Chord Energy (NASDAQ:CHRD) Reaches New 12-Month High – What’s Next?

Shares of Chord Energy Corporation (NASDAQ:CHRD) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $116.21 and last traded at $115.95, with a volume of 360853 shares trading hands. The stock had previously closed at $113.32.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CHRD. Mizuho set a $148.00 price target on Chord Energy in a research note on Friday, January 9th. Zacks Research cut Chord Energy from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Scotiabank reissued a “sector perform” rating and issued a $114.00 price target on shares of Chord Energy in a report on Friday, January 16th. UBS Group dropped their price target on Chord Energy from $123.00 to $119.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Finally, Weiss Ratings cut shares of Chord Energy from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Chord Energy presently has an average rating of “Hold” and an average price target of $121.09.

Chord Energy Stock Up 1.5%

The company’s 50-day simple moving average is $98.23 and its 200 day simple moving average is $97.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98. The firm has a market cap of $6.48 billion, a P/E ratio of 180.95 and a beta of 0.84.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.03 billion. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The firm’s revenue was down 19.6% on a year-over-year basis. During the same quarter last year, the business posted $3.49 earnings per share. Research analysts anticipate that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Thursday, March 12th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Thursday, March 12th. Chord Energy’s dividend payout ratio (DPR) is presently 825.40%.

Institutional Investors Weigh In On Chord Energy

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Assetmark Inc. raised its stake in Chord Energy by 7.3% in the 2nd quarter. Assetmark Inc. now owns 1,417 shares of the company’s stock worth $137,000 after acquiring an additional 96 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in Chord Energy by 16.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 797 shares of the company’s stock worth $74,000 after purchasing an additional 113 shares during the period. First Citizens Bank & Trust Co. increased its position in shares of Chord Energy by 2.3% in the third quarter. First Citizens Bank & Trust Co. now owns 5,306 shares of the company’s stock valued at $527,000 after buying an additional 120 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Chord Energy by 18.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 822 shares of the company’s stock worth $82,000 after purchasing an additional 130 shares during the last quarter. Finally, WealthCollab LLC increased its position in shares of Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after purchasing an additional 145 shares in 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.