includes crude oil, natural gas and natural gas liquids.

Chord’s operations include acquiring, developing and producing hydrocarbons from operated and non-operated wells, with an emphasis on drilling and completion activities in the Bakken and Three Forks formations.