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 prior to trading on Tuesday after Bank of America raised their price target on the stock from $112.00 to $123.00. The stock had previously closed at $102.31, but opened at $106.29. Bank of America currently has a buy rating on the stock. Chord Energy shares last traded at $105.57, with a volume of 119,790 shares trading hands.

Other equities research analysts also recently issued research reports about the company. Citigroup increased their price target on Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Wall Street Zen lowered Chord Energy from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Mizuho cut their price target on Chord Energy from $152.00 to $142.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Wells Fargo & Company upped their price objective on Chord Energy from $146.00 to $149.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Piper Sandler boosted their target price on shares of Chord Energy from $166.00 to $169.00 and gave the company an "overweight" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $147.15.

Insider Transactions at Chord Energy

In related news, EVP Shannon Browning Kinney sold 3,019 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $105.43, for a total value 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 represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chord Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Assetmark Inc. increased its stake in shares of Chord Energy by 7.3% during the second quarter. Assetmark Inc. now owns 1,417 shares of the company's stock valued at $137,000 after purchasing an additional 96 shares in the last quarter. Lynx Investment Advisory increased its stake in shares of Chord Energy by 3.6% during the second quarter. Lynx Investment Advisory now owns 2,847 shares of the company's stock valued at $276,000 after purchasing an additional 99 shares in the last quarter. National Bank of Canada FI increased its position in shares of Chord Energy by 2.1% during the first quarter. National Bank of Canada FI now owns 5,258 shares of the company's stock valued at $592,000 after acquiring an additional 106 shares in the last quarter. Voya Investment Management LLC increased its position in shares of Chord Energy by 1.4% during the first quarter. Voya Investment Management LLC now owns 7,579 shares of the company's stock valued at $854,000 after acquiring an additional 107 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Chord Energy by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,921 shares of the company's stock valued at $329,000 after acquiring an additional 118 shares in the last quarter. Institutional investors own 97.76% of the company's stock.

Chord Energy Stock Down 3.8%

The company has a market cap of $5.75 billion, a P/E ratio of 25.54 and a beta of 0.97. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.97 and a quick ratio of 0.90. The company's 50-day moving average is $105.59 and its two-hundred day moving average is $101.03.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.09). Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $984.07 million. During the same period last year, the business earned $4.69 EPS. Chord Energy's revenue was up 5.3% on a year-over-year basis. As a group, equities analysts predict that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 21st were issued a $1.30 dividend. The ex-dividend date was Thursday, August 21st. This represents a $5.20 annualized dividend and a yield of 5.2%. Chord Energy's dividend payout ratio (DPR) 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.