Chord Energy (NASDAQ:CHRD) Price Target Raised to $175.00 at Mizuho

Key Points

• Mizuho raised its price target on Chord Energy to $175 from $164 and kept an outperform rating, implying about 26.9% upside from the current price.
• Other analysts have also been constructive on CHRD, with several buy/overweight calls and an average analyst rating of Moderate Buy; the consensus price target is $157.54.
• Chord Energy recently beat quarterly expectations, reporting $4.56 EPS versus $3.51 expected and revenue of $1.67 billion versus $1.21 billion expected, though the stock was trading down 4.3% in the session.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its price objective hoisted by equities researchers at Mizuho from $164.00 to $175.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Mizuho's price target suggests a potential upside of 26.94% from the company's current price.

A number of other equities research analysts have also recently commented on CHRD. Scotiabank lifted their target price on Chord Energy from $114.00 to $135.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Zacks Research upgraded Chord Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 6th. Truist Financial lowered their target price on Chord Energy from $187.00 to $185.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Williams Trading set a $189.00 price objective on Chord Energy in a research note on Monday, April 20th. Finally, Morgan Stanley boosted their price objective on Chord Energy from $168.00 to $175.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. One investment 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $157.54.

Chord Energy Trading Down 4.3%

NASDAQ CHRD opened at $137.86 on Wednesday. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of -122.00 and a beta of 0.52. Chord Energy has a one year low of $84.25 and a one year high of $151.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96. The business's fifty day moving average is $138.39 and its 200-day moving average is $112.20.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, topping analysts' consensus estimates of $3.51 by $1.05. The company had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.21 billion. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The business's revenue for the quarter was up 37.1% compared to the same quarter last year. During the same period in the previous year, the business posted $4.04 EPS. Equities research analysts predict that Chord Energy will post 20.53 EPS for the current year.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 1,801 shares of the company's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total transaction of $205,962.36. Following the sale, the executive vice president directly owned 20,188 shares in the company, valued at $2,308,699.68. This represents a 8.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Lara J. Kroll sold 5,000 shares of the company's stock in a transaction dated 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 owned 8,921 shares in the company, 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. Over the last 90 days, insiders sold 33,203 shares of company stock valued at $4,197,995. 0.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Orion Porfolio Solutions LLC boosted its stake in Chord Energy by 6,714.2% in the second quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company's stock worth $68,675,000 after buying an additional 698,680 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Chord Energy by 85.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company's stock valued at $112,927,000 after purchasing an additional 561,899 shares during the period. AQR Capital Management LLC boosted its stake in shares of Chord Energy by 210.5% during the second quarter. AQR Capital Management LLC now owns 734,225 shares of the company's stock valued at $71,110,000 after purchasing an additional 497,789 shares during the period. Jennison Associates LLC bought a new position in shares of Chord Energy during the first quarter valued at approximately $60,190,000. Finally, Barclays PLC raised its holdings in shares of Chord Energy by 186.2% during the third quarter. Barclays PLC now owns 501,170 shares of the company's stock valued at $49,801,000 after acquiring an additional 326,054 shares in the last quarter. Hedge funds and other institutional investors own 97.76% of the company's stock.

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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