Chord Energy (NASDAQ:CHRD) Price Target Lowered to $108.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for Chord Energy from $149.00 to $108.00, while maintaining an "overweight" rating on the stock, suggesting a potential upside of 21.17% from its current price.
• Chord Energy has experienced various ratings changes, with recent reports indicating a consensus rating of "Moderate Buy" and an average price target of $138.38 across several research analysts.
• In the last quarterly earnings report, Chord Energy missed analysts' earnings per share consensus of $1.88, reporting $1.79, while its revenue exceeded expectations at $1.18 billion.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its target price decreased by research analysts at Wells Fargo & Company from $149.00 to $108.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 21.17% from the stock's current price.

CHRD has been the topic of several other research reports. Scotiabank initiated coverage on Chord Energy in a report on Friday, September 19th. They set a "sector perform" rating and a $120.00 price objective on the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of Chord Energy in a report on Wednesday, October 8th. Wall Street Zen cut Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Piper Sandler cut their target price on Chord Energy from $169.00 to $167.00 and set an "overweight" rating on the stock in a research note on Friday, October 3rd. Finally, Mizuho cut their target price on Chord Energy from $152.00 to $142.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $138.38.

Chord Energy Price Performance

Shares of CHRD stock opened at $89.13 on Friday. The stock has a 50-day moving average price of $102.01 and a 200 day moving average price of $99.69. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.11. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 22.68 and a beta of 0.94. Chord Energy has a 12 month low of $79.83 and a 12 month high of $136.38.

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

Insider Buying and Selling at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the company's stock in a transaction 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 in the company, valued at approximately $1,544,549.50. This represents a 17.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.70% of the company's stock.

Institutional Trading of Chord Energy

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in shares of Chord Energy by 1.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,890,420 shares of the company's stock valued at $183,112,000 after acquiring an additional 19,227 shares during the period. American Century Companies Inc. lifted its position in shares of Chord Energy by 15.5% during the 2nd quarter. American Century Companies Inc. now owns 1,337,079 shares of the company's stock worth $129,496,000 after buying an additional 179,209 shares during the last quarter. Sourcerock Group LLC lifted its position in shares of Chord Energy by 2.1% during the 2nd quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company's stock worth $99,947,000 after buying an additional 20,916 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of Chord Energy by 22.2% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company's stock worth $95,918,000 after buying an additional 180,000 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Chord Energy by 4.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 824,760 shares of the company's stock worth $83,169,000 after buying an additional 32,802 shares during the last quarter. 97.76% of the stock is currently owned by 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.

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