Wells Fargo & Company Raises Chord Energy (NASDAQ:CHRD) Price Target to $175.00

Chord Energy (NASDAQ:CHRD) had its price target boosted by research analysts at Wells Fargo & Company from $136.00 to $175.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 31.80% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Scotiabank upgraded Chord Energy to a “hold” rating in a report on Friday, March 27th. Piper Sandler lifted their price target on shares of Chord Energy from $158.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. UBS Group lifted their price target on shares of Chord Energy from $119.00 to $142.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Mizuho set a $148.00 price target on shares of Chord Energy in a research report on Friday, January 9th. Finally, Truist Financial started coverage on shares of Chord Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $169.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $145.08.

Chord Energy Trading Down 1.6%

Shares of Chord Energy stock opened at $132.78 on Wednesday. The stock has a market cap of $7.53 billion, a P/E ratio of 210.76 and a beta of 0.66. The stock’s 50 day simple moving average is $118.94 and its 200-day simple moving average is $102.38. Chord Energy has a 1-year low of $83.57 and a 1-year high of $148.41. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.11. The business 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 business’s revenue for the quarter was down 19.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.49 EPS. Analysts predict that Chord Energy will post 15.59 EPS for the current fiscal year.

Insider Activity

In other Chord Energy news, CAO Lara J. Kroll sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total value of $568,300.00. Following the sale, the chief accounting officer owned 8,921 shares of the company’s stock, valued at $1,013,960.86. The trade was a 35.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas E. Brooks sold 2,126 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $120.28, for a total value of $255,715.28. Following the completion of the sale, the director directly owned 25,181 shares in the company, valued at approximately $3,028,770.68. The trade was a 7.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 23,927 shares of company stock worth $2,912,028 in the last 90 days. 0.79% of the stock is owned by corporate insiders.

Institutional Trading of Chord Energy

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

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.