Chord Energy (NASDAQ:CHRD) Given New $123.00 Price Target at Bank of America

Key Points

• Bank of America has increased its price target for Chord Energy from $112.00 to $123.00, suggesting a potential upside of 15.34% from the previous close.
• Despite the positive outlook from some analysts, Chord Energy received a downgrade from Wall Street Zen, which changed its rating from "hold" to "sell."
• The company's quarterly earnings showed EPS of $1.79, missing analyst expectations, although revenue of $1.18 billion exceeded forecasts.

Chord Energy (NASDAQ:CHRD - Free Report) had its price objective boosted by Bank of America from $112.00 to $123.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on CHRD. Piper Sandler lifted their price target on Chord Energy from $166.00 to $169.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Wall Street Zen cut Chord Energy from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Citigroup raised their price objective on Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Wells Fargo & Company raised their price objective on Chord Energy from $146.00 to $149.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, Mizuho dropped their price objective on Chord Energy from $152.00 to $142.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $147.15.

Chord Energy Trading Down 3.8%

Chord Energy stock traded down $3.96 during mid-day trading on Wednesday, hitting $100.37. The company's stock had a trading volume of 1,768,186 shares, compared to its average volume of 838,097. The company has a 50 day moving average of $105.59 and a 200-day moving average of $101.03. The stock has a market cap of $5.75 billion, a PE ratio of 25.54 and a beta of 0.97. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97. Chord Energy has a one year low of $79.83 and a one year high of $140.15.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.88 by ($0.09). Chord Energy had a return on equity of 9.02% and a net margin of 5.02%.The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $984.07 million. During the same period in the previous year, the company posted $4.69 EPS. Chord Energy's quarterly revenue was up 5.3% compared to the same quarter last year. On average, research analysts anticipate that Chord Energy will post 15.59 EPS for the current year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 21st were given a $1.30 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.2%. Chord Energy's dividend payout ratio is 132.32%.

Insider Activity

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,019 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $105.43, for a total transaction of $318,293.17. Following the completion of the sale, the executive vice president directly owned 14,650 shares of the company's stock, valued at approximately $1,544,549.50. This trade represents a 17.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chord Energy

A number of large investors have recently modified their holdings of the business. Thrivent Financial for Lutherans raised its stake in shares of Chord Energy by 90.8% during the 2nd quarter. Thrivent Financial for Lutherans now owns 27,345 shares of the company's stock worth $2,649,000 after buying an additional 13,012 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Chord Energy in the 2nd quarter valued at approximately $711,000. Westwood Holdings Group Inc. increased its stake in Chord Energy by 22.9% in the 2nd quarter. Westwood Holdings Group Inc. now owns 214,680 shares of the company's stock valued at $20,792,000 after purchasing an additional 39,980 shares in the last quarter. FORA Capital LLC increased its stake in Chord Energy by 35.2% in the 2nd quarter. FORA Capital LLC now owns 6,094 shares of the company's stock valued at $590,000 after purchasing an additional 1,585 shares in the last quarter. Finally, Evergreen Capital Management LLC purchased a new position in Chord Energy in the 2nd quarter valued at approximately $471,000. 97.76% of the stock is owned by hedge funds and other institutional investors.

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.