Chord Energy (NASDAQ:CHRD) Sets New 52-Week High - Time to Buy?

Key Points

• Chord Energy shares reached a new 52-week high of $157.23 and last traded around $157.54, supported by a consensus “Moderate Buy” rating and average analyst price target of $174.54.
• The company reported strong year-over-year revenue growth of 128.6% to $2.17 billion, though quarterly EPS of $6.44 slightly missed analysts’ $6.55 estimate. Chord also pays a $1.30 quarterly dividend, equivalent to a 3.3% annual yield.
• Insiders sold 23,969 shares worth approximately $3.39 million over the past 90 days, while institutional investors remain highly involved, owning 97.76% of the company’s stock.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report) shares reached a new 52-week high on Friday. The stock traded as high as $157.23 and last traded at $157.5430, with a volume of 126,950 shares changing hands. The stock had previously closed at $150.48.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CHRD shares. Citigroup lifted their price target on shares of Chord Energy from $130.00 to $150.00 and gave the company a "neutral" rating in a report on Thursday, September 17th. Mizuho boosted their price target on shares of Chord Energy from $175.00 to $179.00 and gave the stock an "outperform" rating in a research note on Monday, October 5th. Morgan Stanley upped their price target on shares of Chord Energy from $169.00 to $178.00 and gave the company an "overweight" rating in a report on Thursday, October 15th. Seaport Research Partners started coverage on Chord Energy in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. Finally, Stifel Nicolaus started coverage on Chord Energy in a report on Thursday, September 10th. They set a "buy" rating and a $182.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Chord Energy presently has a consensus rating of "Moderate Buy" and an average price target of $174.54.

Chord Energy Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.15 and a current ratio of 1.22. The stock has a market cap of $8.66 billion, a PE ratio of 10.63 and a beta of 0.59. The firm's 50-day moving average is $144.65 and its 200 day moving average is $136.99.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly 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 firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%. The business's revenue was up 128.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.79 EPS. As a group, research analysts anticipate that Chord Energy Corporation will post 22.30 EPS for the current 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 3.3%. The ex-dividend date was Thursday, August 20th. Chord Energy's dividend payout ratio is presently 34.85%.

Insider Activity at Chord Energy

In other news, Director Douglas E. Brooks sold 8,000 shares of the business's stock in a transaction on 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 transaction, the director directly owned 10,705 shares in the company, valued at $1,425,263.70. The trade was a 42.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Samantha Mckinney sold 9,750 shares of Chord Energy 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 completion of the transaction, the director directly owned 7,280 shares in the company, valued at approximately $1,091,563.20. This represents a 57.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,969 shares of company stock valued at $3,389,599 over the last ninety days. Insiders own 0.79% of the company's stock.

Institutional Investors Weigh In On Chord Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHRD. RWC Asset Management LLP boosted its position in shares of Chord Energy by 34.5% in the third quarter. RWC Asset Management LLP now owns 158,116 shares of the company's stock valued at $21,199,000 after acquiring an additional 40,583 shares during the period. Inspire Investing LLC acquired a new position in Chord Energy during the third quarter worth $405,000. Root Financial Partners LLC bought a new position in shares of Chord Energy in the third quarter valued at approximately $56,000. Crossmark Global Holdings Inc. raised its stake in shares of Chord Energy by 15.1% in the third quarter. Crossmark Global Holdings Inc. now owns 13,745 shares of the company's stock valued at $1,843,000 after buying an additional 1,801 shares during the period. Finally, Wavvest Wealth LLC purchased a new stake in shares of Chord Energy during the 3rd quarter valued at approximately $507,000. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Company Profile

Chord Energy Corporation is an independent exploration and production company focused on the development and operation of oil and natural gas properties in the United States. Its portfolio is concentrated in the Williston Basin, which spans parts of North Dakota and Montana. The company's production mix includes crude oil, natural gas and natural gas liquids.

Chord's operations include acquiring, developing and producing hydrocarbons from operated and non-operated wells, with an emphasis on drilling and completion activities in the Bakken and Three Forks formations.

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