Truist Financial Begins Coverage on Chord Energy (NASDAQ:CHRD)

Research analysts at Truist Financial began coverage on shares of Chord Energy (NASDAQ:CHRD) in a note issued to investors on Tuesday. The brokerage set a “buy” rating and a $169.00 price target on the stock. Truist Financial’s target price points to a potential upside of 29.25% from the company’s current price.

A number of other research firms also recently issued reports on CHRD. Zacks Research raised shares of Chord Energy from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Citigroup upped their target price on shares of Chord Energy from $97.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Morgan Stanley decreased their price target on shares of Chord Energy from $123.00 to $114.00 and set an “equal weight” rating on the stock in a research report on Friday, January 23rd. Weiss Ratings upgraded shares of Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. Finally, Scotiabank restated a “sector perform” rating and issued a $114.00 price objective on shares of Chord Energy in a research note on Friday, January 16th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.42.

Chord Energy Stock Down 0.9%

Chord Energy stock opened at $130.75 on Tuesday. The stock has a market cap of $7.41 billion, a PE ratio of 207.54 and a beta of 0.84. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06. Chord Energy has a one year low of $79.83 and a one year high of $133.29. The stock has a fifty day moving average of $107.01 and a 200 day moving average of $98.99.

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

Insider Activity

In other news, EVP Shannon Browning Kinney sold 1,801 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total value of $205,962.36. Following the completion of the sale, the executive vice president directly owned 20,188 shares of the company’s stock, valued at $2,308,699.68. This represents a 8.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael H. Lou sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $125.47, for a total transaction of $1,882,050.00. Following the sale, the executive vice president owned 82,699 shares in the company, valued at $10,376,243.53. The trade was a 15.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,927 shares of company stock worth $2,912,028 in the last quarter. 0.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CHRD. WealthCollab LLC increased its stake in Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after buying an additional 145 shares in the last quarter. Quent Capital LLC purchased a new position in shares of Chord Energy in the third quarter valued at about $32,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Chord Energy in the third quarter valued at about $46,000. Rockefeller Capital Management L.P. boosted its stake in shares of Chord Energy by 213.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company’s stock worth $47,000 after acquiring an additional 341 shares during the period. Finally, TD Private Client Wealth LLC grew its position in shares of Chord Energy by 360.3% during the fourth 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. Institutional investors 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.