Chord Energy (NASDAQ:CHRD) Hits New 52-Week High - Time to Buy?

Key Points

• Chord Energy shares hit a new 52-week high on Monday, trading as high as $151.00 after closing at $148.39 the prior day. The stock was up about 0.8% with heavy volume.
• Recent earnings were strong, with Q1 EPS of $4.56 beating estimates by $1.05 and revenue of $1.67 billion topping expectations. Revenue rose 37.1% year over year.
• Analysts remain constructive overall, with a consensus rating of “Moderate Buy” and a price target of $156.15. Several firms recently raised targets, including Piper Sandler to $190 and Morgan Stanley to $168.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $151.00 and last traded at $151.4080, with a volume of 259592 shares changing hands. The stock had previously closed at $148.39.

Wall Street Analyst Weigh In

A number of research firms recently commented on CHRD. Scotiabank upped their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Weiss Ratings upgraded Chord Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, March 17th. Piper Sandler increased their target price on Chord Energy from $158.00 to $190.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Truist Financial decreased their price target on shares of Chord Energy from $187.00 to $185.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Morgan Stanley raised shares of Chord Energy from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $114.00 to $168.00 in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $156.15.

Chord Energy Trading Up 0.8%

The company has a market cap of $8.42 billion, a P/E ratio of -132.58 and a beta of 0.52. The business has a fifty day moving average price of $135.21 and a 200-day moving average price of $109.48. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.18.

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 analysts' consensus estimates of $3.51 by $1.05. The company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.21 billion. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. Chord Energy's quarterly revenue was up 37.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.04 earnings per share. On average, analysts forecast that Chord Energy Corporation will post 18.61 earnings per share for the current year.

Chord Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Wednesday, May 20th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, May 20th. Chord Energy's payout ratio is -460.18%.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,801 shares of the business'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 owned 20,188 shares in the company, valued at approximately $2,308,699.68. The trade was a 8.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael H. Lou sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $125.47, for a total value of $1,882,050.00. Following the sale, the executive vice president directly owned 82,699 shares of the company's stock, valued at $10,376,243.53. This represents a 15.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 31,927 shares of company stock valued at $4,011,738. 0.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Chord Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Chord Energy by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company's stock valued at $13,973,000 after purchasing an additional 18,137 shares during the period. Focus Partners Wealth purchased a new position in shares of Chord Energy in the first quarter worth about $289,000. EverSource Wealth Advisors LLC increased its stake in shares of Chord Energy by 364.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company's stock worth $151,000 after purchasing an additional 1,220 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Chord Energy in the second quarter worth about $1,010,000. Finally, Gamco Investors INC. ET AL grew its stake in Chord Energy by 108.5% in the 2nd quarter. Gamco Investors INC. ET AL now owns 10,429 shares of the company's stock valued at $1,010,000 after buying an additional 5,428 shares in the last quarter. 97.76% of the stock is owned by 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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