Chord Energy (NASDAQ:CHRD) Shares Gap Down – What’s Next?

Chord Energy Corporation (NASDAQ:CHRD) gapped down before the market opened on Friday . The stock had previously closed at $133.99, but opened at $125.58. Chord Energy shares last traded at $122.1940, with a volume of 88,280 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on CHRD shares. Zacks Research raised Chord Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 6th. Pickering Energy Partners cut Chord Energy from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Weiss Ratings raised Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 17th. Citigroup increased their target price on Chord Energy from $120.00 to $155.00 and gave the company a “neutral” rating in a research report on Tuesday, March 31st. Finally, Roth Mkm reaffirmed a “buy” rating and set a $140.00 target price (up from $130.00) on shares of Chord Energy in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $147.42.

Chord Energy Price Performance

The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. The stock has a market cap of $7.01 billion, a price-to-earnings ratio of 196.16 and a beta of 0.66. The stock has a 50-day moving average price of $122.71 and a two-hundred day moving average price of $103.59.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. The firm had revenue of $1.17 billion during 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 quarterly revenue was down 19.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.49 EPS. As a group, equities research analysts forecast that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Thursday, March 12th were given a $1.30 dividend. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.2%. Chord Energy’s dividend payout ratio (DPR) is presently 825.40%.

Insider Transactions at Chord Energy

In related news, CAO Lara J. Kroll sold 5,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief accounting officer owned 8,921 shares in the company, valued at $1,013,960.86. This trade represents a 35.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Shannon Browning Kinney sold 1,801 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was 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. This trade represents a 8.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 23,927 shares of company stock worth $2,912,028. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Chord Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHRD. SBI Securities Co. Ltd. raised its stake in shares of Chord Energy by 16.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 797 shares of the company’s stock valued at $74,000 after buying an additional 113 shares during the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of Chord Energy by 2.3% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 5,306 shares of the company’s stock valued at $527,000 after buying an additional 120 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Chord Energy by 18.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 822 shares of the company’s stock valued at $82,000 after buying an additional 130 shares during the last quarter. WealthCollab LLC raised its stake in shares of Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after buying an additional 145 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Chord Energy by 3.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 4,325 shares of the company’s stock valued at $430,000 after buying an additional 157 shares during the last quarter. 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.