Zacks Research Upgrades Chord Energy (NASDAQ:CHRD) to “Hold”

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

A number of other analysts have also weighed in on CHRD. UBS Group upped their target price on shares of Chord Energy from $153.00 to $171.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Stifel Nicolaus started coverage on shares of Chord Energy in a report on Thursday. They issued a “buy” rating and a $182.00 price target on the stock. Mizuho upgraded Chord Energy to a “strong-buy” rating in a research report on Friday, July 31st. Roth Capital reissued a “buy” rating and set a $145.00 price objective on shares of Chord Energy in a research note on Wednesday, July 15th. Finally, Seaport Research Partners began coverage on Chord Energy in a research report on Thursday, September 3rd. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $155.50.

Chord Energy Trading Up 1.6%

Shares of CHRD opened at $151.82 on Wednesday. The business’s 50-day moving average price is $136.32 and its 200-day moving average price is $133.20. Chord Energy has a twelve month low of $84.25 and a twelve month high of $154.00. The stock has a market cap of $8.30 billion, a PE ratio of 10.18 and a beta of 0.50. 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 announced 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). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the previous year, the company posted $1.79 earnings per share. The company’s quarterly revenue was up 128.6% compared to the same quarter last year. On average, equities analysts forecast that Chord Energy will post 19.33 EPS for the current fiscal year.

Insider Transactions at Chord Energy

In other news, EVP Shannon Kinney sold 4,019 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total value of $562,660.00. Following the transaction, the executive vice president owned 13,560 shares of the company’s stock, valued at $1,898,400. This represents a 22.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the director owned 7,280 shares in the company, valued at approximately $1,091,563.20. This trade represents a 57.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 23,969 shares of company stock valued at $3,389,599 in the last quarter. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CHRD. California State Teachers Retirement System lifted its stake in Chord Energy by 11,278.5% during the second quarter. California State Teachers Retirement System now owns 7,608,151 shares of the company’s stock worth $869,612,000 after purchasing an additional 7,541,287 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Chord Energy by 15.6% during the 4th quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock valued at $190,346,000 after buying an additional 277,588 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Chord Energy by 6.1% during the 4th quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock valued at $167,743,000 after buying an additional 104,373 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Chord Energy by 27.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock worth $220,078,000 after buying an additional 329,565 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in Chord Energy by 18.4% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock worth $115,305,000 after buying an additional 193,469 shares during the last quarter. Institutional investors own 97.76% of the company’s stock.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company’s activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord’s portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.