Chord Energy (NASDAQ:CHRD) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Chord Energy from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $155.50.
• Chord Energy reported quarterly revenue of $2.17 billion, up 128.6% year over year, though adjusted earnings of $6.44 per share fell slightly short of estimates.
• The stock opened at $151.82, near its 52-week high of $154.00. Insiders sold 23,969 shares worth approximately $3.39 million over the past three months, while institutional investors own 97.76% of the company.

Chord Energy (NASDAQ:CHRD - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Wednesday, Zacks reports.

A number of other brokerages also recently issued reports on CHRD. UBS Group boosted their price target on Chord Energy from $153.00 to $171.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Wells Fargo & Company lifted their price objective on Chord Energy from $163.00 to $175.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 2nd. Mizuho raised Chord Energy to a "strong-buy" rating in a research note on Friday, July 31st. Weiss Ratings upgraded Chord Energy from a "hold (c-)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Finally, Stifel Nicolaus initiated coverage on Chord Energy in a research note on Thursday. They issued a "buy" rating and a $182.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Chord Energy currently has a consensus rating of "Moderate Buy" and an average price target of $155.50.

Chord Energy Stock Performance

NASDAQ:CHRD opened at $151.82 on Wednesday. The firm has a market cap of $8.30 billion, a PE ratio of 10.18 and a beta of 0.50. Chord Energy has a fifty-two week low of $84.25 and a fifty-two week high of $154.00. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.15 and a current ratio of 1.22. The business has a 50 day moving average price of $136.32 and a 200-day moving average price of $133.20.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing the consensus estimate of $6.55 by ($0.11). The firm had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The firm's quarterly revenue was up 128.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.79 earnings per share. Equities research analysts predict that Chord Energy will post 19.33 earnings per share for the current year.

Insider Buying and Selling at Chord Energy

In other Chord Energy news, Director Douglas Brooks sold 8,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the transaction, the director owned 10,705 shares in the company, valued at approximately $1,425,263.70. This represents a 42.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Shannon Kinney sold 4,019 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total value of $562,660.00. Following the completion of the transaction, the executive vice president directly owned 13,560 shares of the company's stock, valued at $1,898,400. This represents a 22.86% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 23,969 shares of company stock valued at $3,389,599. 0.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Chord Energy

A number of hedge funds have recently modified their holdings of CHRD. Core Capital Management & Research inc. bought a new position in shares of Chord Energy in the 2nd quarter worth about $668,000. Sequoia Financial Advisors LLC boosted its stake in Chord Energy by 24.2% during the second quarter. Sequoia Financial Advisors LLC now owns 5,107 shares of the company's stock worth $584,000 after acquiring an additional 994 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Chord Energy by 299.2% in the 2nd quarter. Tidal Investments LLC now owns 29,843 shares of the company's stock worth $3,411,000 after purchasing an additional 22,368 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Chord Energy in the second quarter worth $8,004,000. Finally, Allworth Financial LP grew its position in Chord Energy by 16.6% during the 2nd quarter. Allworth Financial LP now owns 1,189 shares of the company's stock valued at $136,000 after purchasing an additional 169 shares during the last quarter. Institutional investors own 97.76% of the company's stock.

About Chord Energy

Chord Energy Corporation NASDAQ: CHRD is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company's activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord's portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.

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