UBS Group Reiterates Buy Rating for Chord Energy (NASDAQ:CHRD)

Key Points

• UBS Group has raised its price target for Chord Energy from $113.00 to $120.00, indicating a potential upside of 17.90% based on the company's previous close, and maintains a "buy" rating on the stock.
• Despite missing earnings expectations in the last quarter, Chord Energy reported a revenue increase of 5.3% year-over-year, with earnings per share of $1.79 compared to a consensus estimate of $1.88.
• Chord Energy's current consensus rating is "Moderate Buy" from analysts, with 10 analysts rating it as a buy while only two analysts have issued sell ratings.

Chord Energy (NASDAQ:CHRD - Get Free Report)'s stock had its "buy" rating reissued by research analysts at UBS Group in a research report issued to clients and investors on Tuesday, MarketBeat reports. They currently have a $120.00 price objective on the stock, up from their prior price objective of $113.00. UBS Group's target price would suggest a potential upside of 17.52% from the company's previous close.

Other analysts have also recently issued reports about the stock. Bank of America lowered their price objective on shares of Chord Energy from $114.00 to $112.00 and set a "buy" rating for the company in a research note on Friday, May 23rd. Wall Street Zen cut shares of Chord Energy from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Wells Fargo & Company upped their price target on shares of Chord Energy from $142.00 to $143.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Citigroup upped their price objective on shares of Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Mizuho decreased their price objective on shares of Chord Energy from $154.00 to $150.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $148.77.

Chord Energy Price Performance

Shares of NASDAQ:CHRD traded down $0.70 during trading on Tuesday, hitting $102.11. 911,170 shares of the stock were exchanged, compared to its average volume of 752,553. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. Chord Energy has a 12-month low of $79.83 and a 12-month high of $155.88. The company has a market cap of $5.85 billion, a PE ratio of 25.98 and a beta of 0.97. The company has a fifty day moving average price of $104.35 and a two-hundred day moving average price of $102.10.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share 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 net margin of 5.02% and a return on equity of 9.02%. The company's revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $4.69 earnings per share. On average, analysts forecast that Chord Energy will post 15.59 EPS for the current year.

Insider Buying and Selling at Chord Energy

In related news, EVP Shannon Browning Kinney sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $101.64, for a total transaction of $101,640.00. Following the completion of the sale, the executive vice president directly owned 17,669 shares of the company's stock, valued at $1,795,877.16. The trade was a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chord Energy

Large investors have recently made changes to their positions in the stock. Orion Porfolio Solutions LLC boosted its holdings in Chord Energy by 6,714.2% during the second quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company's stock worth $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% during the 2nd quarter. AQR Capital Management LLC now owns 734,225 shares of the company's stock worth $71,110,000 after buying an additional 497,789 shares during the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Chord Energy during the 4th quarter worth about $43,745,000. Nuveen LLC bought a new position in Chord Energy during the first quarter worth about $36,837,000. Finally, Squarepoint Ops LLC increased its position in Chord Energy by 365.5% during the fourth quarter. Squarepoint Ops LLC now owns 337,284 shares of the company's stock worth $39,435,000 after acquiring an additional 264,828 shares during the period. Institutional investors own 97.76% of the company's stock.

Chord Energy Company Profile

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.