Chord Energy (NASDAQ:CHRD) Rating Increased to Strong-Buy at Truist Financial

Chord Energy (NASDAQ:CHRD) was upgraded by Truist Financial to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on CHRD. Pickering Energy Partners cut shares of Chord Energy from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Royal Bank Of Canada dropped their target price on Chord Energy from $135.00 to $128.00 and set an “outperform” rating on the stock in a report on Tuesday, January 13th. Piper Sandler upped their target price on Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Weiss Ratings raised Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. Finally, Scotiabank reiterated a “sector perform” rating and set a $114.00 price target on shares of Chord Energy in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Chord Energy currently has an average rating of “Moderate Buy” and a consensus price target of $134.42.

Chord Energy Price Performance

Shares of NASDAQ CHRD opened at $136.99 on Monday. The stock has a market cap of $7.77 billion, a P/E ratio of 217.44 and a beta of 0.84. The firm’s 50-day simple moving average is $107.89 and its 200 day simple moving average is $99.23. Chord Energy has a fifty-two week low of $79.83 and a fifty-two week high of $138.88. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.03 billion. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. Chord Energy’s revenue was down 19.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.49 EPS. Equities analysts expect that Chord Energy will post 15.59 EPS for the current year.

Insider Buying and Selling

In other news, CAO Lara J. Kroll sold 5,000 shares of Chord Energy stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total value of $568,300.00. Following the transaction, the chief accounting officer directly owned 8,921 shares of the company’s stock, valued at $1,013,960.86. This trade represents a 35.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Shannon Browning Kinney sold 1,801 shares of Chord Energy stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total transaction of $205,962.36. Following the completion of the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,927 shares of company stock worth $2,912,028 in the last quarter. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chord Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in Chord Energy by 5.4% during the 3rd quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock valued at $314,661,000 after purchasing an additional 163,125 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Chord Energy by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock valued at $190,346,000 after purchasing an additional 277,588 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Chord Energy by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock worth $167,743,000 after buying an additional 104,373 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in shares of Chord Energy by 18.4% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock valued at $115,305,000 after buying an additional 193,469 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Chord Energy by 85.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock valued at $112,927,000 after buying an additional 561,899 shares in the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Company Profile

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.