Chord Energy (NASDAQ:CHRD) Trading Up 5.4% - Here's What Happened

Key Points

• Chord Energy shares rose 5.4% on Wednesday, trading as high as $123.14 after closing at $116.84 the day before. Trading volume was well below average, with 180,846 shares changing hands versus a daily average of 927,935.
• The company reported better-than-expected quarterly results, posting EPS of $4.56 versus estimates of $3.51 and revenue of $1.67 billion versus expected $1.21 billion. Revenue also increased 37.1% from a year earlier.
• Analysts remain broadly positive on CHRD, with 11 Buy ratings and 5 Hold ratings and a consensus price target of $155.92. Recent commentary was mixed, as Truist trimmed its target to $170 while UBS and Mizuho raised theirs.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report)'s stock price rose 5.4% during trading on Wednesday . The company traded as high as $123.14 and last traded at $123.20. 180,846 shares changed hands during trading, a decline of 81% from the average daily volume of 927,935 shares. The stock had previously closed at $116.84.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CHRD shares. Truist Financial dropped their price target on shares of Chord Energy from $185.00 to $170.00 and set a "buy" rating for the company in a research report on Tuesday. UBS Group lifted their price objective on Chord Energy from $176.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Williams Trading set a $189.00 target price on Chord Energy in a report on Monday, April 20th. Roth Capital restated a "buy" rating and set a $140.00 target price (up from $130.00) on shares of Chord Energy in a research report on Friday, April 17th. Finally, Mizuho boosted their price target on Chord Energy from $164.00 to $175.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Chord Energy currently has an average rating of "Moderate Buy" and a consensus price target of $155.92.

Chord Energy Stock Up 3.7%

The stock has a market capitalization of $6.82 billion, a P/E ratio of -107.30 and a beta of 0.49. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. The firm's fifty day moving average is $133.24 and its 200-day moving average is $119.28.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, topping the consensus estimate of $3.51 by $1.05. The firm had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.21 billion. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The company's quarterly revenue was up 37.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.04 earnings per share. As a group, equities research analysts predict that Chord Energy Corporation will post 19.13 earnings per share for the current year.

Chord Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th were given a $1.30 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $5.20 annualized dividend and a yield of 4.3%. Chord Energy's payout ratio is presently -460.18%.

Insiders Place Their Bets

In other Chord Energy news, COO Darrin J. Henke sold 1,276 shares of the business's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $145.97, for a total value of $186,257.72. Following the transaction, the chief operating officer owned 21,157 shares of the company's stock, valued at approximately $3,088,287.29. The trade was a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas E. Brooks sold 3,500 shares of the firm's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $136.71, for a total value of $478,485.00. Following the completion of the sale, the director owned 20,205 shares of the company's stock, valued at approximately $2,762,225.55. This trade represents a 14.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 9,276 shares of company stock worth $1,285,968. Insiders own 0.79% of the company's stock.

Hedge Funds Weigh In On Chord Energy

A number of institutional investors have recently modified their holdings of CHRD. New Age Alpha Advisors LLC lifted its holdings in Chord Energy by 18.0% during the 4th quarter. New Age Alpha Advisors LLC now owns 55,284 shares of the company's stock worth $5,125,000 after buying an additional 8,437 shares in the last quarter. Phocas Financial Corp. boosted its holdings in Chord Energy by 20.7% in the fourth quarter. Phocas Financial Corp. now owns 72,153 shares of the company's stock valued at $6,689,000 after acquiring an additional 12,356 shares during the last quarter. Unison Advisors LLC bought a new position in Chord Energy in the fourth quarter valued at about $701,000. Oak Thistle LLC increased its position in Chord Energy by 150.3% in the fourth quarter. Oak Thistle LLC now owns 21,208 shares of the company's stock worth $1,966,000 after purchasing an additional 12,736 shares during the period. Finally, Jefferies Financial Group Inc. bought a new stake in Chord Energy during the 4th quarter worth about $6,489,000. 97.76% of the stock is 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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