Chord Energy (NASDAQ:CHRD) Coverage Initiated at Roth Capital

Key Points

• Chord Energy has been upgraded to a "strong-buy" rating by Roth Capital, indicating a positive outlook for the company's stock.
• Multiple analysts have raised their price targets for Chord Energy, with a current consensus price target of $141.54 and a range of "buy" ratings from various firms.
• The company's recent quarterly earnings showed a revenue increase of 5.3% year-over-year, although it missed earnings expectations, reporting $1.79 per share against an estimate of $1.88.

Investment analysts at Roth Capital initiated coverage on shares of Chord Energy (NASDAQ:CHRD - Get Free Report) in a research note issued on Monday, Marketbeat reports. The firm set a "buy" rating on the stock.

A number of other analysts have also recently commented on the company. Wells Fargo & Company upped their price target on Chord Energy from $146.00 to $149.00 and gave the company an "overweight" rating in a research note on Wednesday, September 17th. Mizuho cut their target price on shares of Chord Energy from $152.00 to $142.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. UBS Group lifted their price target on shares of Chord Energy from $122.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Citigroup upped their price objective 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, Scotiabank started coverage on Chord Energy in a report on Friday, September 19th. They set a "sector perform" rating and a $120.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $141.54.

Chord Energy Price Performance

CHRD opened at $90.85 on Monday. The company has a fifty day moving average price of $102.52 and a two-hundred day moving average price of $99.92. The firm has a market capitalization of $5.20 billion, a PE ratio of 23.12 and a beta of 0.94. Chord Energy has a 52 week low of $79.83 and a 52 week high of $136.38. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97.

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 company had revenue of $1.18 billion for 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%.The firm's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the firm earned $4.69 earnings per share. As a group, analysts anticipate that Chord Energy will post 15.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 14,650 shares of the company's stock, valued at $1,544,549.50. This trade represents a 17.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CHRD. Brighton Jones LLC increased its stake in Chord Energy by 36.8% in the 3rd quarter. Brighton Jones LLC now owns 5,686 shares of the company's stock valued at $565,000 after buying an additional 1,531 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in shares of Chord Energy in the 3rd quarter valued at about $13,092,000. Voya Investment Management LLC increased its position in shares of Chord Energy by 25.3% in the third quarter. Voya Investment Management LLC now owns 8,267 shares of the company's stock valued at $821,000 after acquiring an additional 1,669 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Chord Energy during the third quarter worth about $550,000. Finally, Oak Thistle LLC acquired a new position in Chord Energy during the third quarter valued at approximately $842,000. Institutional investors and hedge funds own 97.76% of the company's stock.

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.