Chord Energy (NASDAQ:CHRD) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Chord Energy (NASDAQ:CHRD) from a strong sell rating to a hold rating in a report issued on Wednesday morning,Zacks reports.

A number of other equities research analysts have also recently issued reports on the stock. Truist Financial reduced their target price on shares of Chord Energy from $170.00 to $166.00 and set a “buy” rating for the company in a research report on Monday, August 10th. BMO Capital Markets reiterated an “outperform” rating on shares of Chord Energy in a research note on Monday, June 29th. Mizuho upgraded shares of Chord Energy to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings raised Chord Energy from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Roth Capital reissued a “buy” rating and issued a $145.00 price objective on shares of Chord Energy in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $155.50.

Chord Energy Stock Performance

Shares of NASDAQ CHRD opened at $151.82 on Wednesday. The stock has a 50 day moving average of $136.32 and a 200-day moving average of $133.20. Chord Energy has a 12 month low of $84.25 and a 12 month high of $154.00. The company has a market capitalization of $8.30 billion, a P/E ratio of 10.18 and a beta of 0.50. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing the consensus estimate of $6.55 by ($0.11). The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. Chord Energy’s revenue for the quarter was up 128.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.79 earnings per share. As a group, equities research analysts predict that Chord Energy will post 19.33 EPS for the current year.

Chord Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Thursday, August 20th were issued a $1.30 dividend. The ex-dividend date was Thursday, August 20th. This represents a $5.20 annualized dividend and a yield of 3.4%. Chord Energy’s dividend payout ratio is presently 34.85%.

Insider Buying and Selling at Chord Energy

In other Chord Energy news, EVP Shannon Kinney sold 4,019 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total value 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 approximately $1,898,400. This trade represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through 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 sale, the director owned 7,280 shares of the company’s stock, valued at $1,091,563.20. This trade represents a 57.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 23,969 shares of company stock valued at $3,389,599. Company insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CHRD. Bessemer Group Inc. boosted its position in Chord Energy by 63.8% in the first 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. Versant Capital Management Inc boosted its position in 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. V Square Quantitative Management LLC purchased a new position in Chord Energy in the 1st quarter valued at approximately $29,000. WealthCollab LLC raised its stake in shares of Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after purchasing an additional 145 shares during the period. Finally, Root Financial Partners LLC increased its position in shares of Chord Energy by 178.6% during the first quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock valued at $33,000 after buying an additional 150 shares during the period. 97.76% of the stock is owned by institutional investors.

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.