Chord Energy (NASDAQ:CHRD) Shares Gap Up – Here’s Why

Chord Energy Corporation (NASDAQ:CHRD) shares gapped up prior to trading on Thursday . The stock had previously closed at $136.96, but opened at $143.20. Chord Energy shares last traded at $140.9950, with a volume of 275,347 shares changing hands.

Wall Street Analyst Weigh In

CHRD has been the topic of several recent research reports. Royal Bank Of Canada lowered their price objective on Chord Energy from $135.00 to $128.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 13th. Jefferies Financial Group set a $99.00 target price on shares of Chord Energy in a research report on Saturday, January 17th. Pickering Energy Partners downgraded shares of Chord Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Piper Sandler raised 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. Finally, Mizuho set a $148.00 price objective on shares of Chord Energy in a research note on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Chord Energy currently has an average rating of “Moderate Buy” and a consensus price target of $141.83.

Chord Energy Stock Performance

The stock has a market cap of $8.05 billion, a P/E ratio of 225.40 and a beta of 0.66. 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 simple moving average of $115.66 and a 200 day simple moving average of $101.42.

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

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Thursday, March 12th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $5.20 annualized dividend and a yield of 3.7%. Chord Energy’s dividend payout ratio is currently 825.40%.

Insider Activity

In other Chord Energy news, Director Douglas E. Brooks sold 2,126 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $120.28, for a total transaction of $255,715.28. Following the sale, the director directly owned 25,181 shares in the company, valued at $3,028,770.68. This represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Shannon Browning Kinney sold 1,801 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the completion of the transaction, the executive vice president directly owned 20,188 shares in the company, valued at approximately $2,308,699.68. This represents a 8.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 23,927 shares of company stock valued at $2,912,028. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. boosted its holdings in shares of Chord Energy by 16.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 797 shares of the company’s stock valued at $74,000 after purchasing an additional 113 shares in the last quarter. First Citizens Bank & Trust Co. raised its holdings in shares of Chord Energy by 2.3% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 5,306 shares of the company’s stock worth $527,000 after buying an additional 120 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Chord Energy by 18.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 822 shares of the company’s stock worth $82,000 after buying an additional 130 shares in the last quarter. WealthCollab LLC lifted its position in shares of Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after buying an additional 145 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Chord Energy by 3.8% in the third quarter. PNC Financial Services Group Inc. now owns 4,325 shares of the company’s stock valued at $430,000 after buying an additional 157 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

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.