Citigroup Has Lowered Expectations for Chord Energy (NASDAQ:CHRD) Stock Price

Key Points

• Citigroup cut its price target on Chord Energy from $155 to $130 while keeping a neutral rating, implying about 11% upside from the current share price.
• Analyst views remain mixed: several firms recently raised targets or kept bullish ratings, but the consensus is only a Moderate Buy with an average price target of $152.
• Chord Energy’s shares fell 1.3% to $116.94 after the note, even though the company recently beat earnings and revenue expectations in its latest quarterly report.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its price target reduced by stock analysts at Citigroup from $155.00 to $130.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's target price would suggest a potential upside of 11.16% from the company's current price.

Several other equities research analysts also recently weighed in on CHRD. Wells Fargo & Company raised their price objective on Chord Energy from $136.00 to $175.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. Zacks Research downgraded Chord Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 9th. Williams Trading set a $189.00 price target on shares of Chord Energy in a research report on Monday, April 20th. Morgan Stanley dropped their price objective on shares of Chord Energy from $175.00 to $169.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Chord Energy in a report on Monday, June 29th. Eleven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $152.00.

Chord Energy Stock Down 1.3%

CHRD stock traded down $1.53 during mid-day trading on Friday, reaching $116.94. The company had a trading volume of 146,883 shares, compared to its average volume of 927,323. Chord Energy has a 52 week low of $84.25 and a 52 week high of $151.95. The company has a market capitalization of $6.58 billion, a price-to-earnings ratio of -103.58 and a beta of 0.49. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96. The stock has a 50 day simple moving average of $132.49 and a two-hundred day simple moving average of $119.70.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, beating the consensus estimate of $3.51 by $1.05. The business had revenue of $1.67 billion during 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 firm's revenue was up 37.1% on a year-over-year basis. During the same period last year, the business earned $4.04 earnings per share. As a group, equities analysts predict that Chord Energy will post 18.5 earnings per share for the current fiscal year.

Insider Activity at Chord Energy

In related news, COO Darrin J. Henke sold 1,276 shares of Chord Energy stock in a transaction on Friday, May 15th. The shares were sold at an average price of $145.97, for a total transaction of $186,257.72. Following the transaction, the chief operating officer owned 21,157 shares in the company, valued at approximately $3,088,287.29. The trade was a 5.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas E. Brooks sold 3,500 shares of the business's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $136.71, for a total transaction of $478,485.00. Following the completion of the sale, the director owned 20,205 shares in the company, 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. Insiders sold a total of 9,276 shares of company stock worth $1,285,968 over the last ninety days. 0.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHRD. Orion Porfolio Solutions LLC increased its position in shares of Chord Energy by 6,714.2% during the second quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company's stock worth $68,675,000 after purchasing an additional 698,680 shares in the last quarter. Dimensional Fund Advisors LP grew 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 worth $112,927,000 after buying an additional 561,899 shares during the last quarter. AQR Capital Management LLC increased its position 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 in the last quarter. Jennison Associates LLC acquired a new position in Chord Energy during the 1st quarter valued at about $60,190,000. Finally, First Trust Advisors LP raised its stake in Chord Energy by 98.2% in the first quarter. First Trust Advisors LP now owns 579,920 shares of the company's stock valued at $82,453,000 after buying an additional 287,340 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors.

About Chord Energy

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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