Chord Energy (NASDAQ:CHRD) Rating Increased to Strong-Buy at Wells Fargo & Company

Chord Energy (NASDAQ:CHRD) was upgraded by Wells Fargo & Company to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

A number of other research analysts also recently issued reports on the company. Roth Capital restated a “buy” rating and set a $145.00 price target on shares of Chord Energy in a research note on Wednesday, July 15th. BMO Capital Markets restated an “outperform” rating on shares of Chord Energy in a research report on Monday, June 29th. UBS Group raised their price target on Chord Energy from $153.00 to $171.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings raised shares of Chord Energy from a “hold (c-)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, Citigroup dropped their price target on Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $153.46.

Chord Energy Trading Down 0.6%

Shares of Chord Energy stock opened at $149.58 on Wednesday. The company has a fifty day simple moving average of $132.34 and a 200-day simple moving average of $131.28. Chord Energy has a 12-month low of $84.25 and a 12-month high of $153.00. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18. The stock has a market cap of $8.18 billion, a price-to-earnings ratio of 10.03 and a beta of 0.50.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing the consensus estimate of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the prior year, the business earned $1.79 earnings per share. Chord Energy’s revenue was up 128.6% compared to the same quarter last year. On average, equities analysts forecast that Chord Energy will post 18.61 EPS for the current fiscal year.

Insider Activity

In other Chord Energy news, Director Douglas E. Brooks sold 8,000 shares of Chord Energy stock in a transaction that occurred 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 transaction, the director directly owned 10,705 shares of the company’s stock, valued at $1,425,263.70. The trade was a 42.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Samantha Mckinney sold 9,750 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total value of $1,461,915.00. Following the completion of the sale, the director owned 7,280 shares of the company’s stock, valued at approximately $1,091,563.20. This represents a 57.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 23,969 shares of company stock valued at $3,389,599 in the last ninety days. Company insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. New Age Alpha Advisors LLC boosted its position 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 valued at $5,125,000 after buying an additional 8,437 shares during the last quarter. Bank of America Corp DE boosted its holdings in Chord Energy by 8.4% in the first quarter. Bank of America Corp DE now owns 238,068 shares of the company’s stock valued at $33,849,000 after purchasing an additional 18,399 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in Chord Energy in the fourth quarter valued at about $6,489,000. LSV Asset Management grew its stake in Chord Energy by 269.0% during the 4th quarter. LSV Asset Management now owns 149,385 shares of the company’s stock valued at $13,848,000 after purchasing an additional 108,900 shares in the last quarter. Finally, Fox Run Management L.L.C. grew its stake in Chord Energy by 122.8% during the 4th quarter. Fox Run Management L.L.C. now owns 16,689 shares of the company’s stock valued at $1,547,000 after purchasing an additional 9,199 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.