Wells Fargo & Company Raises Chord Energy (NASDAQ:CHRD) Price Target to $175.00

Key Points

• Wells Fargo raised its price target on Chord Energy to $175 and maintained an "overweight" rating, implying roughly a 30.48% upside from the stock's then-current price.
• Several other analysts (UBS, Citi, Morgan Stanley among others) also lifted ratings or targets, leaving a MarketBeat consensus of "Moderate Buy" with a consensus target of $145.08.
• Despite the upgrades, CHRD fell 7.7% to $134.12; the company reported a 19.6% YoY revenue decline, a very high trailing PE (212.21), recent insider selling, and 97.76% institutional ownership.

Chord Energy (NASDAQ:CHRD - Get Free Report) had its target price hoisted by equities research analysts at Wells Fargo & Company from $136.00 to $175.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 30.48% from the stock's current price.

Several other analysts also recently issued reports on the stock. UBS Group increased their price objective on shares of Chord Energy from $119.00 to $142.00 and gave the company a "buy" rating in a research report on Thursday, March 5th. Citigroup raised their price target on shares of Chord Energy from $120.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 31st. Weiss Ratings raised shares of Chord Energy from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, March 17th. Morgan Stanley raised shares of Chord Energy from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $114.00 to $168.00 in a research report on Friday, March 27th. Finally, Wall Street Zen raised shares of Chord Energy from a "sell" rating to a "hold" rating in a research report on Saturday, March 28th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $145.08.

Chord Energy Stock Down 7.7%

NASDAQ:CHRD traded down $11.26 during trading hours on Wednesday, hitting $134.12. The stock had a trading volume of 2,034,986 shares, compared to its average volume of 1,043,489. The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. Chord Energy has a 1-year low of $79.83 and a 1-year high of $148.41. The business has a 50 day simple moving average of $117.53 and a two-hundred day simple moving average of $101.94. The company has a market cap of $7.60 billion, a PE ratio of 212.21 and a beta of 0.66.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.11. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the company earned $3.49 earnings per share. Chord Energy's revenue for the quarter was down 19.6% on a year-over-year basis. Analysts predict that Chord Energy will post 15.59 EPS for the current year.

Insider Transactions at Chord Energy

In related news, Director Douglas E. Brooks sold 2,126 shares of the firm's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $120.28, for a total transaction of $255,715.28. Following the transaction, the director directly owned 25,181 shares in the company, valued at $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Shannon Browning Kinney sold 1,801 shares of the firm's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total value of $205,962.36. Following the transaction, the executive vice president owned 20,188 shares in the company, valued at $2,308,699.68. This trade represents a 8.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 23,927 shares of company stock valued at $2,912,028. Company insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On Chord Energy

Several large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in Chord Energy by 5.4% during the third quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company's stock worth $314,661,000 after purchasing an additional 163,125 shares during the last quarter. Geode Capital Management LLC lifted its stake in Chord Energy by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company's stock valued at $190,346,000 after buying an additional 277,588 shares during the last quarter. Wellington Management Group LLP lifted its stake in Chord Energy by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company's stock valued at $167,743,000 after buying an additional 104,373 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in Chord Energy by 18.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company's stock valued at $115,305,000 after buying an additional 193,469 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Chord Energy by 85.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company's stock valued at $112,927,000 after buying an additional 561,899 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.