Chord Energy (NASDAQ:CHRD) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Chord Energy (NASDAQ:CHRD) from a hold rating to a strong-buy rating in a research report sent to investors on Monday,Zacks.com reports.

Several other brokerages have also commented on CHRD. Piper Sandler upped their price target on shares of Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Mizuho set a $148.00 price target on shares of Chord Energy in a research report on Friday, January 9th. Pickering Energy Partners lowered shares of Chord Energy from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Truist Financial initiated 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 for the company. Finally, Royal Bank Of Canada dropped their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $141.83.

Chord Energy Trading Down 8.5%

Shares of NASDAQ CHRD traded down $12.29 during midday trading on Monday, reaching $133.09. 676,414 shares of the stock were exchanged, compared to its average volume of 1,018,536. The company has a market capitalization of $7.54 billion, a P/E ratio of 210.90 and a beta of 0.66. Chord Energy has a 52-week low of $79.83 and a 52-week high of $148.41. 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 50 day moving average price of $117.53 and a 200-day moving average price of $101.94.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business posted $3.49 earnings per share. Chord Energy’s revenue for the quarter was down 19.6% compared to the same quarter last year. Equities research analysts expect that Chord Energy will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

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 annualized dividend and a dividend yield of 3.9%. Chord Energy’s dividend payout ratio is presently 825.40%.

Insider Buying and Selling at Chord Energy

In other news, CAO Lara J. Kroll sold 5,000 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total value of $568,300.00. Following the completion of the sale, the chief accounting officer owned 8,921 shares of the company’s stock, valued at $1,013,960.86. This represents a 35.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael H. Lou sold 15,000 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $125.47, for a total transaction of $1,882,050.00. Following the completion of the sale, the executive vice president directly owned 82,699 shares of the company’s stock, valued at $10,376,243.53. The trade was a 15.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 23,927 shares of company stock worth $2,912,028 over the last three months. 0.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chord Energy

Large investors have recently made changes to their positions in the business. Citigroup Inc. boosted its stake in shares of Chord Energy by 31.1% in the third quarter. Citigroup Inc. now owns 111,590 shares of the company’s stock valued at $11,089,000 after purchasing an additional 26,499 shares during the period. Phocas Financial Corp. boosted its stake in shares of Chord Energy by 20.7% in the fourth quarter. Phocas Financial Corp. now owns 72,153 shares of the company’s stock valued at $6,689,000 after purchasing an additional 12,356 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in shares of Chord Energy in the third quarter valued at $91,434,000. Wedge Capital Management L L P NC purchased a new position in shares of Chord Energy in the third quarter valued at $13,092,000. Finally, AlphaQuest LLC boosted its stake in shares of Chord Energy by 1,576.7% in the third quarter. AlphaQuest LLC now owns 27,933 shares of the company’s stock valued at $2,776,000 after purchasing an additional 26,267 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.