Chord Energy (NASDAQ:CHRD) Stock Price Expected to Rise, Piper Sandler Analyst Says

Chord Energy (NASDAQ:CHRD) had its price target lifted by investment analysts at Piper Sandler from $158.00 to $190.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 53.91% from the stock’s previous close.

CHRD has been the topic of a number of other reports. William Blair started coverage on Chord Energy in a research report on Friday, November 21st. They set an “outperform” rating on the stock. Wells Fargo & Company reduced their price target on shares of Chord Energy from $113.00 to $109.00 and set an “overweight” rating for the company in a research report on Tuesday, January 27th. Weiss Ratings lowered shares of Chord Energy from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. UBS Group upped their price objective on shares of Chord Energy from $119.00 to $142.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Finally, Pickering Energy Partners lowered shares of Chord Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Chord Energy presently has an average rating of “Moderate Buy” and an average price target of $128.82.

Chord Energy Stock Performance

Shares of CHRD opened at $123.45 on Thursday. Chord Energy has a one year low of $79.83 and a one year high of $127.56. The company has a market cap of $7.02 billion, a PE ratio of 195.95 and a beta of 0.84. The stock has a 50-day moving average of $102.40 and a 200-day moving average of $98.26. 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 (NASDAQ:CHRD) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.03 billion. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The firm’s revenue for the quarter was down 19.6% on a year-over-year basis. During the same period in the prior year, the business earned $3.49 EPS. On average, equities research analysts predict that Chord Energy will post 15.59 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Douglas E. Brooks sold 2,126 shares of the firm’s 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 completion of the sale, the director owned 25,181 shares in the company, valued at approximately $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Shannon Browning Kinney sold 1,801 shares of Chord Energy stock in a transaction dated 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 sale, the executive vice president directly owned 20,188 shares in the company, valued at approximately $2,308,699.68. This represents a 8.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 8,927 shares of company stock valued at $1,029,978. 0.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CHRD. Citigroup Inc. lifted its holdings in Chord Energy by 31.1% during the third quarter. Citigroup Inc. now owns 111,590 shares of the company’s stock valued at $11,089,000 after purchasing an additional 26,499 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in Chord Energy during the third quarter worth about $91,434,000. Wedge Capital Management L L P NC purchased a new position in shares of Chord Energy in the third quarter worth about $13,092,000. AlphaQuest LLC increased its stake in shares of Chord Energy by 1,576.7% in the third quarter. AlphaQuest LLC now owns 27,933 shares of the company’s stock worth $2,776,000 after purchasing an additional 26,267 shares in the last quarter. Finally, Creative Planning raised its position in shares of Chord Energy by 37.5% in the second quarter. Creative Planning now owns 21,111 shares of the company’s stock valued at $2,045,000 after purchasing an additional 5,754 shares during the period. 97.76% of the stock is owned by institutional investors.

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.