Chord Energy (NASDAQ:CHRD) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Chord Energy (NASDAQ:CHRD) from a hold rating to a buy rating in a research report released on Saturday.

Other analysts also recently issued reports about the stock. Jefferies Financial Group set a $99.00 target price on shares of Chord Energy in a report on Saturday, January 17th. Truist Financial dropped their target price on shares of Chord Energy from $187.00 to $185.00 and set a “buy” rating on the stock in a report on Friday. Wells Fargo & Company raised their target price on shares of Chord Energy from $136.00 to $175.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Royal Bank Of Canada dropped their target price on shares of Chord Energy from $135.00 to $128.00 and set an “outperform” rating on the stock in a report on Tuesday, January 13th. Finally, Piper Sandler raised their target price on shares of Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.15.

Chord Energy Stock Down 1.0%

Chord Energy stock opened at $136.44 on Friday. The company’s 50 day simple moving average is $131.32 and its 200 day simple moving average is $107.34. Chord Energy has a fifty-two week low of $84.25 and a fifty-two week high of $150.50. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of -120.74 and a beta of 0.52. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.98.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, topping the consensus estimate of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter last year, the firm earned $4.04 EPS. Chord Energy’s quarterly revenue was up 37.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chord Energy will post 17.51 EPS for the current year.

Chord Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Wednesday, May 20th. Chord Energy’s dividend payout ratio (DPR) is currently -460.18%.

Insider Buying and Selling at Chord Energy

In other news, EVP Shannon Browning Kinney sold 1,801 shares of Chord Energy stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total value of $205,962.36. Following the sale, the executive vice president directly owned 20,188 shares in the company, valued at $2,308,699.68. This trade represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas E. Brooks sold 2,126 shares of Chord Energy stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $120.28, for a total transaction of $255,715.28. Following the completion of the sale, the director owned 25,181 shares in the company, valued at $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 23,927 shares of company stock valued at $2,912,028 over the last ninety days. 0.79% of the stock is currently owned by company insiders.

Institutional Trading of Chord Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Chord Energy by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company’s stock valued at $13,973,000 after purchasing an additional 18,137 shares during the last quarter. Focus Partners Wealth bought a new position in Chord Energy in the first quarter valued at approximately $289,000. EverSource Wealth Advisors LLC grew its stake in Chord Energy by 364.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company’s stock valued at $151,000 after purchasing an additional 1,220 shares in the last quarter. Jump Financial LLC bought a new position in Chord Energy in the second quarter valued at approximately $1,010,000. Finally, Gamco Investors INC. ET AL grew its stake in Chord Energy by 108.5% in the second quarter. Gamco Investors INC. ET AL now owns 10,429 shares of the company’s stock valued at $1,010,000 after purchasing an additional 5,428 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD), formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.