Chord Energy (NASDAQ:CHRD) Sets New 1-Year High After Analyst Upgrade

Chord Energy Corporation (NASDAQ:CHRD)’s stock price hit a new 52-week high during trading on Thursday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $154.00 and last traded at $150.5940, with a volume of 44080 shares changing hands. The stock had previously closed at $149.49.

Other equities analysts have also issued research reports about the stock. Citigroup decreased their price target on shares of Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a report on Friday, July 10th. Morgan Stanley dropped their price objective on Chord Energy from $175.00 to $169.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Mizuho upgraded Chord Energy to a “strong-buy” rating in a report on Friday, July 31st. Truist Financial reduced their target price on Chord Energy from $170.00 to $166.00 and set a “buy” rating on the stock in a report on Monday, August 10th. Finally, Stifel Nicolaus initiated coverage on Chord Energy in a research note on Thursday. They issued a “buy” rating and a $182.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.50.

Insider Activity

In related news, Director Douglas E. Brooks sold 8,000 shares of the firm’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 sale, the director directly owned 10,705 shares in the company, valued at $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the sale, the director directly owned 7,280 shares in the company, valued at $1,091,563.20. This represents a 57.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 23,969 shares of company stock worth $3,389,599 over the last quarter. 0.79% of the stock is currently owned by company insiders.

Institutional Trading of Chord Energy

Several hedge funds and other institutional investors have recently modified their holdings of CHRD. Core Capital Management & Research inc. acquired a new position in shares of Chord Energy during the second quarter worth about $668,000. Sequoia Financial Advisors LLC grew its holdings in shares of Chord Energy by 24.2% during the second quarter. Sequoia Financial Advisors LLC now owns 5,107 shares of the company’s stock worth $584,000 after buying an additional 994 shares in the last quarter. Tidal Investments LLC raised its position in Chord Energy by 299.2% in the 2nd quarter. Tidal Investments LLC now owns 29,843 shares of the company’s stock valued at $3,411,000 after buying an additional 22,368 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Chord Energy in the 2nd quarter valued at approximately $8,004,000. Finally, Allworth Financial LP lifted its stake in Chord Energy by 16.6% in the 2nd quarter. Allworth Financial LP now owns 1,189 shares of the company’s stock valued at $136,000 after acquiring an additional 169 shares in the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Price Performance

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 company has a 50 day simple moving average of $137.09 and a 200 day simple moving average of $133.33. The stock has a market cap of $8.31 billion, a P/E ratio of 10.19 and a beta of 0.50.

Chord Energy (NASDAQ:CHRD) last issued 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). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period 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. Sell-side analysts forecast that Chord Energy Corporation will post 19.33 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Thursday, August 20th were given a $1.30 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 3.4%. Chord Energy’s dividend payout ratio (DPR) is 34.85%.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company’s activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord’s portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.