Wall Street Zen Upgrades Chord Energy (NASDAQ:CHRD) to Strong-Buy

Key Points

• Wall Street Zen upgraded Chord Energy (NASDAQ:CHRD) from “buy” to “strong-buy,” adding to a broadly positive analyst backdrop for the stock.
• Other analysts have also turned more constructive, with several raising price targets; the current consensus is a “Moderate Buy” and an average target price of $157.54.
• Chord Energy reported better-than-expected Q1 earnings and revenue, posting $4.56 EPS versus $3.51 expected and $1.67 billion in revenue, up 37.1% year over year.

Chord Energy (NASDAQ:CHRD - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday.

CHRD has been the subject of several other reports. Scotiabank raised their target price on shares of Chord Energy from $114.00 to $135.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Morgan Stanley raised their price target on shares of Chord Energy from $168.00 to $175.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Zacks Research upgraded shares of Chord Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. Mizuho raised their price target on shares of Chord Energy from $164.00 to $175.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Roth Mkm restated a "buy" rating and set a $140.00 price target (up from $130.00) on shares of Chord Energy in a report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Chord Energy currently has a consensus rating of "Moderate Buy" and an average price target of $157.54.

Chord Energy Stock Performance

Shares of CHRD opened at $131.87 on Friday. Chord Energy has a one year low of $84.25 and a one year high of $151.95. The company has a 50-day moving average of $138.70 and a two-hundred day moving average of $113.00. The stock has a market cap of $7.42 billion, a price-to-earnings ratio of -116.70 and a beta of 0.52. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, topping the consensus estimate of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.21 billion. During the same period last year, the company posted $4.04 earnings per share. The business's revenue for the quarter was up 37.1% on a year-over-year basis. On average, equities research analysts expect that Chord Energy will post 20.53 earnings per share for the current year.

Insider Buying and Selling at Chord Energy

In related news, Director Douglas E. Brooks sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $138.57, for a total transaction of $207,855.00. Following the transaction, the director owned 18,705 shares of the company's stock, valued at approximately $2,591,951.85. This trade represents a 7.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lara J. Kroll sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total transaction of $568,300.00. Following the transaction, the chief accounting officer directly owned 8,921 shares in the company, valued at approximately $1,013,960.86. The trade was a 35.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 33,203 shares of company stock valued at $4,197,995 in the last 90 days. Corporate insiders own 0.79% of the company's stock.

Hedge Funds Weigh In On Chord Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. boosted its position in Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company's stock worth $27,000 after acquiring an additional 74 shares during the last quarter. Blue Trust Inc. boosted its position in Chord Energy by 22.2% during the 1st quarter. Blue Trust Inc. now owns 463 shares of the company's stock worth $66,000 after acquiring an additional 84 shares during the last quarter. SBI Securities Co. Ltd. raised its stake in shares of Chord Energy by 16.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 797 shares of the company's stock worth $74,000 after purchasing an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Chord Energy by 18.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 822 shares of the company's stock worth $82,000 after purchasing an additional 130 shares in the last quarter. Finally, WealthCollab LLC raised its stake in shares of Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after purchasing an additional 145 shares in the last quarter. 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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