Chord Energy (NASDAQ:CHRD) Coverage Initiated by Analysts at Scotiabank

Key Points

• Scotiabank has initiated coverage on Chord Energy (NASDAQ:CHRD) with a "sector perform" rating and a price target of $120.00, suggesting a potential upside of 15.02% from its current price.
• While one analyst rated Chord Energy as a Strong Buy, others have mixed views, with ten Buy ratings, one Hold, and one Sell, contributing to an average target price of $147.15.
• In its latest earnings report, Chord Energy posted an EPS of $1.79, missing estimates, but its revenue increased by 5.3% year-over-year, reaching $1.18 billion.

Research analysts at Scotiabank started coverage on shares of Chord Energy (NASDAQ:CHRD - Get Free Report) in a research report issued on Friday, MarketBeat.com reports. The brokerage set a "sector perform" rating and a $120.00 price target on the stock. Scotiabank's price objective would indicate a potential upside of 19.69% from the company's current price.

A number of other brokerages have also recently weighed in on CHRD. UBS Group raised their target price on shares of Chord Energy from $122.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Piper Sandler raised their target price on shares of Chord Energy from $166.00 to $169.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Wells Fargo & Company lifted their target price on shares of Chord Energy from $146.00 to $149.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 17th. Citigroup upped their price target on shares of Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Bank of America lifted their price objective on shares of Chord Energy from $112.00 to $123.00 and gave the stock a "buy" rating in a research report on Wednesday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Chord Energy presently has a consensus rating of "Moderate Buy" and an average price target of $147.15.

Chord Energy Price Performance

CHRD stock traded down $0.11 during trading on Friday, hitting $100.26. The company had a trading volume of 775,825 shares, compared to its average volume of 852,105. The business has a 50 day moving average of $105.59 and a 200 day moving average of $101.02. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of 25.51 and a beta of 0.97. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. Chord Energy has a fifty-two week low of $79.83 and a fifty-two week high of $140.15.

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

Insider Buying and Selling at Chord Energy

In related news, EVP Shannon Browning Kinney sold 3,019 shares of the company's stock in a transaction on Friday, August 22nd. The shares were 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 represents a 17.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Bayforest Capital Ltd bought a new stake in shares of Chord Energy in the second quarter valued at approximately $28,000. WealthCollab LLC boosted its holdings in Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company's stock valued at $30,000 after purchasing an additional 145 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Chord Energy by 91.2% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company's stock worth $40,000 after purchasing an additional 196 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of Chord Energy by 321.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock worth $50,000 after purchasing an additional 341 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Chord Energy by 5,877.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 538 shares of the company's stock valued at $61,000 after buying an additional 529 shares during the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Company Profile

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.