Chord Energy (NASDAQ:CHRD) Reaches New 1-Year High - Here's What Happened

Key Points

• Chord Energy shares reached a new 52-week high of $157.06, rising 3.8% during mid-day trading and surpassing the consensus analyst price target of $156.79.
• Analyst sentiment remains positive, with one Strong Buy, 11 Buy, and five Hold ratings; the average rating is “Moderate Buy,” although several firms recently lowered their price targets.
• The company reported quarterly revenue of $2.17 billion, up 128.6% year over year, but earnings per share of $6.44 narrowly missed estimates. Chord also paid a $1.30 quarterly dividend, equal to a 3.3% annualized yield.

Shares of Chord Energy Corporation (NASDAQ:CHRD - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $157.06 and last traded at $157.00, with a volume of 545298 shares trading hands. The stock had previously closed at $151.22.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Morgan Stanley reduced their price target on Chord Energy from $175.00 to $169.00 and set an "overweight" rating for the company in a report on Monday, June 29th. Seaport Research Partners began coverage on Chord Energy in a research note on Thursday, September 3rd. They issued a "neutral" rating for the company. Stifel Nicolaus began coverage on shares of Chord Energy in a research report on Thursday, September 10th. They issued a "buy" rating and a $182.00 target price for the company. Truist Financial dropped their price objective on shares of Chord Energy from $170.00 to $166.00 and set a "buy" rating for the company in a research note on Monday, August 10th. Finally, Roth Capital restated a "buy" rating and issued a $145.00 target price on shares of Chord Energy in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $156.79.

Chord Energy Trading Up 3.8%

The firm's 50-day moving average is $138.69 and its 200 day moving average is $134.23. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of 10.52 and a beta of 0.50. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing analysts' consensus estimates of $6.55 by ($0.11). The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The company's revenue for the quarter was up 128.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.79 earnings per share. On average, equities analysts predict that Chord Energy Corporation will post 19.33 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors 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 3.3%. The ex-dividend date of this dividend was Thursday, August 20th. Chord Energy's dividend payout ratio (DPR) is presently 34.85%.

Insider Activity

In other Chord Energy news, Director Douglas E. Brooks sold 8,000 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the sale, the director directly owned 10,705 shares of the company's stock, valued at $1,425,263.70. This represents a 42.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Samantha Mckinney sold 9,750 shares of the stock in a transaction 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 in the company, valued at approximately $1,091,563.20. This represents a 57.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,969 shares of company stock valued at $3,389,599 in the last ninety days. 0.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in Chord Energy by 27.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company's stock worth $220,078,000 after buying an additional 329,565 shares during the last quarter. Geode Capital Management LLC increased its holdings in Chord Energy by 15.6% during the 4th quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company's stock valued at $190,346,000 after purchasing an additional 277,588 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Chord Energy by 1.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 734,416 shares of the company's stock valued at $100,586,000 after acquiring an additional 7,250 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Chord Energy by 98.2% during the 1st quarter. First Trust Advisors LP now owns 579,920 shares of the company's stock valued at $82,453,000 after purchasing an additional 287,340 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Chord Energy in the 2nd quarter valued at approximately $66,489,000. Institutional investors 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.

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