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

Chord Energy (NASDAQ:CHRD) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on CHRD. Roth Mkm reaffirmed a “buy” rating and set a $140.00 target price (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. Wells Fargo & Company lifted their target price on shares of Chord Energy from $136.00 to $175.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Truist Financial cut their target price on shares of Chord Energy from $187.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Weiss Ratings raised shares of Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. Finally, Mizuho lifted their target price on shares of Chord Energy from $164.00 to $175.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Chord Energy presently has an average rating of “Moderate Buy” and a consensus price target of $157.54.

Chord Energy Price Performance

Shares of NASDAQ:CHRD opened at $138.25 on Tuesday. The company’s fifty day moving average price is $138.66 and its 200-day moving average price is $115.81. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of -122.35 and a beta of 0.48. Chord Energy has a one year low of $84.25 and a one year high of $151.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96.

Chord Energy (NASDAQ:CHRD) last posted its earnings results on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, topping the consensus estimate of $3.51 by $1.05. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The company’s quarterly revenue was up 37.1% compared to the same quarter last year. During the same period last year, the company posted $4.04 EPS. On average, equities research analysts anticipate that Chord Energy will post 20.53 earnings per share for the current fiscal year.

Insider Transactions at Chord Energy

In other Chord Energy news, Director Douglas E. Brooks sold 1,500 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $138.57, for a total value of $207,855.00. Following the sale, the director owned 18,705 shares in the company, valued at approximately $2,591,951.85. This represents a 7.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Darrin J. Henke sold 1,276 shares of Chord Energy stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $145.97, for a total transaction of $186,257.72. Following the completion of the transaction, the chief operating officer directly owned 21,157 shares of the company’s stock, valued at $3,088,287.29. This trade represents a 5.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 9,276 shares of company stock worth $1,285,968. Corporate insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its holdings in shares of Chord Energy by 5.4% during the third quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock valued at $314,661,000 after purchasing an additional 163,125 shares during the last quarter. Geode Capital Management LLC increased its holdings in Chord Energy by 15.6% during 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 increased its holdings in Chord Energy by 6.1% during 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. Dimensional Fund Advisors LP increased its holdings in Chord Energy by 27.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock valued at $220,078,000 after buying an additional 329,565 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Chord Energy by 18.4% during 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. 97.76% of the stock is 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.