Chord Energy (NASDAQ:CHRD) Price Target Raised to $164.00

Key Points

• Mizuho raised its price target on Chord Energy to $164 (from $162) with an "outperform" rating, implying roughly a 15.8% upside, while the MarketBeat consensus remains a "Moderate Buy" with an average target of $153.46.
• Chord reported a strong quarter, beating estimates with $4.56 EPS vs. $3.49 expected and $1.67B revenue (up 37.1% year-over-year), and analysts forecast about 16.94 EPS for the year.
• The stock opened at $141.64 (market cap ~$8.03B, P/E ~224), and insiders sold roughly 23,927 shares (~$2.91M) last quarter, leaving insiders with about 0.79% ownership.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its price target increased by analysts at Mizuho from $162.00 to $164.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Mizuho's price target indicates a potential upside of 15.79% from the stock's current price.

Several other equities analysts have also weighed in on the stock. Citigroup lifted their target price on shares of Chord Energy from $120.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday, March 31st. Royal Bank Of Canada cut their price objective on Chord Energy from $135.00 to $128.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 13th. Morgan Stanley raised Chord Energy from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $114.00 to $168.00 in a research report on Friday, March 27th. Zacks Research upgraded Chord Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. Finally, Weiss Ratings upgraded Chord Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $153.46.

Chord Energy Stock Down 5.0%

Shares of NASDAQ:CHRD opened at $141.64 on Wednesday. The stock has a 50-day simple moving average of $129.95 and a 200-day simple moving average of $106.64. The stock has a market capitalization of $8.03 billion, a P/E ratio of 224.45 and a beta of 0.52. Chord Energy has a 1 year low of $84.25 and a 1 year high of $150.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, beating analysts' consensus estimates of $3.49 by $1.07. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The firm had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.21 billion. During the same period in the previous year, the company posted $4.04 earnings per share. Chord Energy's revenue was up 37.1% compared to the same quarter last year. Equities analysts forecast that Chord Energy will post 16.94 earnings per share for the current year.

Insider Activity

In other Chord Energy news, EVP Michael H. Lou sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $125.47, for a total value of $1,882,050.00. Following the sale, the executive vice president owned 82,699 shares in the company, valued at approximately $10,376,243.53. This trade represents a 15.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lara J. Kroll sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total value of $568,300.00. Following the transaction, the chief accounting officer owned 8,921 shares of the company's stock, valued at approximately $1,013,960.86. This represents a 35.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,927 shares of company stock worth $2,912,028 in the last quarter. Company insiders own 0.79% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CHRD. V Square Quantitative Management LLC acquired a new stake in shares of Chord Energy in the first quarter valued at $29,000. WealthCollab LLC boosted its position in shares of 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. Quent Capital LLC purchased a new position in Chord Energy in the 3rd quarter worth about $32,000. Root Financial Partners LLC raised its holdings in Chord Energy by 178.6% during the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company's stock worth $33,000 after buying an additional 150 shares during the period. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Chord Energy in the third quarter worth approximately $46,000. Institutional investors and hedge funds own 97.76% of the company's stock.

Chord Energy Company Profile

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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