Chord Energy (NASDAQ:CHRD) Sets New 1-Year High on Analyst Upgrade

Shares of Chord Energy Corporation (NASDAQ:CHRD) hit a new 52-week high during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $109.00 to $136.00. Wells Fargo & Company currently has an overweight rating on the stock. Chord Energy traded as high as $130.17 and last traded at $129.47, with a volume of 120099 shares trading hands. The stock had previously closed at $126.37.

CHRD has been the subject of a number of other research reports. Citigroup raised their price objective on shares of Chord Energy from $97.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, March 6th. UBS Group boosted their target price on shares of Chord Energy from $119.00 to $142.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Zacks Research upgraded shares of Chord Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Weiss Ratings downgraded shares of Chord Energy from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Finally, Morgan Stanley cut their price target on shares of Chord Energy from $123.00 to $114.00 and set an “equal weight” rating on the stock in a report on Friday, January 23rd. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $131.27.

Insider Buying and Selling at Chord Energy

In related news, Director Douglas E. Brooks sold 2,126 shares of the business’s stock in a transaction dated 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 owned 25,181 shares of the company’s stock, valued at $3,028,770.68. The trade was a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Lara J. Kroll sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total transaction of $568,300.00. Following the completion of the sale, the chief accounting officer owned 8,921 shares in the company, valued at approximately $1,013,960.86. This trade represents a 35.92% decrease in their position. 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 90 days. 0.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in Chord Energy by 5.4% in the 3rd quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock worth $314,661,000 after buying an additional 163,125 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Chord Energy by 15.6% during the fourth quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock valued at $190,346,000 after purchasing an additional 277,588 shares during the last quarter. Wellington Management Group LLP lifted its position in Chord Energy by 6.1% during the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock valued at $167,743,000 after purchasing an additional 104,373 shares during the period. American Century Companies Inc. boosted its holdings in Chord Energy by 15.5% in the second quarter. American Century Companies Inc. now owns 1,337,079 shares of the company’s stock worth $129,496,000 after purchasing an additional 179,209 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Chord Energy by 18.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock worth $115,305,000 after purchasing an additional 193,469 shares during the last quarter. Institutional investors own 97.76% of the company’s stock.

Chord Energy Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06. The firm has a market cap of $7.22 billion, a P/E ratio of 201.70 and a beta of 0.84. The business’s 50-day simple moving average is $103.86 and its 200 day simple moving average is $98.37.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.11. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The company’s revenue was down 19.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.49 EPS. As a group, equities analysts predict that Chord Energy Corporation will post 15.59 earnings per share for the current year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Thursday, March 12th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $5.20 dividend on an annualized basis and a yield of 4.1%. Chord Energy’s dividend payout ratio is currently 825.40%.

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.