Zacks Research Downgrades Chord Energy (NASDAQ:CHRD) to Hold

Key Points

• Zacks Research downgraded Chord Energy from “strong-buy” to “hold,” while the broader analyst consensus remains moderately positive with 10 Buy ratings and an average price target of $157.54.
• The stock rose 3.1% and opened at $138.25, after trading near its 50-day moving average of $138.66 and below the consensus analyst target.
• Chord Energy beat quarterly earnings expectations, reporting $4.56 EPS on revenue of $1.67 billion, both ahead of estimates and up 37.1% year over year.

Chord Energy (NASDAQ:CHRD - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen raised shares of Chord Energy from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 30th. Citigroup boosted their target price 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. Truist Financial decreased their target price on shares of Chord Energy from $187.00 to $185.00 and set a "buy" rating for the company in a research report on Friday, May 8th. Scotiabank upped their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, Mizuho upped their price objective on shares of Chord Energy from $164.00 to $175.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $157.54.

Chord Energy Trading Up 3.1%

CHRD opened at $138.25 on Tuesday. Chord Energy has a 1-year low of $84.25 and a 1-year high of $151.95. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. The company has a market cap of $7.78 billion, a P/E ratio of -122.35 and a beta of 0.48. The company has a fifty day moving average price of $138.66 and a two-hundred day moving average price of $115.81.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, beating 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 firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the firm posted $4.04 earnings per share. The business's revenue was up 37.1% compared to the same quarter last year. Analysts predict that Chord Energy will post 20.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Douglas E. Brooks sold 1,500 shares of the company'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 sale, the director directly owned 18,705 shares in the company, valued at approximately $2,591,951.85. This represents a 7.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Darrin J. Henke sold 1,276 shares of the company's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $145.97, for a total transaction of $186,257.72. Following the sale, the chief operating officer owned 21,157 shares in the company, valued at $3,088,287.29. The trade was a 5.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,276 shares of company stock worth $1,285,968 over the last 90 days. 0.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Chord Energy

A number of institutional investors have recently modified their holdings of the business. Citigroup Inc. lifted its stake in Chord Energy by 31.1% in the 3rd quarter. Citigroup Inc. now owns 111,590 shares of the company's stock worth $11,089,000 after purchasing an additional 26,499 shares in the last quarter. Phocas Financial Corp. lifted its stake in Chord Energy by 20.7% in the 4th quarter. Phocas Financial Corp. now owns 72,153 shares of the company's stock worth $6,689,000 after purchasing an additional 12,356 shares in the last quarter. New Age Alpha Advisors LLC lifted its stake in Chord Energy by 18.0% in the 4th quarter. New Age Alpha Advisors LLC now owns 55,284 shares of the company's stock worth $5,125,000 after purchasing an additional 8,437 shares in the last quarter. Unison Advisors LLC purchased a new stake in Chord Energy in the 4th quarter worth approximately $701,000. Finally, Picton Mahoney Asset Management lifted its stake in Chord Energy by 40.4% in the 3rd quarter. Picton Mahoney Asset Management now owns 50,008 shares of the company's stock worth $4,971,000 after purchasing an additional 14,395 shares in the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

About Chord Energy

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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