Bank of America Issues Pessimistic Forecast for Chord Energy (NASDAQ:CHRD) Stock Price

Chord Energy (NASDAQ:CHRD - Get Free Report) had its target price lowered by equities researchers at Bank of America from $114.00 to $112.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Bank of America's price objective points to a potential upside of 24.59% from the stock's current price.

A number of other brokerages also recently commented on CHRD. Mizuho lowered their target price on Chord Energy from $154.00 to $150.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Citigroup lowered their price objective on Chord Energy from $135.00 to $120.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Wells Fargo & Company cut their target price on shares of Chord Energy from $166.00 to $158.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Morgan Stanley set a $139.00 price target on shares of Chord Energy and gave the stock a "cautious" rating in a report on Wednesday, March 26th. Finally, Piper Sandler cut their price objective on shares of Chord Energy from $184.00 to $183.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $153.77.

Chord Energy Stock Performance

Shares of NASDAQ:CHRD traded down $0.26 during trading on Friday, hitting $89.89. The stock had a trading volume of 166,741 shares, compared to its average volume of 979,612. Chord Energy has a 12-month low of $79.83 and a 12-month high of $188.02. The stock has a 50-day simple moving average of $97.01 and a two-hundred day simple moving average of $110.76. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $5.19 billion, a price-to-earnings ratio of 4.63, a price-to-earnings-growth ratio of 5.83 and a beta of 0.99.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.60 by $0.44. Chord Energy had a net margin of 19.74% and a return on equity of 12.88%. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.07 billion. During the same quarter last year, the company posted $5.10 earnings per share. The firm's revenue was up 12.0% compared to the same quarter last year. On average, equities research analysts expect that Chord Energy will post 15.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,091 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $94.10, for a total value of $290,863.10. Following the transaction, the executive vice president now owns 21,277 shares in the company, valued at approximately $2,002,165.70. This trade represents a 12.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chord Energy

A number of large investors have recently modified their holdings of the business. Altshuler Shaham Ltd acquired a new position in Chord Energy during the fourth quarter worth about $25,000. Twin Tree Management LP acquired a new position in shares of Chord Energy during the 4th quarter worth approximately $33,000. Larson Financial Group LLC grew its position in shares of Chord Energy by 238.3% in the fourth quarter. Larson Financial Group LLC now owns 318 shares of the company's stock valued at $37,000 after purchasing an additional 224 shares in the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of Chord Energy by 321.7% in the first quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock valued at $50,000 after purchasing an additional 341 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Chord Energy in the fourth quarter valued at approximately $51,000. Hedge funds and other institutional investors own 97.76% of the company's stock.

About Chord Energy

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.

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