Chord Energy (NASDAQ:CHRD) Downgraded to "Buy" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Chord Energy from “strong-buy” to “buy,” while the broader analyst backdrop remains constructive with an average rating of Moderate Buy and a consensus price target of $157.54.
• Chord Energy recently reported better-than-expected quarterly results, with EPS of $4.56 versus estimates of $3.51 and revenue of $1.67 billion versus $1.21 billion expected. Revenue also rose 37.1% year over year.
• Insiders have been selling shares, including recent sales by the COO and a director, totaling 9,276 shares worth about $1.29 million over the last 90 days. Meanwhile, institutional ownership remains very high at 97.76%.

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

Other analysts also recently issued research reports about the stock. Citigroup raised their price objective on shares of Chord Energy from $120.00 to $155.00 and gave the stock a "neutral" rating in a report on Tuesday, March 31st. Roth Mkm reiterated a "buy" rating and issued a $140.00 target price (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. Weiss Ratings reissued a "hold (c-)" rating on shares of Chord Energy in a research report on Friday, June 12th. Williams Trading set a $189.00 price target on shares of Chord Energy in a research note on Monday, April 20th. Finally, Wells Fargo & Company lifted their price target on shares of Chord Energy from $136.00 to $175.00 and gave the stock an "overweight" rating in a report on Wednesday, April 8th. Ten analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $157.54.

Chord Energy Stock Down 2.6%

Shares of NASDAQ:CHRD opened at $116.33 on Friday. The company has a market capitalization of $6.55 billion, a PE ratio of -102.95 and a beta of 0.48. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96. The business has a fifty day moving average price of $135.76 and a two-hundred day moving average price of $118.28. Chord Energy has a 1 year low of $84.25 and a 1 year high of $151.95.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $1.05. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.21 billion. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The business's revenue was up 37.1% compared to the same quarter last year. During the same period last year, the firm posted $4.04 EPS. Analysts forecast that Chord Energy will post 20.53 earnings per share for the current year.

Insider Activity

In other Chord Energy news, COO Darrin J. Henke sold 1,276 shares of the company's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $145.97, for a total transaction of $186,257.72. Following the sale, the chief operating officer directly owned 21,157 shares of the company's stock, valued at $3,088,287.29. This represents a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas E. Brooks sold 1,500 shares of Chord Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $138.57, for a total transaction of $207,855.00. Following the completion of the transaction, the director owned 18,705 shares of the company's stock, valued at $2,591,951.85. The trade was a 7.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 9,276 shares of company stock worth $1,285,968. Insiders own 0.79% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC raised its holdings in Chord Energy by 13.8% during the 1st quarter. Parallel Advisors LLC now owns 2,035 shares of the company's stock valued at $289,000 after acquiring an additional 246 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Chord Energy by 14.6% in the first quarter. NewEdge Advisors LLC now owns 3,244 shares of the company's stock worth $461,000 after acquiring an additional 414 shares during the period. Glenmede Trust Co. NA purchased a new position in shares of Chord Energy in the first quarter valued at $890,000. Ruggaard & Associates LLC purchased a new position in shares of Chord Energy in the first quarter valued at $220,000. Finally, Bank of America Corp DE raised its stake in shares of Chord Energy by 8.4% during the 1st quarter. Bank of America Corp DE now owns 238,068 shares of the company's stock valued at $33,849,000 after purchasing an additional 18,399 shares during the period. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Company Profile

Chord Energy Corporation NASDAQ: CHRD, formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.

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