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

Key Points

• Wells Fargo & Company has raised its price target for Chord Energy from $146.00 to $149.00, indicating a potential upside of 40.01% from its previous close and maintaining an "overweight" rating.
• Despite Wells Fargo's positive outlook, other analysts like Wall Street Zen have downgraded Chord Energy, reflecting mixed sentiments with a consensus rating of "Moderate Buy" and an average target price of $148.50.
• Chord Energy recently reported an earnings miss for the quarter with an EPS of $1.79, falling short of the consensus estimate of $1.88, but showed an increase in revenue compared to the previous year.

Chord Energy (NASDAQ:CHRD - Free Report) had its target price hoisted by Wells Fargo & Company from $146.00 to $149.00 in a research report report published on Wednesday morning, MarketBeat reports. They currently have an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Piper Sandler raised their target price on Chord Energy from $166.00 to $169.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Mizuho reduced their price target on Chord Energy from $152.00 to $142.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Wall Street Zen cut Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. UBS Group boosted their price target on Chord Energy from $122.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Finally, Citigroup upped their target price on Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. One investment 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $147.15.

Chord Energy Stock Performance

Shares of CHRD traded down $3.96 on Wednesday, reaching $100.37. 1,768,186 shares of the stock traded hands, compared to its average volume of 838,097. The stock's 50-day moving average price is $105.59 and its 200-day moving average price is $101.03. Chord Energy has a 12 month low of $79.83 and a 12 month high of $140.15. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of 25.54 and a beta of 0.97. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.97 and a quick ratio of 0.90.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share 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 company earned $4.69 earnings per share. The business's revenue was up 5.3% on a year-over-year basis. Equities analysts forecast that Chord Energy will post 15.59 EPS for the current fiscal year.

Chord Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Thursday, August 21st were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 5.2%. The ex-dividend date was Thursday, August 21st. Chord Energy's dividend payout ratio (DPR) is currently 132.32%.

Insider Buying and Selling

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $105.43, for a total value of $318,293.17. Following the transaction, the executive vice president directly owned 14,650 shares in the company, valued at $1,544,549.50. This trade represents a 17.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On Chord Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Bayforest Capital Ltd purchased a new position in shares of Chord Energy in the 2nd quarter worth $28,000. WealthCollab LLC lifted its position in Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company's stock valued at $30,000 after purchasing an additional 145 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Chord Energy by 91.2% during 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. Hexagon Capital Partners LLC lifted its position in Chord Energy by 321.7% during 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. Finally, Caitong International Asset Management Co. Ltd lifted its position in Chord Energy by 5,877.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 538 shares of the company's stock valued at $61,000 after purchasing an additional 529 shares in the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

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.