Chord Energy (NASDAQ:CHRD) Posts Earnings Results, Misses Expectations By $0.11 EPS

Chord Energy (NASDAQ:CHRD) announced its quarterly earnings data on Wednesday. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11), Zacks reports. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the company earned $1.79 EPS. The company’s revenue for the quarter was up 128.6% on a year-over-year basis.

Chord Energy Price Performance

NASDAQ:CHRD traded up $1.60 during trading hours on Thursday, reaching $131.55. 384,517 shares of the company were exchanged, compared to its average volume of 907,176. The business has a 50 day moving average of $128.07 and a 200 day moving average of $125.00. Chord Energy has a 1-year low of $84.25 and a 1-year high of $151.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96. The company has a market capitalization of $7.41 billion, a P/E ratio of -115.46 and a beta of 0.48.

Chord Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.0%. Chord Energy’s dividend payout ratio is currently -460.18%.

Insiders Place Their Bets

In related news, COO Darrin J. Henke sold 1,276 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $145.97, for a total value of $186,257.72. Following the completion of the transaction, the chief operating officer owned 21,157 shares of the company’s stock, valued at $3,088,287.29. The trade was a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas E. Brooks sold 1,500 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $138.57, for a total transaction of $207,855.00. Following the sale, the director owned 18,705 shares in the company, valued at $2,591,951.85. The trade was a 7.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 6,276 shares of company stock valued at $872,598. Corporate insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Chord Energy by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company’s stock valued at $13,973,000 after buying an additional 18,137 shares in the last quarter. Focus Partners Wealth bought a new position in shares of Chord Energy in the first quarter worth about $289,000. EverSource Wealth Advisors LLC boosted its stake in shares of Chord Energy by 364.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company’s stock valued at $151,000 after purchasing an additional 1,220 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Chord Energy during the 2nd quarter valued at approximately $1,010,000. Finally, Gamco Investors INC. ET AL increased its position in Chord Energy by 108.5% during the 2nd quarter. Gamco Investors INC. ET AL now owns 10,429 shares of the company’s stock worth $1,010,000 after purchasing an additional 5,428 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CHRD has been the topic of a number of research analyst reports. Scotiabank increased their price target on Chord Energy from $114.00 to $135.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Morgan Stanley reduced their target price on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a report on Monday, June 29th. Zacks Research cut shares of Chord Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 9th. Citigroup decreased their target price on Chord Energy from $155.00 to $130.00 and set a “neutral” rating on the stock in a research report on Friday, July 10th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Chord Energy in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $152.38.

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.