Chord Energy (NASDAQ:CHRD) Rating Increased to Strong-Buy at Zacks Research

Chord Energy (NASDAQ:CHRD) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on the company. Wells Fargo & Company boosted their target price on Chord Energy from $109.00 to $136.00 and gave the company an “overweight” rating in a report on Monday, March 16th. Royal Bank Of Canada reduced their price objective on Chord Energy from $135.00 to $128.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 13th. UBS Group increased their target price on Chord Energy from $119.00 to $142.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Morgan Stanley upgraded Chord Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $114.00 to $168.00 in a research report on Friday, March 27th. Finally, Jefferies Financial Group set a $99.00 target price on shares of Chord Energy in a report on Saturday, January 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.83.

Chord Energy Stock Performance

Shares of Chord Energy stock opened at $145.38 on Monday. The business has a 50-day moving average of $117.53 and a 200 day moving average of $101.94. Chord Energy has a 12 month low of $79.83 and a 12 month high of $148.41. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 230.76 and a beta of 0.66. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.11. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The business’s quarterly revenue was down 19.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.49 EPS. As a group, sell-side analysts forecast that Chord Energy will post 15.59 earnings per share for the current year.

Insider Transactions at Chord Energy

In other Chord Energy news, Director Douglas E. Brooks sold 2,126 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $120.28, for a total value of $255,715.28. Following the completion of the sale, the director owned 25,181 shares of the company’s stock, valued at $3,028,770.68. The trade was a 7.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael H. Lou sold 15,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $125.47, for a total value of $1,882,050.00. Following the completion of the sale, the executive vice president directly owned 82,699 shares of the company’s stock, valued at $10,376,243.53. This represents a 15.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,927 shares of company stock worth $2,912,028 in the last ninety days. Company insiders own 0.70% of the company’s stock.

Institutional Trading of Chord Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. SBI Securities Co. Ltd. lifted its position in shares of Chord Energy by 16.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 797 shares of the company’s stock worth $74,000 after buying an additional 113 shares during the last quarter. First Citizens Bank & Trust Co. lifted 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 worth $527,000 after buying an additional 120 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Chord Energy by 18.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 822 shares of the company’s stock worth $82,000 after buying an additional 130 shares during the last quarter. WealthCollab LLC lifted its position in shares of Chord Energy by 90.6% in the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after buying an additional 145 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Chord Energy by 3.8% in the third quarter. PNC Financial Services Group Inc. now owns 4,325 shares of the company’s stock worth $430,000 after buying an additional 157 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

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.