UBS Group Cuts Chord Energy (NASDAQ:CHRD) Price Target to $123.00

Chord Energy (NASDAQ:CHRD) had its price objective dropped by analysts at UBS Group from $130.00 to $123.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 35.24% from the stock’s previous close.

CHRD has been the topic of several other research reports. Wall Street Zen lowered shares of Chord Energy from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Piper Sandler decreased their price target on Chord Energy from $169.00 to $167.00 and set an “overweight” rating for the company in a research note on Friday, October 3rd. Roth Capital began coverage on Chord Energy in a research note on Monday, October 13th. They issued a “buy” rating and a $130.00 price objective on the stock. Morgan Stanley reduced their target price on Chord Energy from $131.00 to $128.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. Finally, Mizuho dropped their price target on shares of Chord Energy from $152.00 to $142.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Ten investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Chord Energy has an average rating of “Moderate Buy” and an average target price of $137.85.

Chord Energy Stock Up 4.2%

NASDAQ CHRD traded up $3.69 on Wednesday, reaching $90.95. The stock had a trading volume of 14,618 shares, compared to its average volume of 834,951. The company has a current ratio of 1.35, a quick ratio of 1.28 and a debt-to-equity ratio of 0.18. Chord Energy has a 1 year low of $79.83 and a 1 year high of $134.54. The business has a 50 day moving average price of $96.64 and a 200 day moving average price of $99.40. The company has a market capitalization of $5.17 billion, a price-to-earnings ratio of 34.95 and a beta of 0.92.

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

Insider Activity

In related news, EVP Shannon Browning Kinney sold 3,019 shares of Chord Energy stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $105.43, for a total transaction of $318,293.17. Following the sale, the executive vice president directly owned 14,650 shares of the company’s stock, valued at $1,544,549.50. This trade represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Samantha Holroyd purchased 1,250 shares of the business’s stock in a transaction on Friday, November 7th. The stock was purchased at an average cost of $85.50 per share, with a total value of $106,875.00. Following the acquisition, the director owned 17,706 shares in the company, valued at approximately $1,513,863. This represents a 7.60% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chord Energy

A number of hedge funds have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA acquired a new stake in shares of Chord Energy during the 3rd quarter valued at about $91,434,000. Orion Porfolio Solutions LLC lifted its stake in Chord Energy by 6,714.2% during the second quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock worth $68,675,000 after purchasing an additional 698,680 shares during the period. AQR Capital Management LLC lifted its stake in Chord Energy by 210.5% during the second quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock worth $71,110,000 after purchasing an additional 497,789 shares during the period. Nuveen LLC acquired a new stake in Chord Energy during the first quarter valued at approximately $36,837,000. Finally, Adage Capital Partners GP L.L.C. grew its stake in shares of Chord Energy by 22.2% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company’s stock valued at $95,918,000 after purchasing an additional 180,000 shares during the period. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Company Profile

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.