Chord Energy (NASDAQ:CHRD) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Wall Street Zen upgraded Chord Energy from “hold” to “buy,” while the broader analyst consensus remains Moderate Buy with an average price target of $156.15.
• Chord Energy reported strong quarterly results, including EPS of $4.56 versus $3.51 expected and revenue of $1.67 billion versus $1.21 billion expected, with revenue up 37.1% year over year.
• The stock traded around $136.44, near its 52-week high of $150.50, while institutional ownership remained very high at 97.76% and insiders sold shares over the past 90 days.

Chord Energy (NASDAQ:CHRD - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

A number of other analysts have also recently weighed in on the stock. Truist Financial dropped their target price on shares of Chord Energy from $187.00 to $185.00 and set a "buy" rating on the stock in a report on Friday. Jefferies Financial Group set a $99.00 price target on shares of Chord Energy in a research report on Saturday, January 17th. Pickering Energy Partners downgraded shares of Chord Energy from an "outperform" rating to a "neutral" rating in a research report on Friday, January 9th. Roth Mkm restated a "buy" rating and issued a $140.00 price target (up from $130.00) on shares of Chord Energy in a research report on Friday, April 17th. Finally, Piper Sandler raised their price target on shares of Chord Energy from $158.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Chord Energy has an average rating of "Moderate Buy" and an average target price of $156.15.

Chord Energy Trading Down 1.0%

NASDAQ CHRD opened at $136.44 on Friday. Chord Energy has a 12 month low of $84.25 and a 12 month high of $150.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.98. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of -120.74 and a beta of 0.52. The company's fifty day moving average price is $131.32 and its two-hundred day moving average price is $107.34.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, beating analysts' consensus estimates of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the firm posted $4.04 EPS. The firm's revenue was up 37.1% compared to the same quarter last year. As a group, research analysts predict that Chord Energy will post 16.94 earnings per share for the current fiscal year.

Insider Activity at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,801 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the transaction, the executive vice president owned 20,188 shares of the company's stock, valued at approximately $2,308,699.68. This trade represents a 8.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lara J. Kroll sold 5,000 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total transaction of $568,300.00. Following the transaction, the chief accounting officer directly owned 8,921 shares in the company, valued at approximately $1,013,960.86. The trade was a 35.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 23,927 shares of company stock worth $2,912,028 in the last 90 days. Corporate insiders own 0.79% of the company's stock.

Hedge Funds Weigh In On Chord Energy

Several large investors have recently bought and sold shares of CHRD. Massachusetts Financial Services Co. MA acquired a new position in Chord Energy during the 3rd quarter valued at about $91,434,000. Orion Porfolio Solutions LLC increased its stake in Chord Energy by 6,714.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company's stock valued at $68,675,000 after buying an additional 698,680 shares during the period. Dimensional Fund Advisors LP increased its stake in Chord Energy by 85.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company's stock valued at $112,927,000 after buying an additional 561,899 shares during the period. AQR Capital Management LLC increased its stake in Chord Energy by 210.5% during the 2nd quarter. AQR Capital Management LLC now owns 734,225 shares of the company's stock valued at $71,110,000 after buying an additional 497,789 shares during the period. Finally, Jennison Associates LLC acquired a new position in Chord Energy during the 1st quarter valued at about $60,190,000. Institutional investors and hedge funds own 97.76% of the company's stock.

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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