Chord Energy (NASDAQ:CHRD) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Key Points

• Morgan Stanley raised its price target on Chord Energy from $168 to $175 and kept an overweight rating, implying about 22.3% upside from the current price.
• The company’s recent quarterly results beat expectations, with EPS of $4.56 versus $3.51 expected and revenue of $1.67 billion, up 37.1% year over year.
• Analyst sentiment remains broadly positive: the stock has an average Moderate Buy rating, and the consensus price target is $156.69.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its price objective increased by stock analysts at Morgan Stanley from $168.00 to $175.00 in a report released on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's target price points to a potential upside of 22.30% from the company's current price.

Several other research analysts have also recently commented on CHRD. Williams Trading set a $189.00 price target on Chord Energy in a research report on Monday, April 20th. UBS Group increased their price objective on shares of Chord Energy from $176.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Roth Mkm reiterated a "buy" rating and set a $140.00 price target (up from $130.00) on shares of Chord Energy in a report on Friday, April 17th. Mizuho raised their price objective on Chord Energy from $162.00 to $164.00 and gave the company an "outperform" rating in a report on Wednesday, May 6th. Finally, Scotiabank lifted their price target on Chord Energy from $114.00 to $135.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $156.69.

Chord Energy Price Performance

Shares of CHRD opened at $143.09 on Friday. The stock has a market cap of $8.06 billion, a P/E ratio of -126.10 and a beta of 0.52. Chord Energy has a 1 year low of $84.25 and a 1 year high of $151.95. The stock's 50-day moving average price is $137.30 and its two-hundred day moving average price is $111.07. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $1.05. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the business posted $4.04 EPS. The company's revenue for the quarter was up 37.1% on a year-over-year basis. On average, equities analysts predict that Chord Energy will post 19.11 earnings per share for the current year.

Insider Transactions at Chord Energy

In other news, Director Douglas E. Brooks sold 1,500 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $138.57, for a total transaction of $207,855.00. Following the completion of the sale, the director directly owned 18,705 shares of the company's stock, valued at $2,591,951.85. This trade represents a 7.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Shannon Browning Kinney sold 1,801 shares of Chord Energy stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total value of $205,962.36. Following the sale, the executive vice president owned 20,188 shares in the company, valued at $2,308,699.68. The trade was a 8.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 33,203 shares of company stock worth $4,197,995. Company insiders own 0.79% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CHRD. Bessemer Group Inc. raised its stake in shares of Chord Energy by 63.8% during the first quarter. Bessemer Group Inc. now owns 190 shares of the company's stock worth $27,000 after acquiring an additional 74 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Chord Energy during the 1st quarter valued at $29,000. WealthCollab LLC raised its position in Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after purchasing an additional 145 shares during the period. Root Financial Partners LLC lifted its stake in Chord Energy by 178.6% in the first quarter. Root Financial Partners LLC now owns 234 shares of the company's stock worth $33,000 after purchasing an additional 150 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Chord Energy during the third quarter valued at about $46,000. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Company Profile

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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