Chord Energy (NASDAQ:CHRD) Issues Earnings Results, Misses Expectations By $0.11 EPS

Chord Energy (NASDAQ:CHRD) released its earnings results on Wednesday. The company reported $6.44 earnings per share for the quarter, missing the consensus estimate of $6.55 by ($0.11), Zacks reports. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. Chord Energy’s quarterly revenue was up 128.6% on a year-over-year basis. During the same period last year, the business posted $1.79 earnings per share.

Chord Energy Stock Down 5.1%

NASDAQ CHRD traded down $6.94 during trading hours on Wednesday, reaching $129.95. 920,161 shares of the company’s stock were exchanged, compared to its average volume of 911,514. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of -115.00 and a beta of 0.48. The company’s 50-day moving average is $128.14 and its two-hundred day moving average is $124.74. Chord Energy has a one year low of $84.25 and a one year high of $151.95.

Insider Buying and Selling

In other news, Director Douglas E. Brooks sold 3,500 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $136.71, for a total transaction of $478,485.00. Following the completion of the sale, the director owned 20,205 shares of the company’s stock, valued at $2,762,225.55. This represents a 14.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Darrin J. Henke sold 1,276 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was 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 approximately $3,088,287.29. The trade was a 5.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 9,276 shares of company stock worth $1,285,968. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Chord Energy

Large investors have recently added to or reduced their stakes in the company. WealthCollab LLC raised its stake in shares of Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after purchasing an additional 145 shares during the period. Triumph Capital Management acquired a new position in shares of Chord Energy during the third quarter worth about $56,000. UMB Bank n.a. grew its holdings in shares of Chord Energy by 78.2% during the fourth quarter. UMB Bank n.a. now owns 729 shares of the company’s stock worth $68,000 after buying an additional 320 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Chord Energy by 43.0% during the third quarter. Larson Financial Group LLC now owns 791 shares of the company’s stock worth $79,000 after buying an additional 238 shares in the last quarter. Finally, Quarry LP raised its position in Chord Energy by 74.7% in the 4th quarter. Quarry LP now owns 1,027 shares of the company’s stock valued at $95,000 after buying an additional 439 shares during the last quarter. Institutional investors own 97.76% of the company’s stock.

Wall Street Analysts Forecast Growth

CHRD has been the subject of several recent analyst reports. UBS Group lowered their target price on shares of Chord Energy from $179.00 to $153.00 and set a “buy” rating for the company in a research note on Friday, July 10th. BMO Capital Markets reissued an “outperform” rating on shares of Chord Energy in a report on Monday, June 29th. Morgan Stanley lowered their price objective on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Roth Capital reaffirmed a “buy” rating and set a $145.00 price objective on shares of Chord Energy in a research note on Wednesday, July 15th. Finally, Truist Financial reduced their target price on Chord Energy from $185.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $152.38.

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.