Chord Energy Corporation (NASDAQ:CHRD) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus remains “Moderate Buy”: Ten of 16 brokerages rate Chord Energy a buy, while the average 12-month price target is $152.54. However, several firms recently lowered their targets, including Citigroup and Wells Fargo.
• Quarterly results were mixed: Chord Energy reported $6.44 in EPS, below the $6.55 consensus, but revenue surged 128.6% year over year to $2.17 billion, exceeding expectations.
• Shareholders will receive a $1.30 quarterly dividend, equivalent to $5.20 annually and a 3.7% yield. Meanwhile, insiders sold 14,219 shares worth approximately $1.93 million over the past three months.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report) has received an average rating of "Moderate Buy" from the sixteen brokerages that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $152.5385.

Several research firms have recently weighed in on CHRD. Zacks Research cut shares of Chord Energy from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 11th. Citigroup reduced their price target on shares of Chord Energy from $155.00 to $130.00 and set a "neutral" rating on the stock in a research report on Friday, July 10th. Wall Street Zen cut Chord Energy from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 27th. Weiss Ratings upgraded Chord Energy from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Finally, Wells Fargo & Company cut their target price on Chord Energy from $175.00 to $163.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th.

Chord Energy Stock Down 2.7%

NASDAQ CHRD opened at $140.76 on Wednesday. The business's fifty day simple moving average is $129.60 and its 200-day simple moving average is $129.36. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18. The firm has a market cap of $7.70 billion, a PE ratio of 9.43 and a beta of 0.48. Chord Energy has a 52 week low of $84.25 and a 52 week high of $153.00.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.55 by ($0.11). Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The firm had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $1.62 billion. During the same period in the prior year, the company posted $1.79 EPS. The company's revenue for the quarter was up 128.6% compared to the same quarter last year. As a group, equities analysts anticipate that Chord Energy will post 18.61 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be given a dividend of $1.30 per share. The ex-dividend date is Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.7%. Chord Energy's dividend payout ratio (DPR) is currently 34.85%.

Insider Activity

In other news, Director Douglas E. Brooks sold 8,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $133.14, for a total value of $1,065,120.00. Following the sale, the director directly owned 10,705 shares of the company's stock, valued at approximately $1,425,263.70. The trade was a 42.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Shannon Browning Kinney sold 4,019 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total transaction of $562,660.00. Following the completion of the transaction, the executive vice president owned 13,560 shares in the company, valued at approximately $1,898,400. This represents a 22.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 14,219 shares of company stock valued at $1,927,684. Company insiders own 0.79% of the company's stock.

Hedge Funds Weigh In On Chord Energy

Several institutional investors have recently modified their holdings of the business. Bessemer Group Inc. raised its stake in shares of Chord Energy by 63.8% in the first quarter. Bessemer Group Inc. now owns 190 shares of the company's stock valued at $27,000 after acquiring an additional 74 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Chord Energy in the first quarter valued at $29,000. Root Financial Partners LLC grew its stake in Chord Energy by 178.6% during the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company's stock worth $33,000 after purchasing an additional 150 shares in the last quarter. Versant Capital Management Inc grew its stake in Chord Energy by 330.9% during the 2nd quarter. Versant Capital Management Inc now owns 237 shares of the company's stock worth $27,000 after purchasing an additional 182 shares in the last quarter. Finally, WealthCollab LLC increased its holdings in Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after purchasing an additional 145 shares during the period. 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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