Chord Energy (NASDAQ:CHRD) Upgraded at Scotiabank

Scotiabank upgraded shares of Chord Energy (NASDAQ:CHRD) to a strong-buy rating in a research note issued to investors on Wednesday,Zacks reports.

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus started coverage on shares of Chord Energy in a report on Thursday, September 10th. They set a “buy” rating and a $182.00 price objective on the stock. Jefferies Financial Group raised their target price on Chord Energy from $133.00 to $150.00 and gave the stock a “hold” rating in a research note on Friday, September 18th. UBS Group lifted their price target on Chord Energy from $184.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. Weiss Ratings upgraded Chord Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Finally, Zacks Research raised Chord Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Chord Energy currently has an average rating of “Moderate Buy” and an average price target of $172.69.

Chord Energy Stock Performance

NASDAQ:CHRD traded up $6.23 during trading hours on Wednesday, hitting $154.56. 808,953 shares of the company were exchanged, compared to its average volume of 703,842. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. Chord Energy has a 52-week low of $84.25 and a 52-week high of $157.06. The stock has a market capitalization of $8.45 billion, a price-to-earnings ratio of 10.36 and a beta of 0.59. The company’s 50 day moving average price is $143.49 and its 200-day moving average price is $136.74.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%. The company’s quarterly revenue was up 128.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.79 EPS. As a group, research analysts forecast that Chord Energy will post 21.12 earnings per share for the current year.

Chord Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Thursday, August 20th. Chord Energy’s dividend payout ratio is 34.85%.

Insider Transactions at Chord Energy

In related news, Director Samantha Mckinney sold 9,750 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the transaction, the director owned 7,280 shares of the company’s stock, valued at $1,091,563.20. This trade represents a 57.25% 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, Director Douglas Brooks sold 8,000 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the transaction, the director owned 10,705 shares of the company’s stock, valued at $1,425,263.70. This represents a 42.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,969 shares of company stock worth $3,389,599 over the last 90 days. 0.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chord Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. boosted its stake in shares of Chord Energy by 63.8% in the first quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after buying an additional 74 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in Chord Energy during the first quarter valued at approximately $29,000. Alpine Bank Wealth Management purchased a new position in Chord Energy during the third quarter valued at approximately $29,000. Root Financial Partners LLC lifted its holdings in Chord Energy by 178.6% in the first quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock valued at $33,000 after acquiring an additional 150 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in Chord Energy by 330.9% in the second quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock valued at $27,000 after acquiring an additional 182 shares during the period. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Company Profile

Chord Energy Corporation is an independent exploration and production company focused on developing and producing crude oil, natural gas and natural gas liquids. The company’s operations are concentrated in the Williston Basin, primarily in the Bakken and Three Forks formations of North Dakota and Montana.

Chord Energy’s activities include acquiring, exploring, drilling and operating oil and natural gas properties. Its portfolio is largely composed of developed, producing assets and undeveloped acreage in the Williston Basin, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was formed through the 2022 merger of Oasis Petroleum Inc and Whiting Petroleum Corporation, bringing together complementary Bakken-focused operations.