Wells Fargo & Company Has Lowered Expectations for Chord Energy (NASDAQ:CHRD) Stock Price

Chord Energy (NASDAQ:CHRD) had its target price dropped by Wells Fargo & Company from $149.00 to $108.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 20.35% from the company’s current price.

A number of other analysts also recently commented on CHRD. Morgan Stanley dropped their price objective on Chord Energy from $131.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. Scotiabank began coverage on Chord Energy in a research note on Friday, September 19th. They issued a “sector perform” rating and a $120.00 price objective on the stock. Roth Capital began coverage on Chord Energy in a research note on Monday, October 13th. They issued a “buy” rating and a $130.00 price objective on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Chord Energy in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $130.00 price objective on shares of Chord Energy in a research note on Monday, October 6th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Chord Energy currently has an average rating of “Moderate Buy” and an average price target of $138.38.

Chord Energy Stock Up 0.7%

Shares of Chord Energy stock opened at $89.74 on Friday. Chord Energy has a 1-year low of $79.83 and a 1-year high of $136.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.97 and a quick ratio of 0.90. The business’s fifty day moving average price is $101.79 and its two-hundred day moving average price is $99.43. The company has a market capitalization of $5.14 billion, a P/E ratio of 22.83 and a beta of 0.94.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.79 EPS for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.09). Chord Energy had a return on equity of 9.02% and a net margin of 5.02%.The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $984.07 million. During the same period in the prior year, the firm posted $4.69 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, research analysts forecast that Chord Energy will post 15.59 EPS for the current year.

Insider Activity

In related news, EVP Shannon Browning Kinney sold 3,019 shares of Chord Energy stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $105.43, for a total value of $318,293.17. Following the transaction, the executive vice president directly owned 14,650 shares in the company, valued at $1,544,549.50. The trade was a 17.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in shares of Chord Energy by 1.0% during the second quarter. Geode Capital Management LLC now owns 1,890,420 shares of the company’s stock valued at $183,112,000 after buying an additional 19,227 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Chord Energy by 15.5% during the second quarter. American Century Companies Inc. now owns 1,337,079 shares of the company’s stock valued at $129,496,000 after buying an additional 179,209 shares in the last quarter. Sourcerock Group LLC grew its holdings in shares of Chord Energy by 2.1% during the second quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company’s stock valued at $99,947,000 after buying an additional 20,916 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Chord Energy by 22.2% during the second quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company’s stock valued at $95,918,000 after buying an additional 180,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Chord Energy by 4.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 824,760 shares of the company’s stock valued at $83,169,000 after buying an additional 32,802 shares in the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

About Chord Energy

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.