Chord Energy (NASDAQ:CHRD) Rating Lowered to “Strong Sell” at Zacks Research

Chord Energy (NASDAQ:CHRD) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on the company. Morgan Stanley lowered their price objective on Chord Energy from $175.00 to $169.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. Wall Street Zen downgraded Chord Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 27th. Williams Trading set a $189.00 price target on Chord Energy in a research note on Monday, April 20th. Roth Capital reiterated a “buy” rating and set a $145.00 price target on shares of Chord Energy in a research report on Wednesday, July 15th. Finally, Mizuho raised Chord Energy to a “strong-buy” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $152.54.

Chord Energy Stock Performance

CHRD opened at $137.58 on Tuesday. The firm’s fifty day simple moving average is $128.00 and its two-hundred day simple moving average is $126.50. Chord Energy has a 52-week low of $84.25 and a 52-week high of $151.95. The company has a market cap of $7.53 billion, a price-to-earnings ratio of 9.22 and a beta of 0.48. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the firm earned $1.79 EPS. The firm’s revenue for the quarter was up 128.6% on a year-over-year basis. Equities analysts anticipate that Chord Energy will post 18.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Chord Energy news, COO Darrin J. Henke sold 1,276 shares of the business’s stock in a transaction dated 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 directly owned 21,157 shares in the company, valued at $3,088,287.29. The trade was a 5.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Douglas E. Brooks sold 8,000 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $133.14, for a total value of $1,065,120.00. Following the transaction, the director owned 10,705 shares of the company’s stock, valued at approximately $1,425,263.70. This represents a 42.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 15,495 shares of company stock worth $2,113,942. 0.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chord Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Orion Porfolio Solutions LLC grew its stake in Chord Energy by 6,714.2% during the 2nd 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. Bank of New York Mellon Corp purchased a new stake in Chord Energy during the 2nd quarter worth about $66,489,000. Dimensional Fund Advisors LP raised its position in Chord Energy by 85.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock valued at $112,927,000 after purchasing an additional 561,899 shares in the last quarter. AQR Capital Management LLC raised its position in Chord Energy by 210.5% in the 2nd 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 in the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of Chord Energy in the 1st quarter valued at about $60,190,000. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

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.