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 upped by Wells Fargo & Company from $146.00 to $149.00 in a research report report published on Wednesday, MarketBeat Ratings reports. They currently have an overweight rating on the stock.

Other research analysts have also issued reports about the stock. UBS Group boosted their target price on shares of Chord Energy from $122.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday. Bank of America reduced their target price 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 downgraded shares of Chord Energy from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Citigroup boosted their price target on shares of Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Piper Sandler boosted their price target on shares of Chord Energy from $166.00 to $169.00 and gave the stock an "overweight" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.42.

Chord Energy Stock Performance

Chord Energy stock traded down $1.02 during midday trading on Wednesday, reaching $104.33. 729,119 shares of the stock traded hands, compared to its average volume of 834,975. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The firm has a fifty day moving average price of $105.77 and a two-hundred day moving average price of $101.06. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 26.55 and a beta of 0.97. Chord Energy has a fifty-two week low of $79.83 and a fifty-two week high of $140.15.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.88 by ($0.09). The firm had revenue of $1.18 billion for 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 for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $4.69 earnings per share. On average, equities research analysts forecast that Chord Energy will post 15.59 earnings per share for the current year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 21st were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Thursday, August 21st. Chord Energy's dividend payout ratio (DPR) is 132.32%.

Insider Buying and Selling at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,019 shares of Chord Energy stock in a transaction that occurred on Friday, August 22nd. The shares were 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 of the company's stock, valued at $1,544,549.50. This trade represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Bayforest Capital Ltd purchased a new position in Chord Energy during the second quarter valued at approximately $28,000. WealthCollab LLC grew 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. grew 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 grew 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 grew 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 owned by hedge funds and other institutional investors.

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.