Chord Energy (NASDAQ:CHRD) Shares Gap Down After Analyst Downgrade

Shares of Chord Energy Corporation (NASDAQ:CHRD) gapped down prior to trading on Wednesday after Piper Sandler lowered their price target on the stock from $167.00 to $165.00. The stock had previously closed at $92.10, but opened at $88.15. Piper Sandler currently has an overweight rating on the stock. Chord Energy shares last traded at $90.7450, with a volume of 97,327 shares trading hands.

Several other brokerages also recently weighed in on CHRD. Wall Street Zen downgraded Chord Energy from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Weiss Ratings restated a “hold (c-)” rating on shares of Chord Energy in a research report on Wednesday, October 8th. Morgan Stanley lowered their target price on shares of Chord Energy from $131.00 to $128.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 14th. Bank of America increased their price target on shares of Chord Energy from $112.00 to $123.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. Finally, Wells Fargo & Company lifted their price objective on Chord Energy from $108.00 to $113.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Ten investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Chord Energy has an average rating of “Moderate Buy” and a consensus price target of $138.08.

Insiders Place Their Bets

In related news, EVP Shannon Browning Kinney sold 3,019 shares of the business’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $105.43, for a total transaction of $318,293.17. Following the sale, the executive vice president owned 14,650 shares of the company’s stock, valued at approximately $1,544,549.50. The trade was a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Samantha Holroyd bought 1,250 shares of the company’s stock in a transaction on Friday, November 7th. The stock was bought at an average cost of $85.50 per share, with a total value of $106,875.00. Following the completion of the acquisition, the director owned 17,706 shares of the company’s stock, valued at $1,513,863. This represents a 7.60% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Several institutional investors have recently modified their holdings of CHRD. Massachusetts Financial Services Co. MA acquired a new stake in shares of Chord Energy in the 3rd quarter worth approximately $91,434,000. Orion Porfolio Solutions LLC boosted its position in Chord Energy by 6,714.2% during the second quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock worth $68,675,000 after purchasing an additional 698,680 shares in the last quarter. AQR Capital Management LLC grew its holdings in Chord Energy by 210.5% in the second quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock valued at $71,110,000 after purchasing an additional 497,789 shares during the last quarter. Nuveen LLC purchased a new position in shares of Chord Energy in the first quarter valued at $36,837,000. Finally, Barclays PLC raised its stake in shares of Chord Energy by 186.2% during the 3rd quarter. Barclays PLC now owns 501,170 shares of the company’s stock worth $49,801,000 after buying an additional 326,054 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Stock Down 1.5%

The company has a current ratio of 1.35, a quick ratio of 1.28 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average price of $95.29 and a 200-day moving average price of $99.34. The firm has a market cap of $5.16 billion, a price-to-earnings ratio of 34.95 and a beta of 0.92.

Chord Energy (NASDAQ:CHRD) last posted its earnings results on Tuesday, November 4th. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.11. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.02 billion. Chord Energy had a net margin of 3.31% and a return on equity of 8.27%. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period last year, the firm posted $3.40 EPS. On average, equities analysts forecast that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Wednesday, November 19th will be paid a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend is Wednesday, November 19th. Chord Energy’s dividend payout ratio (DPR) is 200.00%.

Chord Energy Company Profile

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.