Chord Energy (NASDAQ:CHRD) Shares Gap Up After Analyst Upgrade

Key Points

• Chord Energy's stock price gapped up after UBS Group raised their price target from $122.00 to $130.00, with shares opening at $106.29 after a previous close of $102.31.
• Several analysts have provided differing ratings and price targets for Chord Energy, with a consensus rating of "Moderate Buy" and an average price target of $148.00.
• The company declared a quarterly dividend of $1.30 per share, representing an annualized dividend of $5.20 and a yield of 4.9%.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report)'s stock price gapped up before the market opened on Tuesday after UBS Group raised their price target on the stock from $122.00 to $130.00. The stock had previously closed at $102.31, but opened at $106.29. UBS Group currently has a buy rating on the stock. Chord Energy shares last traded at $105.57, with a volume of 119,790 shares traded.

CHRD has been the subject of several other research reports. Piper Sandler lifted their price target on Chord Energy from $164.00 to $166.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Bank of America cut their price target on Chord Energy from $114.00 to $112.00 and set a "buy" rating for the company in a research note on Friday, May 23rd. Citigroup lifted their price target on Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Wells Fargo & Company lifted their price target on Chord Energy from $143.00 to $146.00 and gave the stock an "overweight" rating in a research note on Friday, August 15th. Finally, Wall Street Zen downgraded Chord Energy from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Chord Energy has a consensus rating of "Moderate Buy" and an average price target of $148.00.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,019 shares of Chord Energy stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $105.43, for a total value of $318,293.17. Following the completion of the sale, the executive vice president owned 14,650 shares in the company, valued at $1,544,549.50. The trade was a 17.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by company insiders.

Institutional Trading of Chord Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its holdings in shares of Chord Energy by 59.8% during the 1st quarter. AQR Capital Management LLC now owns 236,436 shares of the company's stock worth $26,651,000 after purchasing an additional 88,490 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Chord Energy by 6.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company's stock worth $89,198,000 after purchasing an additional 47,649 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Chord Energy by 364.2% during the 1st quarter. Hsbc Holdings PLC now owns 35,795 shares of the company's stock worth $4,055,000 after purchasing an additional 28,084 shares during the period. Aurora Investment Counsel purchased a new stake in shares of Chord Energy during the 1st quarter worth about $1,940,000. Finally, New York State Teachers Retirement System grew its holdings in shares of Chord Energy by 8.4% during the 1st quarter. New York State Teachers Retirement System now owns 29,190 shares of the company's stock worth $3,290,000 after purchasing an additional 2,263 shares during the period. Hedge funds and other institutional investors own 97.76% of the company's stock.

Chord Energy Stock Up 3.6%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97. The firm has a market cap of $6.07 billion, a PE ratio of 26.98 and a beta of 0.97. The stock has a fifty day moving average price of $105.91 and a 200-day moving average price of $101.00.

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

Chord Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Thursday, August 21st were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date was Thursday, August 21st. Chord Energy's dividend payout ratio is currently 132.32%.

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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