Citigroup Forecasts Strong Price Appreciation for Chord Energy (NASDAQ:CHRD) Stock

Chord Energy (NASDAQ:CHRD - Free Report) had its price target hoisted by Citigroup from $120.00 to $125.00 in a research report report published on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. Bank of America lowered their target price on Chord Energy from $114.00 to $112.00 and set a "buy" rating for the company in a research note on Friday, May 23rd. Wells Fargo & Company lowered their target price on Chord Energy from $158.00 to $142.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Wall Street Zen raised Chord Energy from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Royal Bank Of Canada lowered their target price on Chord Energy from $165.00 to $145.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Finally, Morgan Stanley set a $139.00 target price on Chord Energy and gave the stock a "cautious" rating in a research note on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Chord Energy has a consensus rating of "Moderate Buy" and an average target price of $151.08.

Chord Energy Price Performance

CHRD stock traded up $1.08 during midday trading on Wednesday, reaching $109.19. The company had a trading volume of 581,260 shares, compared to its average volume of 858,228. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 6.99 and a beta of 0.96. The stock has a 50 day moving average price of $97.94 and a 200-day moving average price of $104.61. Chord Energy has a 1-year low of $79.83 and a 1-year high of $181.17. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.89 and a quick ratio of 0.83.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.60 by $0.44. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.07 billion. Chord Energy had a return on equity of 10.34% and a net margin of 16.15%. Chord Energy's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.10 earnings per share. Equities research analysts expect that Chord Energy will post 15.59 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Wednesday, May 21st were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend was Wednesday, May 21st. Chord Energy's payout ratio is presently 34.78%.

Insider Buying and Selling

In related news, EVP Shannon Browning Kinney sold 3,091 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $94.10, for a total value of $290,863.10. Following the sale, the executive vice president directly owned 21,277 shares in the company, valued at $2,002,165.70. This represents a 12.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Chord Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Natixis Advisors LLC bought a new position in shares of Chord Energy during the 4th quarter worth approximately $1,191,000. JPMorgan Chase & Co. boosted its holdings in shares of Chord Energy by 3.3% during the 4th quarter. JPMorgan Chase & Co. now owns 263,288 shares of the company's stock worth $30,784,000 after buying an additional 8,455 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Chord Energy by 6.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company's stock worth $89,198,000 after buying an additional 47,649 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Chord Energy by 8.4% during the 1st quarter. New York State Teachers Retirement System now owns 29,190 shares of the company's stock worth $3,290,000 after buying an additional 2,263 shares in the last quarter. Finally, Perigon Wealth Management LLC boosted its holdings in shares of Chord Energy by 56.9% during the 1st quarter. Perigon Wealth Management LLC now owns 35,642 shares of the company's stock worth $4,018,000 after buying an additional 12,925 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors.

About Chord Energy

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.