Wells Fargo & Company Issues Positive Forecast for Chord Energy (NASDAQ:CHRD) Stock Price

Chord Energy (NASDAQ:CHRD) had its target price lifted by Wells Fargo & Company from $109.00 to $136.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on the stock. Royal Bank Of Canada cut their target price on shares of Chord Energy from $135.00 to $128.00 and set an “outperform” rating for the company in a research report on Tuesday, January 13th. Zacks Research raised Chord Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. William Blair began coverage on Chord Energy in a research note on Friday, November 21st. They issued an “outperform” rating on the stock. Jefferies Financial Group set a $99.00 price objective on Chord Energy in a research report on Saturday, January 17th. Finally, Citigroup increased their target price on Chord Energy from $97.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, March 6th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $131.27.

Chord Energy Trading Up 2.4%

Shares of CHRD stock opened at $126.37 on Monday. Chord Energy has a 12 month low of $79.83 and a 12 month high of $127.56. The company has a market cap of $7.18 billion, a PE ratio of 200.59 and a beta of 0.84. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $103.11 and its two-hundred day moving average is $98.25.

Chord Energy (NASDAQ:CHRD) last issued 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. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the company earned $3.49 earnings per share. Chord Energy’s revenue for the quarter was down 19.6% on a year-over-year basis. Equities analysts predict that Chord Energy will post 15.59 EPS for the current year.

Chord Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Thursday, March 12th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.1%. The ex-dividend date is Thursday, March 12th. Chord Energy’s dividend payout ratio (DPR) is currently 825.40%.

Insider Activity at Chord Energy

In related news, 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 in the company, valued at approximately $2,308,699.68. This trade represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas E. Brooks sold 2,126 shares of Chord Energy stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $120.28, for a total value of $255,715.28. Following the sale, the director directly owned 25,181 shares in the company, valued at approximately $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 23,927 shares of company stock worth $2,912,028. 0.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chord Energy

Several large investors have recently added to or reduced their stakes in CHRD. Victory Capital Management Inc. grew its holdings in shares of Chord Energy by 5.4% during the 3rd quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock worth $314,661,000 after purchasing an additional 163,125 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Chord Energy by 15.6% in 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 in the last quarter. Wellington Management Group LLP raised its stake in shares of Chord Energy by 6.1% in 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 in the last quarter. American Century Companies Inc. lifted its position 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 period. Finally, Adage Capital Partners GP L.L.C. lifted its position 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 period. Institutional investors and hedge funds 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.