Zacks Research Downgrades Chord Energy (NASDAQ:CHRD) to Hold

Chord Energy (NASDAQ:CHRD) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently commented on CHRD. Truist Financial reduced their price objective on shares of Chord Energy from $187.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Morgan Stanley increased their price objective on shares of Chord Energy from $168.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Weiss Ratings upgraded shares of Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 17th. Williams Trading set a $189.00 price target on shares of Chord Energy in a research report on Monday, April 20th. Finally, Citigroup raised their price target on shares of Chord Energy from $120.00 to $155.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 31st. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.54.

Chord Energy Trading Up 3.1%

NASDAQ CHRD opened at $138.25 on Tuesday. Chord Energy has a 12 month low of $84.25 and a 12 month high of $151.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of -122.35 and a beta of 0.48. The company’s fifty day moving average price is $138.66 and its two-hundred day moving average price is $115.81.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, beating analysts’ consensus estimates of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the firm posted $4.04 EPS. The firm’s revenue was up 37.1% compared to the same quarter last year. As a group, research analysts predict that Chord Energy will post 20.53 earnings per share for the current fiscal year.

Insider Transactions at Chord Energy

In related news, COO Darrin J. Henke sold 1,276 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the sale, the chief operating officer owned 21,157 shares of the company’s stock, valued at $3,088,287.29. This trade represents a 5.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas E. Brooks sold 1,500 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $138.57, for a total transaction of $207,855.00. Following the completion of the sale, the director directly owned 18,705 shares in the company, valued at approximately $2,591,951.85. This trade represents a 7.42% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 9,276 shares of company stock worth $1,285,968. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Chord Energy

Several large investors have recently bought and sold shares of CHRD. Orion Porfolio Solutions LLC increased 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 valued at $68,675,000 after buying an additional 698,680 shares during the period. Dimensional Fund Advisors LP increased its stake in Chord Energy by 85.6% during the 4th 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 during the period. AQR Capital Management LLC increased 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 valued at $71,110,000 after buying an additional 497,789 shares during the period. Jennison Associates LLC acquired a new position in shares of Chord Energy in the 1st quarter worth approximately $60,190,000. Finally, Barclays PLC grew its stake in shares of Chord Energy by 186.2% in the 3rd quarter. Barclays PLC now owns 501,170 shares of the company’s stock worth $49,801,000 after purchasing an additional 326,054 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

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.