Chord Energy (NASDAQ:CHRD) Stock Lifted to Strong-Buy by Scotiabank

Chord Energy (NASDAQ:CHRD) was upgraded by equities research analysts at Scotiabank to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks reports.

Several other research firms have also weighed in on CHRD. Zacks Research raised shares of Chord Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 9th. Citigroup lifted their target price on shares of Chord Energy from $130.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, September 17th. Truist Financial boosted their target price on Chord Energy from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Monday. UBS Group boosted their target price on Chord Energy from $184.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Finally, Seaport Research Partners began coverage on Chord Energy in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Chord Energy currently has an average rating of “Moderate Buy” and a consensus target price of $172.69.

Chord Energy Price Performance

Shares of Chord Energy stock traded up $6.23 during mid-day trading on Wednesday, reaching $154.56. 808,953 shares of the stock were exchanged, compared to its average volume of 703,842. The company has a market cap of $8.45 billion, a price-to-earnings ratio of 10.36 and a beta of 0.59. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18. The firm has a 50-day simple moving average of $143.49 and a 200 day simple moving average of $136.74. Chord Energy has a fifty-two week low of $84.25 and a fifty-two week high of $157.06.

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 the consensus estimate of $6.55 by ($0.11). The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.62 billion. Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The company’s revenue for the quarter was up 128.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.79 earnings per share. On average, sell-side analysts predict that Chord Energy will post 21.12 EPS for the current fiscal year.

Insider Activity

In related news, EVP Shannon Kinney sold 4,019 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 13,560 shares of the company’s stock, valued at $1,898,400. This trade represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the transaction, the director owned 7,280 shares of the company’s stock, valued at $1,091,563.20. This trade represents a 57.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,969 shares of company stock valued at $3,389,599 over the last three months. 0.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Chord Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its stake in shares of Chord Energy by 8.4% during the first quarter. Bank of America Corp DE now owns 238,068 shares of the company’s stock valued at $33,849,000 after acquiring an additional 18,399 shares during the period. Globeflex Capital L P bought a new position in Chord Energy in the second quarter valued at about $585,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Chord Energy in the second quarter valued at about $423,000. Royal Bank of Canada increased its position in Chord Energy by 119.3% in the first quarter. Royal Bank of Canada now owns 36,579 shares of the company’s stock worth $5,202,000 after purchasing an additional 19,896 shares during the period. Finally, Ninepoint Partners LP acquired a new stake in Chord Energy in the second quarter worth about $5,144,000. 97.76% of the stock is owned by institutional investors and hedge funds.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company focused on developing and producing crude oil, natural gas and natural gas liquids. The company’s operations are concentrated in the Williston Basin, primarily in the Bakken and Three Forks formations of North Dakota and Montana.

Chord Energy’s activities include acquiring, exploring, drilling and operating oil and natural gas properties. Its portfolio is largely composed of developed, producing assets and undeveloped acreage in the Williston Basin, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was formed through the 2022 merger of Oasis Petroleum Inc and Whiting Petroleum Corporation, bringing together complementary Bakken-focused operations.