Wells Fargo & Company Issues Pessimistic Forecast for Chord Energy (NASDAQ:CHRD) Stock Price

Key Points

• Wells Fargo trimmed its price target on Chord Energy from $174 to $173 but maintained an Overweight rating; the new target implies about 30.6% upside from the share price cited in the report.
• Analyst sentiment remains broadly positive: Chord Energy has a Moderate Buy consensus rating and an average target price of $174.46.
• The company beat quarterly estimates, reporting EPS of $6.08 versus $5.68 expected and revenue of $1.71 billion versus $1.64 billion expected; revenue increased 30% year over year.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its target price cut by analysts at Wells Fargo & Company from $174.00 to $173.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 30.62% from the company's current price.

Several other research analysts also recently commented on CHRD. Truist Financial lifted their price target on Chord Energy from $180.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, October 12th. Seaport Research Partners assumed coverage on shares of Chord Energy in a research note on Thursday, September 3rd. They issued a "neutral" rating on the stock. Scotiabank initiated coverage on shares of Chord Energy in a research report on Wednesday, October 14th. They set a "sector outperform" rating and a $192.00 target price on the stock. Roth Capital reiterated a "buy" rating and set a $165.00 target price on shares of Chord Energy in a research note on Monday, October 19th. Finally, Weiss Ratings raised shares of Chord Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Two research 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 company. According to data from MarketBeat.com, Chord Energy has an average rating of "Moderate Buy" and an average target price of $174.46.

Chord Energy Stock Up 0.1%

Chord Energy stock opened at $132.45 on Friday. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of 8.30 and a beta of 0.48. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. Chord Energy has a fifty-two week low of $84.25 and a fifty-two week high of $159.96. The firm has a fifty day moving average price of $145.61 and a two-hundred day moving average price of $131.65.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $6.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.68 by $0.40. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.64 billion. Chord Energy had a return on equity of 12.58% and a net margin of 13.40%. The firm's revenue was up 30.0% compared to the same quarter last year. During the same period last year, the business posted $2.35 earnings per share. As a group, analysts forecast that Chord Energy will post 23.11 earnings per share for the current year.

Insider Buying and Selling

In related news, 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 value of $562,660.00. Following the completion of the transaction, the executive vice president directly owned 13,560 shares in the company, valued at approximately $1,898,400. This represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the director owned 7,280 shares of the company's stock, valued at $1,091,563.20. The trade was a 57.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 15,969 shares of company stock worth $2,324,479. 0.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chord Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. raised its position in Chord Energy by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company's stock valued at $27,000 after purchasing an additional 74 shares during the last quarter. Unison Advisors LLC grew its holdings in shares of Chord Energy by 1.1% during the third quarter. Unison Advisors LLC now owns 7,712 shares of the company's stock worth $1,034,000 after purchasing an additional 84 shares during the last quarter. Verity Asset Management Inc. grew its holdings in shares of Chord Energy by 3.8% during the third quarter. Verity Asset Management Inc. now owns 2,655 shares of the company's stock worth $356,000 after purchasing an additional 96 shares during the last quarter. Signature Equity Partners LLC increased its stake in shares of Chord Energy by 48.6% in the third quarter. Signature Equity Partners LLC now owns 364 shares of the company's stock valued at $49,000 after buying an additional 119 shares in the last quarter. Finally, Concurrent Investment Advisors LLC increased its stake in shares of Chord Energy by 3.6% in the second quarter. Concurrent Investment Advisors LLC now owns 3,514 shares of the company's stock valued at $402,000 after buying an additional 121 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Company Profile

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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