Chord Energy (NASDAQ:CHRD) Sets New 1-Year High on Analyst Upgrade

Chord Energy Corporation (NASDAQ:CHRD) reached a new 52-week high on Monday after Citigroup raised their price target on the stock from $97.00 to $120.00. Citigroup currently has a neutral rating on the stock. Chord Energy traded as high as $125.67 and last traded at $124.13, with a volume of 619311 shares trading hands. The stock had previously closed at $121.36.

Several other brokerages have also commented on CHRD. Mizuho set a $148.00 price objective on Chord Energy in a research report on Friday, January 9th. UBS Group boosted their target price on Chord Energy from $119.00 to $142.00 and gave the stock a “buy” rating in a research report on Thursday. Scotiabank reaffirmed a “sector perform” rating and issued a $114.00 target price on shares of Chord Energy in a research note on Friday, January 16th. William Blair assumed coverage on shares of Chord Energy in a research note on Friday, November 21st. They set an “outperform” rating on the stock. Finally, Jefferies Financial Group set a $99.00 price objective on shares of Chord Energy in a report on Saturday, January 17th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $125.91.

Insider Activity

In related news, CAO Lara J. Kroll sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total value of $568,300.00. Following the sale, the chief accounting officer directly owned 8,921 shares of the company’s stock, valued at $1,013,960.86. This trade represents a 35.92% 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, EVP Shannon Browning Kinney sold 1,801 shares of the business’s 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 transaction, the executive vice president owned 20,188 shares in the company, valued at approximately $2,308,699.68. This represents a 8.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Chord Energy

Hedge funds have recently made changes to their positions in the business. WealthCollab LLC raised its holdings in shares of Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after acquiring an additional 145 shares in the last quarter. Quent Capital LLC bought a new stake in Chord Energy in the third quarter valued at $32,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Chord Energy by 91.2% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company’s stock valued at $40,000 after purchasing an additional 196 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new position in Chord Energy in the 3rd quarter worth $46,000. Finally, TD Private Client Wealth LLC raised its holdings in Chord Energy by 360.3% in the 4th quarter. TD Private Client Wealth LLC now owns 580 shares of the company’s stock worth $54,000 after purchasing an additional 454 shares in the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Chord Energy Stock Performance

The company’s 50-day moving average price is $99.42 and its 200 day moving average price is $97.54. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06. The stock has a market capitalization of $7.08 billion, a PE ratio of 197.63 and a beta of 0.84.

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 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 company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the company earned $3.49 earnings per share. Chord Energy’s quarterly revenue was down 19.6% on a year-over-year basis. On average, equities research analysts expect that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Thursday, March 12th will be issued a dividend of $1.30 per share. The ex-dividend date is Thursday, March 12th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.2%. Chord Energy’s dividend payout ratio is 825.40%.

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.