UBS Group Issues Pessimistic Forecast for Chord Energy (NASDAQ:CHRD) Stock Price

Key Points

• UBS lowered Chord Energy’s price target from $189 to $184 while maintaining a “buy” rating, implying approximately 33.5% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $165.54, despite mixed target-price adjustments from other firms.
• Chord Energy’s latest quarter showed strong revenue growth of 128.6% year over year to $2.17 billion, though EPS of $6.44 narrowly missed estimates; insiders have sold nearly $3.4 million of stock over the past 90 days.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its target price reduced by research analysts at UBS Group from $189.00 to $184.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. UBS Group's price objective would indicate a potential upside of 33.46% from the stock's previous close.

Several other equities research analysts have also commented on the stock. Wall Street Zen lowered shares of Chord Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 27th. Citigroup lifted their target price on shares of Chord Energy from $130.00 to $150.00 and gave the stock a "neutral" rating in a research report on Thursday. Morgan Stanley reduced their price target on shares of Chord Energy from $175.00 to $169.00 and set an "overweight" rating on the stock in a report on Monday, June 29th. Jefferies Financial Group increased their target price on Chord Energy from $133.00 to $150.00 and gave the company a "hold" rating in a report on Friday. Finally, Mizuho raised Chord Energy to a "strong-buy" rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $165.54.

Chord Energy Stock Performance

CHRD stock traded down $1.56 on Tuesday, hitting $137.87. The company's stock had a trading volume of 118,718 shares, compared to its average volume of 875,669. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18. Chord Energy has a 1 year low of $84.25 and a 1 year high of $157.06. The firm has a 50 day moving average of $140.62 and a two-hundred day moving average of $135.20. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of 9.26 and a beta of 0.50.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings data 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 business 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 company's revenue was up 128.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.79 EPS. Equities analysts predict that Chord Energy will post 20.5 EPS for the current fiscal year.

Insider Activity at Chord Energy

In related news, Director Samantha Mckinney sold 9,750 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $1,091,563.20. This represents a 57.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Douglas Brooks sold 8,000 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of 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 SEC filing for this sale provides additional information. Insiders have sold a total of 23,969 shares of company stock worth $3,389,599 over the last ninety days. 0.79% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chord Energy

A number of large investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of Chord Energy by 15.6% during the fourth quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company's stock worth $190,346,000 after acquiring an additional 277,588 shares in the last quarter. Dimensional Fund Advisors LP grew its position 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 worth $220,078,000 after purchasing an additional 329,565 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Chord Energy by 1.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 734,416 shares of the company's stock valued at $100,586,000 after buying an additional 7,250 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Chord Energy during the second quarter worth about $66,489,000. Finally, First Trust Advisors LP raised its stake in shares of Chord Energy by 98.2% in the first quarter. First Trust Advisors LP now owns 579,920 shares of the company's stock worth $82,453,000 after acquiring an additional 287,340 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company's stock.

Chord Energy Company Profile

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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