Chord Energy (NASDAQ:CHRD) Upgraded to Hold at Wall Street Zen

Chord Energy (NASDAQ:CHRD) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities research analysts also recently issued research reports about the company. Zacks Research raised Chord Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Truist Financial started coverage on Chord Energy in a report on Tuesday. They issued a “buy” rating and a $169.00 price objective on the stock. Piper Sandler lifted their price objective on Chord Energy from $158.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Royal Bank Of Canada decreased their target price on Chord Energy from $135.00 to $128.00 and set an “outperform” rating for the company in a report on Tuesday, January 13th. Finally, Jefferies Financial Group set a $99.00 price target on shares of Chord Energy in a report on Saturday, January 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Chord Energy currently has an average rating of “Moderate Buy” and an average price target of $138.92.

Chord Energy Stock Performance

NASDAQ:CHRD opened at $145.35 on Friday. The company has a market cap of $8.24 billion, a P/E ratio of 230.71 and a beta of 0.84. The firm’s 50 day moving average is $110.87 and its two-hundred day moving average is $100.10. Chord Energy has a fifty-two week low of $79.83 and a fifty-two week high of $146.93. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18.

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

Insider Buying and Selling

In other news, EVP Michael H. Lou sold 15,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $125.47, for a total value of $1,882,050.00. Following the completion of the sale, the executive vice president owned 82,699 shares of the company’s stock, valued at $10,376,243.53. This represents a 15.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Shannon Browning Kinney sold 1,801 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total value of $205,962.36. Following the completion of the sale, the executive vice president owned 20,188 shares of the company’s stock, valued at approximately $2,308,699.68. This trade represents a 8.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,927 shares of company stock worth $2,912,028 over the last three months. 0.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Chord Energy

A number of hedge funds have recently made changes to their positions in CHRD. Massachusetts Financial Services Co. MA purchased a new position in shares of Chord Energy in the third quarter valued at $91,434,000. Orion Porfolio Solutions LLC increased its stake in Chord Energy by 6,714.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock worth $68,675,000 after buying an additional 698,680 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Chord Energy by 85.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock worth $112,927,000 after buying an additional 561,899 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Chord Energy by 210.5% in the 2nd quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock worth $71,110,000 after buying an additional 497,789 shares in the last quarter. Finally, Barclays PLC boosted its position in Chord Energy by 186.2% in the 3rd quarter. Barclays PLC now owns 501,170 shares of the company’s stock valued at $49,801,000 after buying an additional 326,054 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

About Chord Energy

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.