Chord Energy (NASDAQ:CHRD) Shares Gap Down – What’s Next?

Chord Energy Corporation (NASDAQ:CHRD) gapped down prior to trading on Wednesday . The stock had previously closed at $145.38, but opened at $131.03. Chord Energy shares last traded at $133.09, with a volume of 676,414 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CHRD shares. Mizuho set a $148.00 price target on Chord Energy in a research report on Friday, January 9th. Wells Fargo & Company lifted their price target on Chord Energy from $109.00 to $136.00 and gave the company an “overweight” rating in a research report on Monday, March 16th. Piper Sandler lifted their price target on Chord Energy from $158.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Pickering Energy Partners cut Chord Energy from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Finally, Wall Street Zen upgraded Chord Energy from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Chord Energy presently has an average rating of “Moderate Buy” and an average target price of $141.83.

Chord Energy Stock Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98. The company has a 50 day simple moving average of $117.53 and a 200-day simple moving average of $101.94. The stock has a market cap of $7.50 billion, a P/E ratio of 209.90 and a beta of 0.66.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share (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 firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the company posted $3.49 earnings per share. The company’s revenue was down 19.6% compared to the same quarter last year. On average, equities analysts expect that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Thursday, March 12th were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $5.20 annualized dividend and a yield of 3.9%. Chord Energy’s payout ratio is 825.40%.

Insider Transactions at Chord Energy

In other Chord Energy news, CAO Lara J. Kroll sold 5,000 shares of Chord Energy stock in a transaction dated 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 sale, the chief accounting officer owned 8,921 shares of the company’s stock, valued at $1,013,960.86. The trade was a 35.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas E. Brooks sold 2,126 shares of Chord Energy stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $120.28, for a total value of $255,715.28. Following the sale, the director directly owned 25,181 shares of the company’s stock, valued at approximately $3,028,770.68. This trade represents a 7.79% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 23,927 shares of company stock worth $2,912,028. 0.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chord Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC lifted its stake in shares of Chord Energy by 169.1% in the 4th quarter. Hsbc Holdings PLC now owns 164,220 shares of the company’s stock valued at $15,138,000 after acquiring an additional 103,202 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Chord Energy by 213.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company’s stock valued at $47,000 after acquiring an additional 341 shares during the last quarter. World Investment Advisors bought a new stake in shares of Chord Energy in the 4th quarter valued at about $408,000. Sankala Group LLC bought a new stake in shares of Chord Energy in the 4th quarter valued at about $57,000. Finally, MidFirst Bank bought a new stake in shares of Chord Energy in the 4th quarter valued at about $115,000. Institutional investors own 97.76% of the company’s stock.

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.