Chord Energy (NASDAQ:CHRD) Sets New 12-Month High - Should You Buy?

Key Points

• Chord Energy shares reached a new 52-week high, trading as high as $153 and closing near $152, with the stock up 2.7%.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $152.54, although targets range from $130 to $171.
• The company reported strong revenue growth of 128.6% year over year and declared a quarterly dividend of $1.30, equivalent to a 3.4% annualized yield; however, quarterly EPS slightly missed estimates and insiders sold shares recently.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $153.00 and last traded at $152.1760, with a volume of 69765 shares trading hands. The stock had previously closed at $147.83.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wells Fargo & Company reduced their target price on Chord Energy from $175.00 to $163.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. UBS Group boosted their price objective on Chord Energy from $153.00 to $171.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Mizuho raised Chord Energy to a "strong-buy" rating in a research report on Friday, July 31st. Citigroup cut their target price on Chord Energy from $155.00 to $130.00 and set a "neutral" rating on the stock in a report on Friday, July 10th. Finally, Morgan Stanley decreased their price target on shares of Chord Energy from $175.00 to $169.00 and set an "overweight" rating for the company in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Chord Energy has a consensus rating of "Moderate Buy" and a consensus target price of $152.54.

Chord Energy Stock Up 2.7%

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. The stock has a market capitalization of $8.31 billion, a P/E ratio of 10.18 and a beta of 0.48. The stock has a fifty day moving average price of $128.42 and a 200 day moving average price of $128.05.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing analysts' consensus estimates of $6.55 by ($0.11). Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The company had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $1.62 billion. During the same period in the previous year, the firm earned $1.79 EPS. The firm's quarterly revenue was up 128.6% compared to the same quarter last year. On average, research analysts forecast that Chord Energy Corporation will post 18.03 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be given a $1.30 dividend. The ex-dividend date is Thursday, August 20th. This represents a $5.20 annualized dividend and a yield of 3.4%. Chord Energy's payout ratio is 34.85%.

Insiders Place Their Bets

In other Chord Energy news, Director Douglas E. Brooks sold 8,000 shares of Chord Energy stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the transaction, the director directly owned 10,705 shares of the company's stock, valued at approximately $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Samantha Mckinney sold 2,200 shares of Chord Energy stock in a transaction on Monday, August 10th. The stock was sold at an average price of $136.32, for a total transaction of $299,904.00. Following the completion of the transaction, the director owned 17,030 shares in the company, valued at approximately $2,321,529.60. The trade was a 11.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 14,219 shares of company stock valued at $1,927,684 over the last quarter. 0.79% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chord Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its holdings in shares of Chord Energy by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company's stock worth $27,000 after purchasing an additional 74 shares in the last quarter. Blue Trust Inc. lifted its stake in Chord Energy by 22.2% in the 1st quarter. Blue Trust Inc. now owns 463 shares of the company's stock worth $66,000 after purchasing an additional 84 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Chord Energy by 16.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 797 shares of the company's stock worth $74,000 after acquiring an additional 113 shares in the last quarter. WealthCollab LLC raised its stake in shares of Chord Energy by 90.6% in the second quarter. WealthCollab LLC now owns 305 shares of the company's stock valued at $30,000 after acquiring an additional 145 shares during the period. Finally, Root Financial Partners LLC boosted 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 valued at $33,000 after acquiring an additional 150 shares during the period. 97.76% of the stock is owned by hedge funds and other institutional investors.

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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