Chord Energy (NASDAQ:CHRD) Posts Quarterly Earnings Results, Beats Estimates By $1.07 EPS

Chord Energy (NASDAQ:CHRDGet Free Report) posted its quarterly earnings data on Tuesday. The company reported $4.56 EPS for the quarter, beating the consensus estimate of $3.49 by $1.07, FiscalAI reports. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter last year, the firm posted $4.04 earnings per share. The business’s revenue for the quarter was up 37.1% compared to the same quarter last year.

Chord Energy Stock Down 0.1%

NASDAQ:CHRD traded down $0.09 during mid-day trading on Tuesday, hitting $149.16. The stock had a trading volume of 709,287 shares, compared to its average volume of 992,342. The stock has a 50-day simple moving average of $129.95 and a two-hundred day simple moving average of $106.64. The company has a market capitalization of $8.46 billion, a PE ratio of 236.76 and a beta of 0.52. Chord Energy has a twelve month low of $84.25 and a twelve month high of $150.50. The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Thursday, March 12th were issued a $1.30 dividend. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $5.20 annualized dividend and a yield of 3.5%. Chord Energy’s dividend payout ratio (DPR) is 825.40%.

Insider Activity

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,801 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the sale, the executive vice president owned 20,188 shares of the company’s stock, valued at approximately $2,308,699.68. This trade represents a 8.19% 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, CAO Lara J. Kroll sold 5,000 shares of the firm’s 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 sale, the chief accounting officer directly owned 8,921 shares in the company, valued at approximately $1,013,960.86. The trade was a 35.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,927 shares of company stock worth $2,912,028 in the last ninety days. 0.79% of the stock is owned by insiders.

Institutional Trading of Chord Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its holdings in Chord Energy by 23.6% during the fourth quarter. Invesco Ltd. now owns 318,448 shares of the company’s stock worth $29,520,000 after purchasing an additional 60,806 shares in the last quarter. Alberta Investment Management Corp acquired a new stake in Chord Energy during the fourth quarter worth approximately $1,381,000. Vident Advisory LLC raised its holdings in Chord Energy by 15.6% during the fourth quarter. Vident Advisory LLC now owns 14,464 shares of the company’s stock worth $1,341,000 after purchasing an additional 1,953 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in Chord Energy during the fourth quarter worth approximately $295,000. Finally, NewEdge Advisors LLC raised its holdings in Chord Energy by 1,050.4% during the fourth quarter. NewEdge Advisors LLC now owns 2,830 shares of the company’s stock worth $262,000 after purchasing an additional 2,584 shares in the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CHRD. Piper Sandler raised their price objective on shares of Chord Energy from $158.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Pickering Energy Partners cut shares of Chord Energy from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Wall Street Zen raised shares of Chord Energy from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. UBS Group raised their target price on shares of Chord Energy from $119.00 to $142.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Finally, Zacks Research raised shares of Chord Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $152.23.

Read Our Latest Stock Analysis on Chord Energy

Chord Energy Company Profile

(Get Free Report)

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.

See Also

Earnings History for Chord Energy (NASDAQ:CHRD)

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