Chord Energy (NASDAQ:CHRD) Hits New 1-Year High – Here’s What Happened

Shares of Chord Energy Corporation (NASDAQ:CHRD) reached a new 52-week high during trading on Friday. The stock traded as high as $157.23 and last traded at $157.5430, with a volume of 126,950 shares changing hands. The stock had previously closed at $150.48.

Wall Street Analysts Forecast Growth

CHRD has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Chord Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 10th. Weiss Ratings upgraded Chord Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. BMO Capital Markets reissued an “outperform” rating on shares of Chord Energy in a research note on Monday, June 29th. Citigroup upped their price target on Chord Energy from $130.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday, September 17th. Finally, Morgan Stanley raised their target price on Chord Energy from $169.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.54.

Chord Energy Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.15 and a current ratio of 1.22. The stock’s 50-day moving average price is $144.65 and its 200-day moving average price is $136.99. The company has a market capitalization of $8.66 billion, a price-to-earnings ratio of 10.63 and a beta of 0.59.

Chord Energy (NASDAQ:CHRD) last released its 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 analysts’ expectations of $1.62 billion. During the same quarter last year, the company posted $1.79 earnings per share. The business’s quarterly revenue was up 128.6% compared to the same quarter last year. As a group, equities research analysts expect that Chord Energy Corporation will post 22.30 earnings per share for the current year.

Chord Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were paid a $1.30 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.3%. Chord Energy’s payout ratio is currently 34.85%.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Kinney sold 4,019 shares of Chord Energy stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total transaction of $562,660.00. Following the completion of the sale, the executive vice president owned 13,560 shares of the company’s stock, valued at $1,898,400. This trade represents a 22.86% decrease in their position. The sale was disclosed in a 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 stock was 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 owned 7,280 shares of the company’s stock, valued at $1,091,563.20. The trade was a 57.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 23,969 shares of company stock valued at $3,389,599. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bessemer Group Inc. increased its stake in shares of Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after purchasing an additional 74 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Chord Energy in the 1st quarter valued at approximately $29,000. Alpine Bank Wealth Management acquired a new stake in Chord Energy during the 3rd quarter valued at approximately $29,000. Root Financial Partners LLC increased its holdings in Chord Energy by 178.6% in the first quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock worth $33,000 after purchasing an additional 150 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Chord Energy by 330.9% during the second quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock worth $27,000 after purchasing an additional 182 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Company Profile

Chord Energy Corporation is an independent exploration and production company focused on the development and operation of oil and natural gas properties in the United States. Its portfolio is concentrated in the Williston Basin, which spans parts of North Dakota and Montana. The company’s production mix includes crude oil, natural gas and natural gas liquids.

Chord’s operations include acquiring, developing and producing hydrocarbons from operated and non-operated wells, with an emphasis on drilling and completion activities in the Bakken and Three Forks formations.