Chord Energy (NASDAQ:CHRD) Stock Jumps 4.2% – Should You Buy?

Shares of Chord Energy Corporation (NASDAQ:CHRD) shot up 4.2% during trading on Thursday. The company traded as high as $141.65 and last traded at $141.8090. Approximately 123,510 shares traded hands during trading, a decline of 86% from the average daily volume of 861,363 shares. The stock had previously closed at $136.05.

Analysts Set New Price Targets

Several research firms have weighed in on CHRD. Citigroup lifted their target price on Chord Energy from $130.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, September 17th. Stifel Nicolaus started coverage on Chord Energy in a research note on Thursday, September 10th. They set a “buy” rating and a $182.00 price target for the company. Weiss Ratings upgraded shares of Chord Energy from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Seaport Research Partners initiated coverage on Chord Energy in a report on Thursday, September 3rd. They set a “neutral” rating for the company. Finally, Zacks Research raised shares of Chord Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 9th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $166.54.

Chord Energy Stock Up 3.5%

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. The company has a market cap of $7.70 billion, a P/E ratio of 9.44 and a beta of 0.59. The business’s 50 day moving average price is $141.98 and its 200-day moving average price is $136.31.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the business posted $1.79 earnings per share. The business’s quarterly revenue was up 128.6% compared to the same quarter last year. On average, analysts anticipate that Chord Energy Corporation will post 20.56 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were given a dividend of $1.30 per share. The ex-dividend date was Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.7%. Chord Energy’s payout ratio is presently 34.85%.

Insiders Place Their Bets

In other Chord Energy news, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the sale, the director directly owned 7,280 shares of the company’s stock, valued at approximately $1,091,563.20. The trade was a 57.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Shannon Kinney sold 4,019 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total value of $562,660.00. Following the completion of the transaction, the executive vice president directly owned 13,560 shares in the company, valued at approximately $1,898,400. This trade represents a 22.86% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 23,969 shares of company stock valued at $3,389,599. 0.79% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chord Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its stake in shares of Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after purchasing an additional 74 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Chord Energy by 330.9% during the second quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock worth $27,000 after buying an additional 182 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Chord Energy in the 1st quarter valued at about $29,000. Root Financial Partners LLC grew its position in Chord Energy by 178.6% during the first quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock worth $33,000 after buying an additional 150 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its position in shares of Chord Energy by 213.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company’s stock worth $47,000 after purchasing an additional 341 shares during the period. 97.76% of the stock is owned by institutional investors.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company focused on developing and producing crude oil, natural gas and natural gas liquids. The company’s operations are concentrated in the Williston Basin, primarily in the Bakken and Three Forks formations of North Dakota and Montana.

Chord Energy’s activities include acquiring, exploring, drilling and operating oil and natural gas properties. Its portfolio is largely composed of developed, producing assets and undeveloped acreage in the Williston Basin, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was formed through the 2022 merger of Oasis Petroleum Inc and Whiting Petroleum Corporation, bringing together complementary Bakken-focused operations.