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

Zacks Research cut shares of Chord Energy (NASDAQ:CHRD) from a strong-buy rating to a hold rating in a report issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Morgan Stanley boosted their price objective on shares of Chord Energy from $168.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. UBS Group boosted their price objective on shares of Chord Energy from $176.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Roth Mkm reissued a “buy” rating and set a $140.00 price objective (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. Wells Fargo & Company boosted their price objective on shares of Chord Energy from $136.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. Finally, Wall Street Zen raised shares of Chord Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 30th. Ten analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Chord Energy currently has an average rating of “Moderate Buy” and a consensus price target of $157.54.

Chord Energy Price Performance

Shares of NASDAQ CHRD opened at $138.25 on Tuesday. Chord Energy has a 1 year low of $84.25 and a 1 year high of $151.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96. The company’s 50-day moving average is $138.66 and its 200 day moving average is $115.81. The stock has a market capitalization of $7.78 billion, a P/E ratio of -122.35 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, topping the consensus estimate of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the firm posted $4.04 earnings per share. Chord Energy’s quarterly revenue was up 37.1% on a year-over-year basis. On average, sell-side analysts expect that Chord Energy will post 20.53 earnings per share for the current year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th were paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Wednesday, May 20th. Chord Energy’s dividend payout ratio is currently -460.18%.

Insider Activity at Chord Energy

In other news, COO Darrin J. Henke sold 1,276 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the transaction, the chief operating officer owned 21,157 shares in the company, valued at approximately $3,088,287.29. This represents a 5.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Douglas E. Brooks sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $136.71, for a total transaction of $478,485.00. Following the completion of the transaction, the director owned 20,205 shares in the company, valued at approximately $2,762,225.55. This represents a 14.76% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 9,276 shares of company stock worth $1,285,968. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its position in Chord Energy by 13.8% during the first quarter. Parallel Advisors LLC now owns 2,035 shares of the company’s stock valued at $289,000 after purchasing an additional 246 shares during the period. NewEdge Advisors LLC lifted its position in Chord Energy by 14.6% during the first quarter. NewEdge Advisors LLC now owns 3,244 shares of the company’s stock valued at $461,000 after purchasing an additional 414 shares during the period. Glenmede Trust Co. NA bought a new position in Chord Energy during the first quarter valued at approximately $890,000. Ruggaard & Associates LLC bought a new position in Chord Energy during the first quarter valued at approximately $220,000. Finally, Bank of America Corp DE lifted its position in Chord Energy by 8.4% during the first quarter. Bank of America Corp DE now owns 238,068 shares of the company’s stock valued at $33,849,000 after purchasing an additional 18,399 shares during the period. 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.