Truist Financial Cuts Chord Energy (NASDAQ:CHRD) Price Target to $185.00

Chord Energy (NASDAQ:CHRD) had its price target reduced by Truist Financial from $187.00 to $185.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently issued reports on the stock. Pickering Energy Partners cut shares of Chord Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Mizuho lifted their price objective on shares of Chord Energy from $162.00 to $164.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Scotiabank lifted their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada lowered their price objective on shares of Chord Energy from $135.00 to $128.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 13th. Finally, Williams Trading set a $189.00 price objective on shares of Chord Energy in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Chord Energy presently has an average rating of “Moderate Buy” and an average price target of $156.15.

Chord Energy Stock Performance

Shares of CHRD opened at $136.44 on Friday. The firm’s 50 day moving average is $131.32 and its 200-day moving average is $107.34. The stock has a market capitalization of $7.68 billion, a P/E ratio of -120.74 and a beta of 0.52. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96. Chord Energy has a 12-month low of $84.25 and a 12-month high of $150.50.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.51 by $1.05. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The business’s revenue was up 37.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.04 EPS. Equities research analysts anticipate that Chord Energy will post 17.51 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Wednesday, May 20th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $5.20 dividend on an annualized basis and a yield of 3.8%. Chord Energy’s payout ratio is presently -460.18%.

Insider Activity at Chord Energy

In related news, EVP Michael H. Lou sold 15,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 82,699 shares of the company’s stock, valued at approximately $10,376,243.53. The trade was a 15.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Douglas E. Brooks sold 2,126 shares of Chord Energy stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $120.28, for a total transaction of $255,715.28. Following the completion of the sale, the director owned 25,181 shares of the company’s stock, valued at $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 23,927 shares of company stock valued at $2,912,028. Company insiders own 0.79% of the company’s stock.

Institutional Trading of Chord Energy

A number of institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its stake in Chord Energy by 5.4% in the third quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock valued at $314,661,000 after acquiring an additional 163,125 shares during the last quarter. Geode Capital Management LLC lifted its stake in Chord Energy by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock valued at $190,346,000 after acquiring an additional 277,588 shares during the last quarter. Wellington Management Group LLP lifted its stake in Chord Energy by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock valued at $167,743,000 after acquiring an additional 104,373 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Chord Energy by 27.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock valued at $220,078,000 after acquiring an additional 329,565 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in Chord Energy by 18.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock valued at $115,305,000 after acquiring an additional 193,469 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

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.