Chord Energy (NASDAQ:CHRD) Stock Gets Price Target Boost from Truist Financial

Key Points

• Truist Financial raised its price target on Chord Energy to $197 from $195 and maintained a Buy rating, implying 44.66% upside from the reported share price of $136.18.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $174.62.
• Chord Energy beat quarterly estimates, reporting EPS of $6.08 versus $5.68 expected and revenue of $1.71 billion versus $1.64 billion; revenue rose 30% year over year.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its target price lifted by equities researchers at Truist Financial from $195.00 to $197.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective would suggest a potential upside of 44.66% from the stock's current price.

CHRD has been the subject of a number of other reports. Morgan Stanley lifted their price objective on shares of Chord Energy from $169.00 to $178.00 and gave the company an "overweight" rating in a report on Thursday, October 15th. Mizuho boosted their target price on shares of Chord Energy from $175.00 to $179.00 and gave the stock an "outperform" rating in a research report on Monday, October 5th. Wall Street Zen upgraded shares of Chord Energy from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 10th. Weiss Ratings upgraded shares of Chord Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $165.00 price target on shares of Chord Energy in a research report on Monday, October 19th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Chord Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.62.

Chord Energy Stock Up 2.8%

Shares of CHRD traded up $3.73 during trading hours on Friday, reaching $136.18. The stock had a trading volume of 256,013 shares, compared to its average volume of 855,429. Chord Energy has a 12 month low of $84.41 and a 12 month high of $159.96. The firm has a 50-day simple moving average of $145.61 and a 200 day simple moving average of $131.65. 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 company has a market capitalization of $7.45 billion, a price-to-earnings ratio of 8.52 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $6.08 EPS for the quarter, beating analysts' consensus estimates of $5.68 by $0.40. Chord Energy had a net margin of 13.40% and a return on equity of 12.58%. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter in the previous year, the business posted $2.35 EPS. Chord Energy's quarterly revenue was up 30.0% on a year-over-year basis. Equities research analysts predict that Chord Energy will post 23.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Chord Energy

In other news, Director Samantha Mckinney sold 9,750 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total value of $1,461,915.00. Following the completion of the sale, the director owned 7,280 shares in the company, valued at $1,091,563.20. This represents a 57.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Shannon Kinney sold 4,019 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total transaction 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 approximately $1,898,400. The trade was a 22.86% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 15,969 shares of company stock worth $2,324,479. Company insiders own 0.79% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System lifted its holdings in Chord Energy by 14.4% during the third quarter. Maryland State Retirement & Pension System now owns 3,287 shares of the company's stock valued at $441,000 after purchasing an additional 415 shares during the last quarter. Ritholtz Wealth Management boosted its position in Chord Energy by 12.4% during the third quarter. Ritholtz Wealth Management now owns 2,906 shares of the company's stock worth $390,000 after purchasing an additional 321 shares during the period. Jacobi Capital Management LLC purchased a new position in shares of Chord Energy in the third quarter worth about $60,000. Keybank National Association OH increased its stake in shares of Chord Energy by 15.4% in the third quarter. Keybank National Association OH now owns 4,227 shares of the company's stock worth $567,000 after purchasing an additional 563 shares in the last quarter. Finally, AlphaCore Capital LLC purchased a new position in shares of Chord Energy in the third quarter worth about $238,000. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company focused on the development and operation of oil and natural gas properties in the United States. Its portfolio is concentrated in the Williston Basin, which spans parts of North Dakota and Montana. The company's production mix includes crude oil, natural gas and natural gas liquids.

Chord's operations include acquiring, developing and producing hydrocarbons from operated and non-operated wells, with an emphasis on drilling and completion activities in the Bakken and Three Forks formations.

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