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

Key Points

• Piper Sandler raised its price target on Chord Energy to $158 and kept an "overweight" rating, implying roughly a 30.6% upside from the prior close.
• Analyst sentiment is mixed: eight Buys, four Holds and two Sells produce an average rating of "Hold" and a consensus target price of $123.82.
• Recent results and market reaction: Chord beat quarterly EPS ($1.28 vs. $1.17 est.) and revenue ($1.17B vs. $1.03B) despite revenue falling 19.6% year-over-year, and the stock rose about 6.1% to $120.95, near its 52-week high.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its price objective hoisted by equities researchers at Piper Sandler from $151.00 to $158.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's price objective suggests a potential upside of 30.63% from the stock's previous close.

CHRD has been the subject of several other reports. UBS Group raised their price objective on shares of Chord Energy from $119.00 to $142.00 and gave the stock a "buy" rating in a report on Thursday. Royal Bank Of Canada reduced their target price on Chord Energy from $135.00 to $128.00 and set an "outperform" rating on the stock in a report on Tuesday, January 13th. Mizuho set a $148.00 price target on Chord Energy in a research report on Friday, January 9th. Morgan Stanley lowered their target price on shares of Chord Energy from $123.00 to $114.00 and set an "equal weight" rating for the company in a research note on Friday, January 23rd. Finally, Wells Fargo & Company reduced their price target on shares of Chord Energy from $113.00 to $109.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 27th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $123.82.

Chord Energy Stock Up 6.1%

Shares of NASDAQ:CHRD traded up $6.95 during mid-day trading on Thursday, hitting $120.95. 768,587 shares of the company traded hands, compared to its average volume of 870,517. The firm has a market cap of $6.87 billion, a P/E ratio of 191.98 and a beta of 0.84. Chord Energy has a 52-week low of $79.83 and a 52-week high of $121.05. The firm's 50 day simple moving average is $98.23 and its 200 day simple moving average is $97.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.11. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.03 billion. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The firm's revenue for the quarter was down 19.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.49 EPS. On average, equities analysts anticipate that Chord Energy will post 15.59 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. WealthCollab LLC grew its stake in Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company's stock valued at $30,000 after buying an additional 145 shares in the last quarter. Quent Capital LLC bought a new stake in shares of Chord Energy during the 3rd quarter valued at $32,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Chord Energy by 91.2% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company's stock worth $40,000 after purchasing an additional 196 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in Chord Energy in the 3rd quarter worth approximately $46,000. Finally, TD Private Client Wealth LLC boosted its holdings in Chord Energy by 360.3% in the 4th quarter. TD Private Client Wealth LLC now owns 580 shares of the company's stock valued at $54,000 after purchasing an additional 454 shares during the period. Institutional investors 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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