Wells Fargo & Company Initiates Coverage on Chord Energy (NASDAQ:CHRD)

Wells Fargo & Company assumed coverage on shares of Chord Energy (NASDAQ:CHRD) in a research note released on Wednesday, Marketbeat Ratings reports. The firm issued an overweight rating and a $189.00 price objective on the stock.

Several other equities research analysts also recently issued reports on the company. BMO Capital Markets started coverage on Chord Energy in a research note on Thursday, August 31st. They issued an outperform rating and a $185.00 price objective for the company. Truist Financial reaffirmed a buy rating and set a $221.00 price target on shares of Chord Energy in a research note on Wednesday, September 6th. Stifel Nicolaus raised their price target on Chord Energy from $177.00 to $178.00 and gave the stock a buy rating in a research note on Friday, August 18th. Citigroup raised their price target on Chord Energy from $170.00 to $185.00 in a research note on Friday, August 4th. Finally, Bank of America raised their price target on Chord Energy from $169.00 to $177.00 in a research note on Wednesday, September 27th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $186.90.

Chord Energy Stock Up 3.1 %

Shares of Chord Energy stock opened at $162.59 on Wednesday. The stock has a 50-day moving average price of $162.71 and a 200 day moving average price of $155.77. The company has a market cap of $6.71 billion, a P/E ratio of 6.44, a P/E/G ratio of 0.42 and a beta of 1.28. The company has a current ratio of 1.02, a quick ratio of 0.97 and a debt-to-equity ratio of 0.08. Chord Energy has a 1 year low of $117.05 and a 1 year high of $175.20.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $5.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.22 by ($0.18). The business had revenue of $840.60 million during the quarter, compared to analysts’ expectations of $763.94 million. Chord Energy had a return on equity of 16.74% and a net margin of 27.86%. The firm’s revenue was down 20.4% on a year-over-year basis. During the same period in the prior year, the company posted $7.20 earnings per share. As a group, analysts expect that Chord Energy will post 19.56 EPS for the current fiscal year.

Chord Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Tuesday, November 14th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Monday, November 13th. Chord Energy’s dividend payout ratio is 19.81%.

Insider Activity

In other news, COO Charles J. Rimer sold 1,500 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $160.40, for a total transaction of $240,600.00. Following the transaction, the chief operating officer now owns 89,773 shares of the company’s stock, valued at approximately $14,399,589.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Chord Energy news, COO Charles J. Rimer sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $160.40, for a total value of $240,600.00. Following the sale, the chief operating officer now owns 89,773 shares of the company’s stock, valued at approximately $14,399,589.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lynn A. Peterson sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $169.19, for a total value of $507,570.00. Following the completion of the sale, the director now directly owns 220,098 shares in the company, valued at approximately $37,238,380.62. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,000 shares of company stock valued at $1,963,575. Insiders own 0.52% of the company’s stock.

Institutional Trading of Chord Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC grew its holdings in Chord Energy by 87.5% in the 2nd quarter. Signaturefd LLC now owns 180 shares of the company’s stock valued at $28,000 after buying an additional 84 shares during the last quarter. FinTrust Capital Advisors LLC acquired a new stake in shares of Chord Energy during the 4th quarter worth approximately $28,000. Assetmark Inc. acquired a new stake in shares of Chord Energy during the 1st quarter worth approximately $30,000. Viking Fund Management LLC acquired a new stake in shares of Chord Energy during the 2nd quarter worth approximately $38,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Chord Energy during the 4th quarter worth approximately $48,000. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Company Profile

Chord Energy Corporation operates as an independent exploration and production company. It acquires, exploits, develops, and explores for crude oil, natural gas, and natural gas liquids in the Williston Basin. Chord Energy Corporation was founded in 2007 and is headquartered in Houston, Texas.