Chord Energy (NASDAQ:CHRD) Issues Earnings Results, Beats Expectations By $0.11 EPS

Chord Energy (NASDAQ:CHRD) released its quarterly earnings data on Wednesday. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.11, Zacks reports. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Chord Energy had a net margin of 3.31% and a return on equity of 8.27%. The firm’s quarterly revenue was down 19.6% on a year-over-year basis. During the same period in the previous year, the company earned $3.49 EPS.

Chord Energy Stock Performance

CHRD opened at $103.70 on Thursday. The company has a market cap of $5.90 billion, a P/E ratio of 39.88 and a beta of 0.92. The company has a quick ratio of 1.28, a current ratio of 1.35 and a debt-to-equity ratio of 0.18. The firm’s 50-day moving average price is $96.22 and its 200-day moving average price is $96.99. Chord Energy has a 52-week low of $79.83 and a 52-week high of $116.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CHRD shares. Jefferies Financial Group set a $99.00 price target on Chord Energy in a research report on Saturday, January 17th. UBS Group reduced their price target on shares of Chord Energy from $123.00 to $119.00 and set a “buy” rating for the company in a report on Friday, January 9th. Piper Sandler lowered their price target on shares of Chord Energy from $160.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, February 11th. Zacks Research lowered shares of Chord Energy from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. Finally, Mizuho set a $148.00 target price on Chord Energy in a report on Friday, January 9th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $123.92.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CHRD. WealthCollab LLC lifted its holdings in shares of Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after acquiring an additional 145 shares during the period. Merit Financial Group LLC increased its position in Chord Energy by 1.8% during the third quarter. Merit Financial Group LLC now owns 11,997 shares of the company’s stock worth $1,192,000 after purchasing an additional 216 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of Chord Energy by 43.0% in the 3rd quarter. Larson Financial Group LLC now owns 791 shares of the company’s stock valued at $79,000 after purchasing an additional 238 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Chord Energy by 2.1% during the 3rd quarter. Vident Advisory LLC now owns 12,511 shares of the company’s stock valued at $1,243,000 after buying an additional 261 shares during the period. Finally, Parallel Advisors LLC increased its holdings in shares of Chord Energy by 20.5% during the 4th quarter. Parallel Advisors LLC now owns 1,789 shares of the company’s stock worth $166,000 after buying an additional 304 shares during the last quarter. Hedge funds and other 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.