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

Chord Energy Co. (NASDAQ:CHRD)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $102.39, but opened at $106.54. Chord Energy shares last traded at $105.80, with a volume of 120,106 shares.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America lowered their price objective on shares of Chord Energy from $114.00 to $112.00 and set a “buy” rating for the company in a research note on Friday, May 23rd. Piper Sandler lowered their price objective on shares of Chord Energy from $184.00 to $183.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Citigroup lowered their price objective on shares of Chord Energy from $135.00 to $120.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Royal Bank of Canada reduced their target price on shares of Chord Energy from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, April 11th. Finally, Wells Fargo & Company reduced their target price on shares of Chord Energy from $166.00 to $158.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Chord Energy currently has an average rating of “Moderate Buy” and a consensus target price of $153.77.

Chord Energy Stock Up 3.6%

The stock has a market capitalization of $6.12 billion, a PE ratio of 5.46, a price-to-earnings-growth ratio of 5.83 and a beta of 0.96. The company has a current ratio of 0.93, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average is $93.37 and its 200 day moving average is $106.70.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.60 by $0.44. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.07 billion. Chord Energy had a net margin of 19.74% and a return on equity of 12.88%. Chord Energy’s revenue was up 12.0% on a year-over-year basis. During the same period last year, the firm posted $5.10 EPS. As a group, analysts anticipate that Chord Energy Co. will post 15.59 EPS for the current year.

Chord Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Wednesday, May 21st were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date was Wednesday, May 21st. Chord Energy’s dividend payout ratio is presently 34.78%.

Insiders Place Their Bets

In other news, EVP Shannon Browning Kinney sold 3,091 shares of Chord Energy stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $94.10, for a total transaction of $290,863.10. Following the completion of the transaction, the executive vice president now directly owns 21,277 shares of the company’s stock, valued at $2,002,165.70. The trade was a 12.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chord Energy

Several institutional investors have recently made changes to their positions in CHRD. Altshuler Shaham Ltd acquired a new stake in Chord Energy in the 4th quarter valued at $25,000. Twin Tree Management LP acquired a new position in shares of Chord Energy during the 4th quarter valued at about $33,000. Larson Financial Group LLC boosted its position in shares of Chord Energy by 238.3% during the 4th quarter. Larson Financial Group LLC now owns 318 shares of the company’s stock valued at $37,000 after acquiring an additional 224 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in Chord Energy by 321.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 447 shares of the company’s stock valued at $50,000 after buying an additional 341 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in Chord Energy by 1,751.9% in the 4th quarter. Venturi Wealth Management LLC now owns 500 shares of the company’s stock valued at $58,000 after buying an additional 473 shares during the period. 97.76% of the stock is owned by hedge funds and other institutional investors.

Chord Energy Company Profile

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.