Chord Energy (NASDAQ:CHRD) Hits New 12-Month High on Analyst Upgrade

Shares of Chord Energy Corporation (NASDAQ:CHRD) reached a new 52-week high during mid-day trading on Thursday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $154.00 and last traded at $150.5940, with a volume of 44080 shares trading hands. The stock had previously closed at $149.49.

Several other analysts also recently weighed in on CHRD. Mizuho upgraded shares of Chord Energy to a “strong-buy” rating in a research report on Friday, July 31st. Citigroup decreased their target price on shares of Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. Truist Financial dropped their price target on shares of Chord Energy from $170.00 to $166.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Roth Capital reaffirmed a “buy” rating and set a $145.00 price target on shares of Chord Energy in a report on Wednesday, July 15th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Chord Energy in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $155.50.

Insider Buying and Selling

In related news, Director Douglas Brooks sold 8,000 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of the transaction, the director owned 10,705 shares in the company, valued at $1,425,263.70. This represents a 42.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Samantha Mckinney sold 9,750 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 7,280 shares of the company’s stock, valued at $1,091,563.20. This represents a 57.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 23,969 shares of company stock valued at $3,389,599 over the last 90 days. 0.79% of the stock is currently owned by company insiders.

Institutional Trading of Chord Energy

Several institutional investors have recently modified their holdings of the company. Core Capital Management & Research inc. bought a new position in Chord Energy during the second quarter valued at about $668,000. Sequoia Financial Advisors LLC raised its position in Chord Energy by 24.2% in the second quarter. Sequoia Financial Advisors LLC now owns 5,107 shares of the company’s stock worth $584,000 after acquiring an additional 994 shares in the last quarter. Tidal Investments LLC raised its position in Chord Energy by 299.2% in the second quarter. Tidal Investments LLC now owns 29,843 shares of the company’s stock worth $3,411,000 after acquiring an additional 22,368 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Chord Energy in the 2nd quarter valued at about $8,004,000. Finally, Allworth Financial LP lifted its holdings in Chord Energy by 16.6% in the 2nd quarter. Allworth Financial LP now owns 1,189 shares of the company’s stock valued at $136,000 after acquiring an additional 169 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Stock Performance

The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18. The company’s 50-day moving average price is $137.09 and its two-hundred day moving average price is $133.33. The company has a market cap of $8.31 billion, a P/E ratio of 10.19 and a beta of 0.50.

Chord Energy (NASDAQ:CHRD) last released its 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). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the previous year, the firm earned $1.79 earnings per share. The firm’s revenue for the quarter was up 128.6% compared to the same quarter last year. As a group, equities analysts forecast that Chord Energy Corporation will post 19.33 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.4%. Chord Energy’s dividend payout ratio (DPR) is currently 34.85%.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company’s activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord’s portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.