Morgan Stanley Cuts Chord Energy (NASDAQ:CHRD) Price Target to $128.00

Key Points

• Morgan Stanley has reduced its price target for Chord Energy (NASDAQ:CHRD) from $131.00 to $128.00, while maintaining an "equal weight" rating on the stock, indicating a 40.03% upside potential from its current price.
• Other research firms have also adjusted their price targets for Chord Energy, with Mizuho lowering its target to $142.00 and Bank of America raising its target to $123.00, reflecting varying outlooks on the stock within the market.
• Insider trading activity shows that EVP Shannon Browning Kinney recently sold 3,019 shares, which translates to a 17.09% decrease in their position, highlighting potential shifts in insider confidence.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its price target cut by equities researchers at Morgan Stanley from $131.00 to $128.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's price target indicates a potential upside of 40.03% from the stock's current price.

Several other research firms have also issued reports on CHRD. Mizuho decreased their price target on shares of Chord Energy from $152.00 to $142.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Bank of America lifted their price target on shares of Chord Energy from $112.00 to $123.00 and gave the stock a "buy" rating in a research report on Wednesday, September 17th. Piper Sandler decreased their price target on shares of Chord Energy from $169.00 to $167.00 and set an "overweight" rating on the stock in a research report on Friday, October 3rd. Weiss Ratings restated a "hold (c-)" rating on shares of Chord Energy in a research report on Wednesday, October 8th. Finally, Citigroup lifted their price objective on shares of Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $141.54.

Chord Energy Price Performance

Chord Energy stock traded down $1.22 during mid-day trading on Tuesday, hitting $91.41. The company's stock had a trading volume of 163,493 shares, compared to its average volume of 842,328. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $5.23 billion, a P/E ratio of 23.25 and a beta of 0.94. Chord Energy has a twelve month low of $79.83 and a twelve month high of $136.38. The stock's fifty day moving average price is $102.83 and its two-hundred day moving average price is $99.98.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.88 by ($0.09). The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $984.07 million. Chord Energy had a return on equity of 9.02% and a net margin of 5.02%.The company's quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $4.69 EPS. Research analysts forecast that Chord Energy will post 15.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $105.43, for a total transaction of $318,293.17. Following the transaction, the executive vice president directly owned 14,650 shares in the company, valued at $1,544,549.50. The trade was a 17.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On Chord Energy

Several institutional investors and hedge funds have recently modified their holdings of CHRD. Orion Porfolio Solutions LLC lifted its stake in shares of Chord Energy by 6,714.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company's stock valued at $68,675,000 after purchasing an additional 698,680 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Chord Energy by 210.5% in the 2nd quarter. AQR Capital Management LLC now owns 734,225 shares of the company's stock valued at $71,110,000 after purchasing an additional 497,789 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Chord Energy in the 1st quarter valued at $36,837,000. Adage Capital Partners GP L.L.C. lifted its stake in shares of Chord Energy by 22.2% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company's stock valued at $95,918,000 after purchasing an additional 180,000 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Chord Energy by 15.5% in the 2nd quarter. American Century Companies Inc. now owns 1,337,079 shares of the company's stock valued at $129,496,000 after purchasing an additional 179,209 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other 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.

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