Chord Energy (NASDAQ:CHRD) Stock Rating Upgraded by Morgan Stanley

Chord Energy (NASDAQ:CHRD) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Friday, MarketBeat reports. The brokerage currently has a $168.00 price target on the stock, up from their previous price target of $114.00. Morgan Stanley’s price objective would indicate a potential upside of 15.58% from the stock’s current price.

Several other research firms have also issued reports on CHRD. Pickering Energy Partners lowered Chord Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Wells Fargo & Company increased their price target on shares of Chord Energy from $109.00 to $136.00 and gave the company an “overweight” rating in a research report on Monday, March 16th. Zacks Research upgraded shares of Chord Energy from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Truist Financial began coverage on shares of Chord Energy in a research report on Tuesday, March 24th. They issued a “buy” rating and a $169.00 price objective on the stock. Finally, Mizuho set a $148.00 price objective on shares of Chord Energy in a research note on Friday, January 9th. One 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 stock. Based on data from MarketBeat, Chord Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $138.92.

Chord Energy Stock Performance

Shares of NASDAQ:CHRD opened at $145.35 on Friday. 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 company has a market capitalization of $8.24 billion, a price-to-earnings ratio of 230.71 and a beta of 0.84. The firm has a 50 day moving average of $110.87 and a 200 day moving average of $100.09. Chord Energy has a 52 week low of $79.83 and a 52 week high of $146.93.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate 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 was down 19.6% compared to the same quarter last year. During the same period last year, the business posted $3.49 EPS. On average, sell-side analysts predict that Chord Energy will post 15.59 earnings per share for the current fiscal year.

Insider Transactions at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,801 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total transaction of $205,962.36. Following the sale, the executive vice president owned 20,188 shares in the company, valued at approximately $2,308,699.68. The trade was a 8.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lara J. Kroll sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were 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 in the company, valued at approximately $1,013,960.86. The trade was a 35.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 23,927 shares of company stock valued at $2,912,028 in the last quarter. Insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC boosted its position in Chord Energy by 169.1% in the fourth quarter. Hsbc Holdings PLC now owns 164,220 shares of the company’s stock valued at $15,138,000 after buying an additional 103,202 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in Chord Energy by 213.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company’s stock worth $47,000 after buying an additional 341 shares during the last quarter. World Investment Advisors purchased a new position in Chord Energy during the 4th quarter worth approximately $408,000. Sankala Group LLC acquired a new stake in Chord Energy during the 4th quarter valued at approximately $57,000. Finally, MidFirst Bank purchased a new stake in shares of Chord Energy in the 4th quarter valued at $115,000. Institutional investors and hedge funds 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.