Chord Energy (NASDAQ:CHRD) Posts Earnings Results, Beats Estimates By $0.11 EPS

Chord Energy (NASDAQ:CHRD) posted its quarterly earnings data on Tuesday. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.11, Zacks reports. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.02 billion. Chord Energy had a return on equity of 9.02% and a net margin of 5.02%.The firm’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the firm earned $3.40 earnings per share.

Chord Energy Price Performance

Shares of NASDAQ:CHRD opened at $88.93 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.11. Chord Energy has a twelve month low of $79.83 and a twelve month high of $136.38. The stock’s 50 day moving average is $98.91 and its 200-day moving average is $99.64. The firm has a market capitalization of $5.09 billion, a price-to-earnings ratio of 22.63 and a beta of 0.92.

Wall Street Analysts Forecast Growth

CHRD has been the topic of several recent analyst reports. Citigroup boosted their price target on Chord Energy from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Mizuho dropped their price target on Chord Energy from $152.00 to $142.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Chord Energy in a research note on Wednesday, October 8th. Piper Sandler dropped their price target on Chord Energy from $169.00 to $167.00 and set an “overweight” rating on the stock in a research note on Friday, October 3rd. Finally, Scotiabank began coverage on shares of Chord Energy in a report on Friday, September 19th. They set a “sector perform” rating and a $120.00 price objective on the stock. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.38.

Insider Buying and Selling at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $105.43, for a total transaction of $318,293.17. Following the transaction, the executive vice president directly owned 14,650 shares of the company’s stock, valued at $1,544,549.50. This represents a 17.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Chord Energy

A number of institutional investors have recently modified their holdings of the company. Nomura Holdings Inc. acquired a new position in shares of Chord Energy during the second quarter worth approximately $711,000. FORA Capital LLC raised its position in shares of Chord Energy by 35.2% during the second quarter. FORA Capital LLC now owns 6,094 shares of the company’s stock worth $590,000 after purchasing an additional 1,585 shares during the period. Evergreen Capital Management LLC acquired a new position in shares of Chord Energy during the second quarter worth approximately $471,000. Corient Private Wealth LLC grew its holdings in Chord Energy by 5.0% during the second quarter. Corient Private Wealth LLC now owns 24,565 shares of the company’s stock worth $2,379,000 after buying an additional 1,166 shares in the last quarter. Finally, WealthCollab LLC grew its holdings in Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after buying an additional 145 shares in the last quarter. 97.76% of the stock is owned by institutional investors and hedge funds.

About Chord Energy

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.