Chord Energy (NASDAQ:CHRD) Upgraded by Zacks Research to Hold Rating

Chord Energy (NASDAQ:CHRD) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday, Zacks reports.

A number of other analysts have also recently commented on CHRD. Citigroup reduced their target price on shares of Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a report on Friday, July 10th. Truist Financial cut their price objective on shares of Chord Energy from $170.00 to $166.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Mizuho upgraded Chord Energy to a “strong-buy” rating in a research note on Friday, July 31st. Wells Fargo & Company raised their target price on Chord Energy from $163.00 to $175.00 and gave the stock an “overweight” rating in a report on Wednesday, September 2nd. Finally, Roth Capital reiterated a “buy” rating and set a $145.00 target price on shares of Chord Energy in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $155.50.

Chord Energy Price Performance

Shares of CHRD opened at $151.82 on Wednesday. The firm has a fifty day simple moving average of $136.32 and a two-hundred day simple moving average of $133.20. The firm has a market cap of $8.30 billion, a PE ratio of 10.18 and a beta of 0.50. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18. Chord Energy has a 1-year low of $84.25 and a 1-year high of $154.00.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the business earned $1.79 earnings per share. The business’s quarterly revenue was up 128.6% on a year-over-year basis. On average, equities analysts anticipate that Chord Energy will post 19.33 EPS for the current year.

Insiders Place Their Bets

In other Chord Energy news, EVP Shannon Kinney sold 4,019 shares of Chord Energy stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total value of $562,660.00. Following the sale, the executive vice president owned 13,560 shares of the company’s stock, valued at $1,898,400. This trade represents a 22.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Douglas Brooks sold 8,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of the sale, the director owned 10,705 shares in the company, valued at approximately $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 23,969 shares of company stock worth $3,389,599. Corporate insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of CHRD. Core Capital Management & Research inc. bought a new stake in Chord Energy in the 2nd quarter valued at approximately $668,000. Sequoia Financial Advisors LLC grew its stake in shares of Chord Energy by 24.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 5,107 shares of the company’s stock worth $584,000 after acquiring an additional 994 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Chord Energy by 299.2% in the second quarter. Tidal Investments LLC now owns 29,843 shares of the company’s stock valued at $3,411,000 after purchasing an additional 22,368 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Chord Energy in the second quarter valued at approximately $8,004,000. Finally, Allworth Financial LP lifted its position in shares of Chord Energy by 16.6% in the second quarter. Allworth Financial LP now owns 1,189 shares of the company’s stock worth $136,000 after purchasing an additional 169 shares in the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

About Chord Energy

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company’s activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord’s portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.