Chord Energy (NASDAQ:CHRD) Stock Rating Upgraded by Scotiabank

Key Points

• Scotiabank upgraded Chord Energy to “strong buy,” contributing to an overall “Moderate Buy” consensus rating and an average analyst price target of $172.69.
• Chord Energy shares rose to $154.56, near their 52-week high of $157.06. The company reported $2.17 billion in quarterly revenue, up 128.6% year over year, though EPS of $6.44 slightly missed estimates.
• Institutional investors own 97.76% of the stock, while company insiders sold 23,969 shares worth approximately $3.39 million during the last quarter.

Chord Energy (NASDAQ:CHRD - Get Free Report) was upgraded by stock analysts at Scotiabank to a "strong-buy" rating in a research note issued on Wednesday, Zacks reports.

A number of other research analysts have also weighed in on the stock. Seaport Research Partners began coverage on shares of Chord Energy in a research report on Thursday, September 3rd. They set a "neutral" rating for the company. Roth Capital restated a "buy" rating and set a $145.00 price target on shares of Chord Energy in a report on Wednesday, July 15th. Wells Fargo & Company lowered their price target on Chord Energy from $175.00 to $174.00 and set an "overweight" rating on the stock in a research report on Wednesday. Weiss Ratings raised Chord Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Finally, Jefferies Financial Group lifted their price objective on Chord Energy from $133.00 to $150.00 and gave the stock a "hold" rating in a research note on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $172.69.

Chord Energy Stock Performance

Shares of CHRD stock traded up $6.23 during trading on Wednesday, reaching $154.56. The company had a trading volume of 808,953 shares, compared to its average volume of 703,842. The firm's 50 day simple moving average is $143.49 and its two-hundred day simple moving average is $136.74. Chord Energy has a one year low of $84.25 and a one year high of $157.06. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. The company has a market capitalization of $8.45 billion, a PE ratio of 10.36 and a beta of 0.59.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the previous year, the company earned $1.79 EPS. The firm's revenue for the quarter was up 128.6% compared to the same quarter last year. Sell-side analysts forecast that Chord Energy will post 21.12 earnings per share for the current year.

Insider Buying and Selling at Chord Energy

In other news, Director Douglas E. Brooks sold 8,000 shares of Chord Energy 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 sale, the director owned 10,705 shares of the company's stock, valued at approximately $1,425,263.70. This trade represents a 42.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Shannon Kinney sold 4,019 shares of Chord Energy 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 sale, the executive vice president directly owned 13,560 shares in the company, valued at $1,898,400. The trade was a 22.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,969 shares of company stock valued at $3,389,599 in the last quarter. Corporate insiders own 0.79% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CHRD. Bank of New York Mellon Corp acquired a new position in Chord Energy in the second quarter worth about $66,489,000. Jennison Associates LLC acquired a new stake in Chord Energy in the 1st quarter valued at $60,190,000. Dimensional Fund Advisors LP boosted its stake in Chord Energy by 27.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company's stock valued at $220,078,000 after buying an additional 329,565 shares in the last quarter. First Trust Advisors LP boosted its stake in Chord Energy by 98.2% in the 1st quarter. First Trust Advisors LP now owns 579,920 shares of the company's stock valued at $82,453,000 after buying an additional 287,340 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC bought a new stake in Chord Energy in the first quarter valued at $40,302,000. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Company Profile

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.

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