Chord Energy (NASDAQ:CHRD) Raised to Overweight at Morgan Stanley

Chord Energy (NASDAQ:CHRD) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Friday, MarketBeat reports. The firm presently has a $168.00 price target on the stock. Morgan Stanley’s target price points to a potential upside of 16.71% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Royal Bank Of Canada dropped their price target on Chord Energy from $135.00 to $128.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 13th. Wells Fargo & Company increased their target price on Chord Energy from $109.00 to $136.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Piper Sandler raised their target price on shares of Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Jefferies Financial Group set a $99.00 price target on shares of Chord Energy in a research note on Saturday, January 17th. Finally, Mizuho set a $148.00 price target on shares of Chord Energy in a report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $138.92.

Chord Energy Price Performance

Shares of CHRD stock opened at $143.95 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. Chord Energy has a 12-month low of $79.83 and a 12-month high of $144.42. The firm has a fifty day moving average of $109.81 and a 200-day moving average of $99.81. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of 228.49 and a beta of 0.84.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the business posted $3.49 EPS. The firm’s revenue was down 19.6% compared to the same quarter last year. On average, equities research analysts forecast that Chord Energy will post 15.59 earnings per share for the current year.

Insider Transactions at Chord Energy

In other Chord Energy news, CAO Lara J. Kroll sold 5,000 shares of the company’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 completion of the transaction, the chief accounting officer owned 8,921 shares of the company’s stock, valued at $1,013,960.86. This represents a 35.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael H. Lou sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $125.47, for a total transaction of $1,882,050.00. Following the transaction, the executive vice president directly owned 82,699 shares of the company’s stock, valued at $10,376,243.53. This represents a 15.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 23,927 shares of company stock worth $2,912,028 in the last 90 days. 0.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chord Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHRD. WealthCollab LLC boosted its stake 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 buying an additional 145 shares during the last quarter. Quent Capital LLC acquired a new stake in shares of Chord Energy in the third quarter valued at about $32,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Chord Energy in the third quarter valued at about $46,000. Rockefeller Capital Management L.P. raised its holdings in Chord Energy by 213.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company’s stock worth $47,000 after acquiring an additional 341 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its holdings in Chord Energy by 360.3% during the fourth quarter. TD Private Client Wealth LLC now owns 580 shares of the company’s stock worth $54,000 after acquiring an additional 454 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Company Profile

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.