Chord Energy (NASDAQ:CHRD) Sets New 12-Month High After Analyst Upgrade

Shares of Chord Energy Corporation (NASDAQ:CHRD) reached a new 52-week high during mid-day trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $147.55 and last traded at $147.56, with a volume of 17787 shares trading hands. The stock had previously closed at $145.35.

CHRD has been the subject of a number of other reports. Royal Bank Of Canada cut their price target on Chord Energy from $135.00 to $128.00 and set an “outperform” rating for the company in a report on Tuesday, January 13th. Weiss Ratings raised Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. Piper Sandler lifted their price objective on Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Morgan Stanley upgraded shares of Chord Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $114.00 to $168.00 in a report on Friday. Finally, UBS Group lifted their price target 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. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Chord Energy currently has an average rating of “Moderate Buy” and an average target price of $138.92.

Insiders Place Their Bets

In other news, EVP Michael H. Lou sold 15,000 shares of Chord Energy stock in a transaction on 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. The trade was a 15.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Shannon Browning Kinney sold 1,801 shares of the company’s stock in a transaction on 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 transaction, the executive vice president owned 20,188 shares of the company’s stock, valued at $2,308,699.68. The trade was a 8.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 23,927 shares of company stock worth $2,912,028 over the last ninety days. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Several hedge funds have recently modified their holdings of the stock. WealthCollab LLC grew its holdings in Chord Energy by 90.6% in the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after purchasing an additional 145 shares during the period. Quent Capital LLC purchased a new position in Chord Energy during the third quarter worth approximately $32,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Chord Energy in the 3rd quarter valued at $46,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Chord Energy by 213.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company’s stock valued at $47,000 after purchasing an additional 341 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its stake in shares of Chord Energy by 360.3% during the 4th quarter. TD Private Client Wealth LLC now owns 580 shares of the company’s stock valued at $54,000 after buying an additional 454 shares during the period. 97.76% of the stock is owned by institutional investors and hedge funds.

Chord Energy Trading Up 0.6%

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 capitalization of $8.29 billion, a price-to-earnings ratio of 232.13 and a beta of 0.84. The business has a fifty day moving average price of $111.95 and a 200 day moving average price of $100.33.

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

Chord Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Thursday, March 12th were issued a $1.30 dividend. The ex-dividend date was Thursday, March 12th. This represents a $5.20 annualized dividend and a yield of 3.6%. Chord Energy’s dividend payout ratio (DPR) is presently 825.40%.

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.