Chord Energy (NASDAQ:CHRD) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Chord Energy from “buy” to “strong-buy.” The broader analyst consensus is “Moderate Buy,” with 12 buy ratings, five holds, and an average price target of $166.54.
• Chord Energy shares opened at $141.54, near their 50-day moving average, with a market capitalization of $7.74 billion and a price-to-earnings ratio of 9.49.
• The company reported quarterly revenue of $2.17 billion, up 128.6% year over year, although EPS of $6.44 fell slightly short of expectations. Insiders sold 23,969 shares worth about $3.39 million over the past 90 days, while institutional investors own 97.76% of the stock.

Chord Energy (NASDAQ:CHRD - Get Free Report) was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also weighed in on the stock. Jefferies Financial Group upped their target price on shares of Chord Energy from $133.00 to $150.00 and gave the stock a "hold" rating in a research report on Friday, September 18th. BMO Capital Markets reiterated an "outperform" rating on shares of Chord Energy in a research note on Monday, June 29th. Seaport Research Partners began coverage on shares of Chord Energy in a research note on Thursday, September 3rd. They issued a "neutral" rating on the stock. UBS Group increased their price objective on shares of Chord Energy from $184.00 to $193.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Truist Financial raised their price objective on Chord Energy from $166.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, September 16th. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $166.54.

Chord Energy Stock Down 0.6%

NASDAQ CHRD opened at $141.54 on Friday. Chord Energy has a 12 month low of $84.25 and a 12 month high of $157.06. 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 stock has a market cap of $7.74 billion, a PE ratio of 9.49 and a beta of 0.59. The stock's 50 day moving average is $142.08 and its 200 day moving average is $136.42.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $1.62 billion. Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The company's quarterly revenue was up 128.6% compared to the same quarter last year. During the same period last year, the business earned $1.79 earnings per share. Research analysts predict that Chord Energy will post 20.72 EPS for the current fiscal year.

Insider Activity at Chord Energy

In other Chord Energy news, EVP Shannon Kinney sold 4,019 shares of Chord Energy stock in a transaction 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 transaction, the executive vice president directly owned 13,560 shares of the company's stock, valued at $1,898,400. This trade represents a 22.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Douglas E. Brooks sold 8,000 shares of the business's stock in a transaction dated 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 completion of the sale, the director owned 10,705 shares in the company, valued at approximately $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,969 shares of company stock valued at $3,389,599 over the last 90 days. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new stake in shares of Chord Energy in the 2nd quarter worth about $66,489,000. Jennison Associates LLC bought a new position in Chord Energy during the 1st quarter valued at about $60,190,000. Dimensional Fund Advisors LP grew its holdings in Chord Energy by 27.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company's stock valued at $220,078,000 after purchasing an additional 329,565 shares during the last quarter. First Trust Advisors LP raised its position in Chord Energy by 98.2% in the 1st quarter. First Trust Advisors LP now owns 579,920 shares of the company's stock worth $82,453,000 after purchasing an additional 287,340 shares during the period. Finally, Goehring & Rozencwajg Associates LLC purchased a new stake in Chord Energy in the 1st quarter worth about $40,302,000. Institutional investors own 97.76% of the company's stock.

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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