Chord Energy (NASDAQ:CHRD – Get Free Report) was upgraded by research analysts at Wells Fargo & Company to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports.
Several other analysts have also weighed in on the company. Mizuho raised Chord Energy to a “strong-buy” rating in a report on Friday, July 31st. Morgan Stanley decreased their target price on Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. BMO Capital Markets reiterated an “outperform” rating on shares of Chord Energy in a report on Monday, June 29th. Zacks Research lowered Chord Energy from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 11th. Finally, Truist Financial reduced their price objective on Chord Energy from $170.00 to $166.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Chord Energy has an average rating of “Moderate Buy” and a consensus price target of $153.46.
Check Out Our Latest Research Report on Chord Energy
Chord Energy Price Performance
Chord Energy (NASDAQ:CHRD – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the company posted $1.79 EPS. The business’s revenue for the quarter was up 128.6% compared to the same quarter last year. As a group, research analysts anticipate that Chord Energy will post 18.61 earnings per share for the current fiscal year.
Insider Activity at Chord Energy
In related news, Director Samantha Mckinney sold 9,750 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the transaction, the director directly owned 7,280 shares in the company, valued at $1,091,563.20. This represents a 57.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas E. Brooks sold 8,000 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of the sale, the director directly owned 10,705 shares in the company, valued at $1,425,263.70. This represents a 42.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 23,969 shares of company stock worth $3,389,599 in the last 90 days. 0.79% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. increased its stake in shares of Chord Energy by 63.8% in the first quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock valued at $27,000 after purchasing an additional 74 shares during the period. Versant Capital Management Inc increased its position in Chord Energy by 330.9% in the 2nd quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock valued at $27,000 after acquiring an additional 182 shares during the period. V Square Quantitative Management LLC acquired a new stake in Chord Energy in the 1st quarter valued at approximately $29,000. WealthCollab LLC raised its stake in Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after acquiring an additional 145 shares in the last quarter. Finally, Root Financial Partners LLC boosted its position in Chord Energy by 178.6% during the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock worth $33,000 after acquiring an additional 150 shares during the period. Institutional investors 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.
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