Chord Energy (NASDAQ:CHRD) Stock Breaks Above Fifty Day Moving Average – What’s Next?

Chord Energy Corporation (NASDAQ:CHRD)’s share price passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $144.89 and traded as high as $148.21. Chord Energy shares last traded at $147.05, with a volume of 515,077 shares traded.

Analyst Upgrades and Downgrades

CHRD has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their target price on Chord Energy from $133.00 to $150.00 and gave the stock a “hold” rating in a report on Friday, September 18th. Wall Street Zen lowered Chord Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 7th. Seaport Research Partners assumed coverage on shares of Chord Energy in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. Scotiabank began coverage on Chord Energy in a research note on Wednesday, October 14th. They issued a “sector outperform” rating and a $192.00 price objective for the company. Finally, Zacks Research raised shares of Chord Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $174.69.

Chord Energy Trading Up 2.5%

The company has a quick ratio of 1.29, a current ratio of 1.34 and a debt-to-equity ratio of 0.18. The stock’s 50 day moving average is $144.89 and its 200-day moving average is $132.80. The company has a market cap of $7.82 billion, a PE ratio of 9.22 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $6.08 EPS for the quarter, topping analysts’ consensus estimates of $5.68 by $0.40. Chord Energy had a net margin of 13.40% and a return on equity of 12.54%. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the company posted $2.35 EPS. The business’s revenue was up 30.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Chord Energy Corporation will post 23.38 EPS for the current year.

Chord Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 7th. Stockholders of record on Thursday, November 19th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Thursday, November 19th. Chord Energy’s dividend payout ratio is currently 32.60%.

Insider Activity at Chord Energy

In related news, Director Samantha Mckinney sold 9,750 shares of Chord Energy stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total value of $1,461,915.00. Following the completion of the transaction, the director owned 7,280 shares in the company, valued at approximately $1,091,563.20. This trade represents a 57.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Chord Energy by 27.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock valued at $220,078,000 after purchasing an additional 329,565 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Chord Energy by 1.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 734,416 shares of the company’s stock valued at $100,586,000 after purchasing an additional 7,250 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Chord Energy during the 2nd quarter valued at approximately $66,489,000. First Trust Advisors LP increased its position in shares of Chord Energy by 98.2% during the 1st quarter. First Trust Advisors LP now owns 579,920 shares of the company’s stock valued at $82,453,000 after purchasing an additional 287,340 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Chord Energy by 178.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 424,841 shares of the company’s stock valued at $60,404,000 after buying an additional 272,349 shares during the period. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Company Profile

Chord Energy Corporation is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its operations are concentrated in the Williston Basin, primarily in North Dakota and Montana, where it develops resources in the Bakken and Three Forks formations. The company’s production includes crude oil, natural gas liquids and natural gas. Chord Energy was formed in 2022 through the combination of Oasis Petroleum and Whiting Petroleum, bringing together their Williston Basin operations.