Chord Energy (NASDAQ:CHRD) Rating Increased to Strong-Buy at Zacks Research

Chord Energy (NASDAQ:CHRD) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other analysts also recently issued reports on CHRD. Royal Bank Of Canada cut their target price on shares of Chord Energy from $135.00 to $128.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 13th. Truist Financial started coverage on shares of Chord Energy in a research note on Tuesday, March 24th. They set a “buy” rating and a $169.00 target price on the stock. UBS Group boosted their target price on shares of Chord Energy from $119.00 to $142.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Wells Fargo & Company upped their price target on shares of Chord Energy from $109.00 to $136.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Finally, Morgan Stanley raised shares of Chord Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $114.00 to $168.00 in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Chord Energy presently has a consensus rating of “Moderate Buy” and an average target price of $141.83.

Chord Energy Stock Performance

Shares of CHRD stock opened at $145.38 on Monday. The business has a 50 day simple moving average of $117.53 and a 200 day simple moving average of $101.94. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98. Chord Energy has a 12-month low of $79.83 and a 12-month high of $148.41. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of 230.76 and a beta of 0.66.

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 the consensus estimate of $1.17 by $0.11. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the business earned $3.49 EPS. The company’s revenue was down 19.6% on a year-over-year basis. On average, equities research analysts anticipate that Chord Energy will post 15.59 EPS for the current year.

Insider Buying and Selling at Chord Energy

In related news, Director Douglas E. Brooks sold 2,126 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $120.28, for a total transaction of $255,715.28. Following the sale, the director directly owned 25,181 shares of the company’s stock, valued at approximately $3,028,770.68. This represents a 7.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Lara J. Kroll sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total transaction of $568,300.00. Following the completion of the transaction, the chief accounting officer owned 8,921 shares in the company, valued at $1,013,960.86. This trade represents a 35.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 23,927 shares of company stock valued at $2,912,028 over the last 90 days. 0.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chord Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Chord Energy by 17.1% during the first 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 bought a new position in Chord Energy in the first quarter worth about $289,000. Prudential Financial Inc. raised its holdings in Chord Energy by 3.5% in the second quarter. Prudential Financial Inc. now owns 7,396 shares of the company’s stock worth $716,000 after purchasing an additional 253 shares in the last quarter. M&T Bank Corp raised its holdings in Chord Energy by 48.8% in the second quarter. M&T Bank Corp now owns 4,056 shares of the company’s stock worth $393,000 after purchasing an additional 1,330 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Chord Energy by 364.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company’s stock worth $151,000 after acquiring an additional 1,220 shares during the last quarter. Institutional investors 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.