Chord Energy (NASDAQ:CHRD) Shares Gap Down – Time to Sell?

Chord Energy Corporation (NASDAQ:CHRD)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $133.99, but opened at $125.58. Chord Energy shares last traded at $122.1940, with a volume of 88,280 shares.

Analysts Set New Price Targets

A number of brokerages recently commented on CHRD. Roth Mkm reissued a “buy” rating and issued a $140.00 price objective on shares of Chord Energy in a research note on Friday. Weiss Ratings raised shares of Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. Piper Sandler upped their price target on Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Morgan Stanley upgraded Chord Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $114.00 to $168.00 in a report on Friday, March 27th. Finally, Wells Fargo & Company raised their price objective on Chord Energy from $136.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $147.42.

Chord Energy Stock Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98. The firm has a market cap of $6.97 billion, a price-to-earnings ratio of 195.23 and a beta of 0.66. The firm has a fifty day simple moving average of $122.30 and a two-hundred day simple moving average of $103.40.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.11. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.03 billion. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The company’s quarterly revenue was down 19.6% on a year-over-year basis. During the same quarter last year, the company earned $3.49 earnings per share. On average, analysts expect that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Thursday, March 12th were issued a dividend of $1.30 per share. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.2%. Chord Energy’s payout ratio is 825.40%.

Insider Activity at Chord Energy

In other news, EVP Michael H. Lou sold 15,000 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $125.47, for a total transaction of $1,882,050.00. Following the sale, the executive vice president directly owned 82,699 shares of the company’s stock, valued at $10,376,243.53. The trade was a 15.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas E. Brooks sold 2,126 shares of the business’s stock in a transaction 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 sale, the director directly 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. The SEC filing for this sale provides additional information. Insiders sold 23,927 shares of company stock valued at $2,912,028 over the last three months. 0.79% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chord Energy

A number of large investors have recently made changes to their positions in CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Chord Energy by 17.1% during 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 buying an additional 18,137 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Chord Energy during the first quarter valued at $289,000. EverSource Wealth Advisors LLC grew its holdings in shares of Chord Energy by 364.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company’s stock valued at $151,000 after buying an additional 1,220 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Chord Energy during the second quarter valued at $1,010,000. Finally, Gamco Investors INC. ET AL grew its holdings in shares of Chord Energy by 108.5% during the second quarter. Gamco Investors INC. ET AL now owns 10,429 shares of the company’s stock valued at $1,010,000 after buying an additional 5,428 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 (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.