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

Chord Energy (NASDAQ:CHRD) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on CHRD. BMO Capital Markets reiterated an “outperform” rating on shares of Chord Energy in a research report on Monday, June 29th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $163.00 price target on shares of Chord Energy in a research note on Thursday. Morgan Stanley cut their price objective on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. UBS Group raised their target price on Chord Energy from $153.00 to $171.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Williams Trading set a $189.00 target price on Chord Energy in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Chord Energy currently has a consensus rating of “Moderate Buy” and an average target price of $152.54.

Chord Energy Stock Performance

Shares of CHRD stock opened at $137.58 on Tuesday. The business’s 50-day moving average price is $128.00 and its 200-day moving average price is $126.50. Chord Energy has a 12 month low of $84.25 and a 12 month high of $151.95. The firm has a market capitalization of $7.53 billion, a price-to-earnings ratio of 9.22 and a beta of 0.48. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.Chord Energy’s revenue for the quarter was up 128.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.79 EPS. Equities research analysts forecast that Chord Energy will post 18.03 EPS for the current year.

Insiders Place Their Bets

In other Chord Energy news, Director Samantha Mckinney sold 2,200 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $136.32, for a total transaction of $299,904.00. Following the completion of the transaction, the director owned 17,030 shares in the company, valued at $2,321,529.60. This trade represents a 11.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Shannon Browning Kinney sold 4,019 shares of Chord Energy stock in a transaction dated Tuesday, August 11th. The stock was 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 owned 13,560 shares of the company’s stock, valued at $1,898,400. The trade was a 22.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 15,495 shares of company stock valued at $2,113,942. 0.79% of the stock is currently owned by company insiders.

Institutional Trading of Chord Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Globeflex Capital L P purchased a new stake in shares of Chord Energy in the 2nd quarter valued at about $585,000. Ninepoint Partners LP bought a new position in shares of Chord Energy in the second quarter worth approximately $5,144,000. Foster & Motley Inc. purchased a new stake in Chord Energy in the second quarter valued at approximately $695,000. Bank of New York Mellon Corp bought a new stake in Chord Energy during the second quarter valued at approximately $66,489,000. Finally, Assenagon Asset Management S.A. bought a new stake in Chord Energy during the second quarter valued at approximately $24,670,000. Institutional investors own 97.76% of the company’s stock.

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.