Chord Energy Corporation (NASDAQ:CHRD) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Chord Energy received a “Moderate Buy” consensus rating from 17 analysts: 10 buys, six holds and one strong buy. The average 12-month price target is $165.92, above the reported opening price of $144.49.
• The company reported strong revenue growth in its latest quarter, with revenue rising 128.6% year over year to $2.17 billion, though adjusted EPS of $6.44 narrowly missed the $6.55 consensus estimate.
• Chord Energy pays a quarterly dividend of $1.30 per share, equivalent to $5.20 annually and a 3.6% yield. Recent filings also showed insider selling, while institutional investors own 97.76% of the company.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the seventeen research firms that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $165.9231.

Several analysts have weighed in on CHRD shares. BMO Capital Markets reiterated an "outperform" rating on shares of Chord Energy in a research note on Monday, June 29th. Weiss Ratings upgraded shares of Chord Energy from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Roth Capital reaffirmed a "buy" rating and set a $145.00 price objective on shares of Chord Energy in a research report on Wednesday, July 15th. Mizuho upgraded shares of Chord Energy to a "strong-buy" rating in a research note on Friday, July 31st. Finally, Zacks Research raised shares of Chord Energy from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 9th.

Chord Energy Trading Down 1.2%

CHRD opened at $144.49 on Friday. The firm's 50 day moving average is $140.28 and its 200-day moving average is $134.86. Chord Energy has a 52-week low of $84.25 and a 52-week high of $157.06. 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 capitalization of $7.90 billion, a P/E ratio of 9.68 and a beta of 0.50.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing the consensus estimate of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the firm posted $1.79 EPS. The company's revenue was up 128.6% compared to the same quarter last year. Analysts expect that Chord Energy will post 20.5 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Thursday, August 20th. Chord Energy's dividend payout ratio is presently 34.85%.

Insider Buying and Selling

In related news, Director Samantha Mckinney sold 9,750 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total value of $1,461,915.00. Following the sale, the director owned 7,280 shares of the company's stock, valued at approximately $1,091,563.20. This trade represents a 57.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Shannon Kinney sold 4,019 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total value of $562,660.00. Following the transaction, the executive vice president owned 13,560 shares of the company's stock, valued at $1,898,400. This represents a 22.86% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 23,969 shares of company stock valued at $3,389,599. Insiders own 0.79% of the company's stock.

Institutional Investors Weigh In On Chord Energy

Several large investors have recently made changes to their positions in CHRD. New Age Alpha Advisors LLC increased its holdings in shares of Chord Energy by 18.0% during the fourth quarter. New Age Alpha Advisors LLC now owns 55,284 shares of the company's stock valued at $5,125,000 after purchasing an additional 8,437 shares during the period. Bank of America Corp DE lifted its holdings in Chord Energy by 8.4% in the first quarter. Bank of America Corp DE now owns 238,068 shares of the company's stock worth $33,849,000 after purchasing an additional 18,399 shares during the period. Jefferies Financial Group Inc. acquired a new stake in Chord Energy in the fourth quarter worth about $6,489,000. LSV Asset Management grew its position in Chord Energy by 269.0% in the 4th quarter. LSV Asset Management now owns 149,385 shares of the company's stock valued at $13,848,000 after buying an additional 108,900 shares in the last quarter. Finally, Fox Run Management L.L.C. grew its position in Chord Energy by 122.8% in the 4th quarter. Fox Run Management L.L.C. now owns 16,689 shares of the company's stock valued at $1,547,000 after buying an additional 9,199 shares in the last quarter. Institutional investors and hedge funds own 97.76% of the company's stock.

Chord Energy Company Profile

Chord Energy Corporation NASDAQ: CHRD is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company's activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord's portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.