Chord Energy (NASDAQ:CHRD) Shares Gap Down – Here’s Why

Chord Energy Corporation (NASDAQ:CHRD) gapped down prior to trading on Monday . The stock had previously closed at $135.34, but opened at $127.66. Chord Energy shares last traded at $127.1390, with a volume of 119,294 shares.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CHRD. Mizuho upped their target price on Chord Energy from $164.00 to $175.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Scotiabank upped their target price on Chord Energy from $114.00 to $135.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Morgan Stanley upped their price objective on Chord Energy from $168.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. UBS Group upped their price objective on Chord Energy from $176.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Williams Trading set a $189.00 price objective on Chord Energy in a report on Monday, April 20th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $157.54.

Chord Energy Price Performance

The company has a market capitalization of $7.15 billion, a PE ratio of -112.36 and a beta of 0.48. The firm has a fifty day moving average of $137.87 and a two-hundred day moving average of $116.90. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, beating the consensus estimate of $3.51 by $1.05. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.Chord Energy’s quarterly revenue was up 37.1% compared to the same quarter last year. During the same period in the prior year, the business posted $4.04 EPS. Research analysts anticipate that Chord Energy Corporation will post 20.53 EPS for the current fiscal year.

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were issued a dividend of $1.30 per share. The ex-dividend date was Wednesday, May 20th. This represents a $5.20 annualized dividend and a yield of 4.1%. Chord Energy’s dividend payout ratio is currently -460.18%.

Insider Activity

In related news, Director Douglas E. Brooks sold 1,500 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $138.57, for a total transaction of $207,855.00. Following the completion of the sale, the director directly owned 18,705 shares in the company, valued at $2,591,951.85. This represents a 7.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Darrin J. Henke sold 1,276 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the sale, the chief operating officer owned 21,157 shares of the company’s stock, valued at $3,088,287.29. This represents a 5.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,276 shares of company stock valued at $1,285,968 over the last 90 days. 0.79% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chord Energy

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. lifted its holdings in Chord Energy by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after buying an additional 74 shares during the period. Blue Trust Inc. lifted its holdings in Chord Energy by 22.2% in the 1st quarter. Blue Trust Inc. now owns 463 shares of the company’s stock worth $66,000 after buying an additional 84 shares during the period. SBI Securities Co. Ltd. lifted its holdings in Chord Energy by 16.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 797 shares of the company’s stock worth $74,000 after buying an additional 113 shares during the period. WealthCollab LLC lifted its holdings in Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after buying an additional 145 shares during the period. Finally, Root Financial Partners LLC lifted its holdings in Chord Energy by 178.6% in the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock worth $33,000 after buying an additional 150 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

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.