Chord Energy (NASDAQ:CHRD) Shares Gap Down on Analyst Downgrade

Chord Energy Corporation (NASDAQ:CHRD)’s stock price gapped down before the market opened on Wednesday after Piper Sandler lowered their price target on the stock from $167.00 to $165.00. The stock had previously closed at $92.10, but opened at $88.15. Piper Sandler currently has an overweight rating on the stock. Chord Energy shares last traded at $90.7450, with a volume of 97,327 shares traded.

CHRD has been the subject of several other reports. Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 target price on shares of Chord Energy in a research note on Monday, October 6th. Scotiabank initiated coverage on Chord Energy in a research note on Friday, September 19th. They issued a “sector perform” rating and a $120.00 price objective for the company. Wells Fargo & Company upped their target price on shares of Chord Energy from $108.00 to $113.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Chord Energy in a report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Chord Energy from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $138.08.

Insider Activity at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,019 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $105.43, for a total transaction of $318,293.17. Following the sale, the executive vice president owned 14,650 shares of the company’s stock, valued at approximately $1,544,549.50. This trade represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Samantha Holroyd acquired 1,250 shares of Chord Energy stock in a transaction dated Friday, November 7th. The shares were bought at an average price of $85.50 per share, with a total value of $106,875.00. Following the transaction, the director directly owned 17,706 shares in the company, valued at approximately $1,513,863. The trade was a 7.60% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Chord Energy

Hedge funds have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA acquired a new stake in shares of Chord Energy during the third quarter worth about $91,434,000. Orion Porfolio Solutions LLC grew its stake in Chord Energy by 6,714.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock worth $68,675,000 after buying an additional 698,680 shares during the last quarter. AQR Capital Management LLC grew its stake in Chord Energy by 210.5% during the 2nd quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock worth $71,110,000 after buying an additional 497,789 shares during the last quarter. Nuveen LLC acquired a new position in Chord Energy during the first quarter worth approximately $36,837,000. Finally, Barclays PLC lifted its stake in Chord Energy by 186.2% in the third quarter. Barclays PLC now owns 501,170 shares of the company’s stock valued at $49,801,000 after buying an additional 326,054 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Price Performance

The company has a quick ratio of 1.28, a current ratio of 1.35 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of 34.95 and a beta of 0.92. The company has a fifty day moving average price of $95.29 and a two-hundred day moving average price of $99.34.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Tuesday, November 4th. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.24 by $0.11. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Chord Energy had a net margin of 3.31% and a return on equity of 8.27%. The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.40 EPS. On average, equities research analysts expect that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Wednesday, November 19th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend is Wednesday, November 19th. Chord Energy’s dividend payout ratio is presently 200.00%.

About Chord Energy

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.