Chord Energy (NASDAQ:CHRD) Raised to Buy at Wall Street Zen

Chord Energy (NASDAQ:CHRD) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

A number of other brokerages have also commented on CHRD. Wells Fargo & Company increased their price objective on shares of Chord Energy from $136.00 to $175.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Scotiabank increased their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Truist Financial reduced their target price on shares of Chord Energy from $187.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday. Williams Trading set a $189.00 target price on shares of Chord Energy in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.15.

Chord Energy Price Performance

Shares of NASDAQ:CHRD opened at $136.44 on Friday. Chord Energy has a 12 month low of $84.25 and a 12 month high of $150.50. The company’s 50-day moving average price is $131.32 and its two-hundred day moving average price is $107.34. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.18. The firm has a market cap of $7.68 billion, a P/E ratio of -120.74 and a beta of 0.52.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, topping analysts’ consensus estimates of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the firm earned $4.04 EPS. The company’s revenue was up 37.1% on a year-over-year basis. As a group, research analysts forecast that Chord Energy will post 17.51 EPS for the current fiscal year.

Insider Activity at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,801 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the sale, the executive vice president directly owned 20,188 shares in the company, valued at approximately $2,308,699.68. This trade represents a 8.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Douglas E. Brooks sold 2,126 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $120.28, for a total transaction of $255,715.28. Following the sale, the director owned 25,181 shares in the company, valued at $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 23,927 shares of company stock valued at $2,912,028. Corporate insiders own 0.79% of the company’s stock.

Institutional Trading of Chord Energy

Several hedge funds have recently bought and sold shares of CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Chord Energy by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company’s stock worth $13,973,000 after buying an additional 18,137 shares during the period. Focus Partners Wealth acquired a new stake in Chord Energy during the 1st quarter worth approximately $289,000. EverSource Wealth Advisors LLC raised its holdings in Chord Energy by 364.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company’s stock worth $151,000 after buying an additional 1,220 shares during the period. Jump Financial LLC acquired a new stake in Chord Energy during the 2nd quarter worth approximately $1,010,000. Finally, Gamco Investors INC. ET AL raised its holdings in Chord Energy by 108.5% during the 2nd quarter. Gamco Investors INC. ET AL now owns 10,429 shares of the company’s stock worth $1,010,000 after buying an additional 5,428 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

About Chord Energy

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.