Chord Energy (NASDAQ:CHRD) Given New $135.00 Price Target at Scotiabank

Key Points

• Scotiabank raised its price target on Chord Energy from $114 to $135 and left a "sector perform" rating, while analysts' consensus remains a Moderate Buy with an average target of $152.23.
• Chord beat the quarter with EPS of $1.28 (vs. $1.17 est.) and revenue of $1.17B (vs. $1.03B est.), though revenue was down 19.6% year‑over‑year; shares traded at $134.02, up about 2.2% on the news.
• Insiders sold roughly 23,927 shares (~$2.9M) last quarter and now own 0.79% of the company, while institutional and hedge fund ownership sits near 97.8%.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its target price upped by research analysts at Scotiabank from $114.00 to $135.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's price target would suggest a potential upside of 0.73% from the company's current price.

CHRD has been the topic of several other research reports. Truist Financial boosted their target price on shares of Chord Energy from $169.00 to $187.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Roth Mkm reissued a "buy" rating and set a $140.00 target price (up from $130.00) on shares of Chord Energy in a research report on Friday. Morgan Stanley raised shares of Chord Energy from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $114.00 to $168.00 in a research report on Friday, March 27th. Mizuho set a $148.00 target price on shares of Chord Energy in a research report on Friday, January 9th. Finally, Royal Bank Of Canada dropped their target price on shares of Chord Energy from $135.00 to $128.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Chord Energy currently has an average rating of "Moderate Buy" and a consensus target price of $152.23.

Chord Energy Stock Up 2.2%

Shares of NASDAQ CHRD traded up $2.89 during trading hours on Wednesday, hitting $134.02. 126,686 shares of the stock were exchanged, compared to its average volume of 1,021,024. The company has a market cap of $7.60 billion, a PE ratio of 212.90 and a beta of 0.66. Chord Energy has a 12 month low of $84.25 and a 12 month high of $148.41. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. The firm has a fifty day moving average price of $123.82 and a 200-day moving average price of $104.04.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.11. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.03 billion. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. Chord Energy's revenue was down 19.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.49 EPS. On average, sell-side analysts expect that Chord Energy will post 14.12 EPS for the current year.

Insider Buying and Selling at Chord Energy

In other news, CAO Lara J. Kroll sold 5,000 shares of the company's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total value of $568,300.00. Following the sale, the chief accounting officer directly owned 8,921 shares of the company's stock, valued at $1,013,960.86. This represents a 35.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Shannon Browning Kinney sold 1,801 shares of the company's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the completion of the sale, the executive vice president directly owned 20,188 shares in the company, valued at $2,308,699.68. This trade represents a 8.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 23,927 shares of company stock valued at $2,912,028 over the last quarter. Insiders own 0.79% of the company's stock.

Institutional Trading of Chord Energy

Large investors have recently made changes to their positions in the business. Citigroup Inc. boosted its holdings in Chord Energy by 31.1% during the third quarter. Citigroup Inc. now owns 111,590 shares of the company's stock worth $11,089,000 after buying an additional 26,499 shares in the last quarter. Phocas Financial Corp. boosted its holdings in Chord Energy by 20.7% during the fourth quarter. Phocas Financial Corp. now owns 72,153 shares of the company's stock worth $6,689,000 after buying an additional 12,356 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Chord Energy during the third quarter worth $91,434,000. Unison Advisors LLC purchased a new stake in Chord Energy during the fourth quarter worth $701,000. Finally, AlphaQuest LLC boosted its holdings in Chord Energy by 1,576.7% during the third quarter. AlphaQuest LLC now owns 27,933 shares of the company's stock worth $2,776,000 after buying an additional 26,267 shares in the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

About Chord Energy

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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