Zacks Research Downgrades Chord Energy (NASDAQ:CHRD) to Strong Sell

Key Points

• Zacks Research downgraded Chord Energy to “strong sell” from “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $152.54.
• Chord Energy shares opened at $137.58, while the company’s latest quarterly results showed $6.44 in earnings per share—slightly below estimates—alongside revenue of $2.17 billion, up 128.6% year over year.
• Insiders have been selling shares: executives and directors sold 15,495 shares worth about $2.11 million over the past 90 days, while institutional investors own 97.76% of the stock.

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

A number of other analysts have also commented on CHRD. Wall Street Zen lowered shares of Chord Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 27th. UBS Group lifted their price target on shares of Chord Energy from $153.00 to $171.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company reissued an "overweight" rating and set a $163.00 price target on shares of Chord Energy in a research report on Thursday. Williams Trading set a $189.00 price objective on shares of Chord Energy in a research note on Monday, April 20th. Finally, Mizuho upgraded Chord Energy to a "strong-buy" rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Chord Energy presently has an average rating of "Moderate Buy" and an average price target of $152.54.

Chord Energy Price Performance

CHRD opened at $137.58 on Tuesday. Chord Energy has a 12 month low of $84.25 and a 12 month high of $151.95. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18. The stock has a market cap of $7.53 billion, a P/E ratio of 9.22 and a beta of 0.48. The company has a fifty day simple moving average of $128.00 and a 200 day simple moving average of $126.50.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing the consensus estimate of $6.55 by ($0.11). The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The firm's quarterly revenue was up 128.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.79 EPS. On average, research analysts expect that Chord Energy will post 18.03 EPS for the current year.

Insiders Place Their Bets

In other Chord Energy news, EVP Shannon Browning Kinney sold 4,019 shares of Chord Energy stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total transaction of $562,660.00. Following the completion of the transaction, the executive vice president directly owned 13,560 shares of the company's stock, valued at $1,898,400. The trade was a 22.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas E. Brooks sold 8,000 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the completion of the transaction, the director owned 10,705 shares in the company, valued at approximately $1,425,263.70. This represents a 42.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 15,495 shares of company stock worth $2,113,942. Company insiders own 0.79% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its stake in shares of Chord Energy by 63.8% in the first quarter. Bessemer Group Inc. now owns 190 shares of the company's stock valued at $27,000 after buying an additional 74 shares during the period. V Square Quantitative Management LLC acquired a new stake in shares of Chord Energy during the 1st quarter worth $29,000. Root Financial Partners LLC grew its holdings in shares of Chord Energy by 178.6% during the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company's stock worth $33,000 after purchasing an additional 150 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Chord Energy by 330.9% in the second quarter. Versant Capital Management Inc now owns 237 shares of the company's stock worth $27,000 after purchasing an additional 182 shares during the period. Finally, WealthCollab LLC raised its stake in Chord Energy by 90.6% in 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. 97.76% of the stock is owned by institutional investors and hedge funds.

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.

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