Chord Energy (NASDAQ:CHRD) Downgraded by Pickering Energy Partners to Neutral

Chord Energy (NASDAQ:CHRD) was downgraded by equities researchers at Pickering Energy Partners from an “outperform” rating to a “neutral” rating in a research note issued on Friday.

Several other brokerages also recently weighed in on CHRD. William Blair began coverage on shares of Chord Energy in a report on Friday, November 21st. They issued an “outperform” rating for the company. Morgan Stanley set a $123.00 price objective on shares of Chord Energy in a report on Thursday, November 20th. Wells Fargo & Company upped their target price on shares of Chord Energy from $108.00 to $113.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Roth Capital initiated coverage on shares of Chord Energy in a research note on Monday, October 13th. They set a “buy” rating and a $130.00 target price for the company. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $130.00 price target on shares of Chord Energy in a research note on Monday, October 6th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $136.92.

Chord Energy Stock Up 6.5%

CHRD stock opened at $94.29 on Friday. The business’s 50-day moving average price is $92.24 and its 200-day moving average price is $98.61. The stock has a market cap of $5.36 billion, a P/E ratio of 36.27 and a beta of 0.92. The company has a quick ratio of 1.28, a current ratio of 1.35 and a debt-to-equity ratio of 0.18. Chord Energy has a twelve month low of $79.83 and a twelve month high of $129.32.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Tuesday, November 4th. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.11. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations 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 was up 17.0% compared to the same quarter last year. During the same quarter last year, the business earned $3.40 EPS. On average, equities research analysts forecast that Chord Energy will post 15.59 EPS for the current year.

Insider Activity

In other Chord Energy news, Director Samantha Holroyd purchased 1,250 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was purchased at an average price of $85.50 per share, with a total value of $106,875.00. Following the acquisition, the director owned 17,706 shares in the company, valued at approximately $1,513,863. The trade was a 7.60% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 the stock. Triumph Capital Management bought a new stake in shares of Chord Energy during the third quarter worth $56,000. AIA Group Ltd increased its stake in Chord Energy by 25.1% in the 3rd quarter. AIA Group Ltd now owns 9,708 shares of the company’s stock worth $965,000 after buying an additional 1,949 shares during the period. Allworth Financial LP lifted its holdings in Chord Energy by 37.5% during the 3rd quarter. Allworth Financial LP now owns 906 shares of the company’s stock valued at $90,000 after buying an additional 247 shares in the last quarter. Swiss Life Asset Management Ltd purchased a new stake in Chord Energy in the 3rd quarter valued at about $260,000. Finally, Advisory Services Network LLC bought a new position in Chord Energy in the 3rd quarter worth about $122,000. 97.76% of the stock is owned by 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.