Chord Energy (NASDAQ:CHRD) Issues Earnings Results, Beats Estimates By $0.11 EPS

Chord Energy (NASDAQ:CHRD) issued its earnings results on Wednesday. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11, Zacks reports. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Chord Energy had a return on equity of 6.68% and a net margin of 0.91%.The firm’s revenue for the quarter was down 19.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.49 earnings per share.

Chord Energy Stock Up 0.8%

CHRD traded up $0.82 during trading hours on Friday, reaching $106.20. 97,524 shares of the stock traded hands, compared to its average volume of 809,049. Chord Energy has a fifty-two week low of $79.83 and a fifty-two week high of $115.37. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 168.31 and a beta of 0.92. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.35 and a quick ratio of 1.28. The firm’s fifty day simple moving average is $96.52 and its two-hundred day simple moving average is $97.05.

Chord Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Thursday, March 12th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, March 12th. Chord Energy’s dividend payout ratio (DPR) is presently 825.40%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CHRD shares. Citigroup downgraded Chord Energy from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $105.00 to $97.00 in a report on Wednesday, January 14th. Zacks Research lowered shares of Chord Energy from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. Scotiabank reiterated a “sector perform” rating and set a $114.00 price objective on shares of Chord Energy in a research note on Friday, January 16th. William Blair began coverage on shares of Chord Energy in a research report on Friday, November 21st. They issued an “outperform” rating for the company. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Chord Energy in a research note on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Chord Energy presently has an average rating of “Moderate Buy” and a consensus target price of $123.92.

Institutional Trading of Chord Energy

Large investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its stake in shares of Chord Energy by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock worth $167,743,000 after acquiring an additional 104,373 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of 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 valued at $115,305,000 after purchasing an additional 193,469 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Chord Energy by 85.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock valued at $112,927,000 after buying an additional 561,899 shares during the last quarter. Sourcerock Group LLC grew its position in shares of Chord Energy by 2.1% during the second quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company’s stock worth $99,947,000 after buying an additional 20,916 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Chord Energy by 28.7% in the third quarter. AQR Capital Management LLC now owns 944,696 shares of the company’s stock worth $93,874,000 after buying an additional 210,471 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

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.