Wells Fargo & Company Forecasts Strong Price Appreciation for Chord Energy (NASDAQ:CHRD) Stock

Key Points

• Wells Fargo & Company raised its price target for Chord Energy from $143.00 to $146.00, indicating a potential upside of 42.01% from the current price.
• Despite the positive outlook from Wells Fargo, other analysts have mixed ratings for Chord Energy, with some downgrading it from "hold" to "sell."
• Chord Energy's recent quarterly earnings reported an EPS of $1.79, missing estimates, yet it experienced a year-over-year revenue growth of 5.3% to $1.18 billion.

Chord Energy (NASDAQ:CHRD - Free Report) had its price objective hoisted by Wells Fargo & Company from $143.00 to $146.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also issued reports on CHRD. Citigroup lifted their price objective on Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Mizuho lowered their price target on Chord Energy from $154.00 to $150.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Piper Sandler increased their target price on Chord Energy from $164.00 to $166.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. UBS Group reiterated a "buy" rating and set a $120.00 target price (up from $113.00) on shares of Chord Energy in a research note on Tuesday, August 12th. Finally, Wall Street Zen cut Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Chord Energy currently has an average rating of "Moderate Buy" and an average price target of $148.77.

Chord Energy Price Performance

Chord Energy stock traded up $0.38 during mid-day trading on Friday, reaching $102.09. 745,869 shares of the company were exchanged, compared to its average volume of 845,031. Chord Energy has a 12 month low of $79.83 and a 12 month high of $154.75. The company has a fifty day simple moving average of $104.44 and a 200-day simple moving average of $101.83. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.97 and a quick ratio of 0.90. The firm has a market cap of $5.85 billion, a PE ratio of 25.98 and a beta of 0.97.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 EPS for the quarter, missing analysts' consensus estimates of $1.88 by ($0.09). Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $984.07 million. During the same quarter last year, the firm posted $4.69 EPS. The company's quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities research analysts expect that Chord Energy will post 15.59 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Thursday, August 21st will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Thursday, August 21st. Chord Energy's dividend payout ratio is presently 132.32%.

Insider Activity

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

Hedge Funds Weigh In On Chord Energy

A number of hedge funds have recently made changes to their positions in CHRD. Altshuler Shaham Ltd purchased a new stake in shares of Chord Energy during the 4th quarter worth $25,000. Bayforest Capital Ltd purchased a new stake in shares of Chord Energy in the second quarter valued at about $28,000. WealthCollab LLC boosted its holdings in Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after buying an additional 145 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Chord Energy by 91.2% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company's stock valued at $40,000 after purchasing an additional 196 shares in the last quarter. Finally, Hexagon Capital Partners LLC lifted its holdings in shares of Chord Energy by 321.7% in the first quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock valued at $50,000 after purchasing an additional 341 shares in the last quarter. Hedge funds and other institutional investors own 97.76% of the company's stock.

About Chord Energy

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.