Chord Energy (NASDAQ:CHRD) Shares Break Above Fifty Day Moving Average - Time to Sell?

Key Points

• Chord Energy shares rose 2.5% to $147.05, moving above their 50-day average of $144.89; the 200-day average is $132.80.
• Analysts’ consensus is Moderate Buy, with an average price target of $174.69. Ratings include two Strong Buys, twelve Buys and three Holds.
• The company beat quarterly estimates, reporting EPS of $6.08 and revenue of $1.71 billion, up 30% year over year. It also declared a $1.30 quarterly dividend, equivalent to a 3.5% yield.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report) shares crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $144.89 and traded as high as $148.21. Chord Energy shares last traded at $147.05, with a volume of 515,077 shares traded.

Analysts Set New Price Targets

A number of research firms have commented on CHRD. Roth Capital reiterated a "buy" rating and issued a $165.00 price target on shares of Chord Energy in a research report on Monday, October 19th. Seaport Research Partners assumed coverage on shares of Chord Energy in a research report on Thursday, September 3rd. They issued a "neutral" rating on the stock. Jefferies Financial Group lifted their target price on shares of Chord Energy from $133.00 to $150.00 and gave the stock a "hold" rating in a research note on Friday, September 18th. Zacks Research raised shares of Chord Energy from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 20th. Finally, Truist Financial boosted their price objective on Chord Energy from $195.00 to $197.00 and gave the company a "buy" rating in a research note on Friday, November 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $174.69.

Chord Energy Trading Up 2.5%

The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 9.22 and a beta of 0.48. The firm's 50-day moving average is $144.89 and its 200-day moving average is $132.80. The company has a current ratio of 1.34, a quick ratio of 1.29 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $6.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.68 by $0.40. Chord Energy had a net margin of 13.40% and a return on equity of 12.54%. The firm had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $1.64 billion. During the same period last year, the company earned $2.35 earnings per share. The business's revenue was up 30.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Chord Energy Corporation will post 23.38 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 7th. Shareholders of record on Thursday, November 19th will be given a $1.30 dividend. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $5.20 annualized dividend and a yield of 3.5%. Chord Energy's payout ratio is currently 32.60%.

Insiders Place Their Bets

In other news, Director Samantha Mckinney sold 9,750 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the transaction, the director directly owned 7,280 shares of the company's stock, valued at $1,091,563.20. This represents a 57.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. increased its position in shares of Chord Energy by 63.8% during the first quarter. Bessemer Group Inc. now owns 190 shares of the company's stock valued at $27,000 after buying an additional 74 shares during the period. Alpine Bank Wealth Management bought a new stake in Chord Energy in the third quarter valued at approximately $29,000. Versant Capital Management Inc boosted its holdings in shares of Chord Energy by 330.9% during the second quarter. Versant Capital Management Inc now owns 237 shares of the company's stock worth $27,000 after purchasing an additional 182 shares during the period. Signature Equity Partners LLC boosted its holdings in Chord Energy by 48.6% in the third quarter. Signature Equity Partners LLC now owns 364 shares of the company's stock valued at $49,000 after acquiring an additional 119 shares in the last quarter. Finally, Root Financial Partners LLC bought a new stake in Chord Energy during the 3rd quarter valued at approximately $56,000. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its operations are concentrated in the Williston Basin, primarily in North Dakota and Montana, where it develops resources in the Bakken and Three Forks formations. The company's production includes crude oil, natural gas liquids and natural gas. Chord Energy was formed in 2022 through the combination of Oasis Petroleum and Whiting Petroleum, bringing together their Williston Basin operations.

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