Chord Energy (NASDAQ:CHRD) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised its price target on Chord Energy from $109 to $136 and maintained an "overweight" rating, implying about an 8.6% upside; analysts' consensus is a "Moderate Buy" with an average target of $131.27 (8 Buy, 5 Hold, 1 Sell).
• Chord beat quarterly estimates with $1.28 EPS (vs. $1.17 expected) and $1.17B revenue (vs. $1.03B expected), but revenue was down 19.6% year-over-year and last year's quarterly EPS was $3.49, showing a marked earnings decline.
• Shares traded at $125.25 with a market cap of $7.12B and a high PE of 198.81, while insiders sold about 8,927 shares (~$1.03M) last quarter even though institutional investors own roughly 97.8% of the stock.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its target price lifted by investment analysts at Wells Fargo & Company from $109.00 to $136.00 in a report issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price target points to a potential upside of 8.58% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group set a $99.00 target price on shares of Chord Energy in a report on Saturday, January 17th. Zacks Research upgraded shares of Chord Energy from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. William Blair began coverage on shares of Chord Energy in a research note on Friday, November 21st. They issued an "outperform" rating on the stock. Piper Sandler boosted their price objective on shares of Chord Energy from $158.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Pickering Energy Partners cut Chord Energy from an "outperform" rating to a "neutral" rating in a research note on Friday, January 9th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Chord Energy currently has a consensus rating of "Moderate Buy" and an average target price of $131.27.

Chord Energy Price Performance

Shares of NASDAQ:CHRD traded up $1.80 during trading on Monday, reaching $125.25. 326,191 shares of the company traded hands, compared to its average volume of 977,164. The firm has a market capitalization of $7.12 billion, a PE ratio of 198.81 and a beta of 0.84. Chord Energy has a 52 week low of $79.83 and a 52 week high of $127.56. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. The company's 50 day moving average is $102.40 and its two-hundred day moving average is $98.14.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.11. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The company had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the business earned $3.49 earnings per share. Chord Energy's revenue was down 19.6% on a year-over-year basis. As a group, sell-side analysts predict that Chord Energy will post 15.59 earnings per share for the current year.

Insider Activity at Chord Energy

In other Chord Energy news, Director Douglas E. Brooks sold 2,126 shares of the firm's stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $120.28, for a total value of $255,715.28. Following the sale, the director owned 25,181 shares in the company, valued at $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Shannon Browning Kinney sold 1,801 shares of the business's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total transaction of $205,962.36. Following the sale, the executive vice president directly owned 20,188 shares in the company, valued at approximately $2,308,699.68. The trade was a 8.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 8,927 shares of company stock valued at $1,029,978 in the last quarter. Insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On Chord Energy

Several large investors have recently bought and sold shares of CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Chord Energy by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company's stock worth $13,973,000 after purchasing an additional 18,137 shares during the last quarter. Focus Partners Wealth bought a new position in Chord Energy in the 1st quarter valued at approximately $289,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Chord Energy by 91.2% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company's stock worth $40,000 after buying an additional 196 shares during the period. Allworth Financial LP boosted its position in Chord Energy by 160.5% during the 2nd quarter. Allworth Financial LP now owns 659 shares of the company's stock worth $64,000 after buying an additional 406 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Chord Energy by 42.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,168 shares of the company's stock worth $404,000 after acquiring an additional 1,247 shares during the last quarter. 97.76% of the stock is currently owned by 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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