Chord Energy (NASDAQ:CHRD) Shares Gap Down – Should You Sell?

Chord Energy Corporation (NASDAQ:CHRD)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $149.16, but opened at $136.88. Chord Energy shares last traded at $140.5960, with a volume of 98,244 shares changing hands.

Analyst Ratings Changes

CHRD has been the subject of several analyst reports. Pickering Energy Partners lowered Chord Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Royal Bank Of Canada dropped their target price on Chord Energy from $135.00 to $128.00 and set an “outperform” rating for the company in a research note on Tuesday, January 13th. UBS Group upped their target price on Chord Energy from $176.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday. Williams Trading set a $189.00 target price on Chord Energy in a research note on Monday, April 20th. Finally, Jefferies Financial Group set a $99.00 price target on Chord Energy in a research report on Saturday, January 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $156.15.

Chord Energy Stock Performance

The stock has a 50-day simple moving average of $131.32 and a 200-day simple moving average of $107.34. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.98. The stock has a market cap of $7.73 billion, a PE ratio of -120.74 and a beta of 0.52.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.51 by $1.05. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the previous year, the business earned $4.04 earnings per share. The firm’s quarterly revenue was up 37.1% compared to the same quarter last year. Equities analysts predict that Chord Energy Corporation will post 16.94 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be given a $1.30 dividend. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.8%. Chord Energy’s dividend payout ratio is presently -460.18%.

Insider Buying and Selling

In other news, EVP Michael H. Lou sold 15,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $125.47, for a total value of $1,882,050.00. Following the completion of the sale, the executive vice president 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Shannon Browning Kinney sold 1,801 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total value of $205,962.36. Following the completion of the sale, the executive vice president directly owned 20,188 shares of the company’s stock, valued at $2,308,699.68. The trade was a 8.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 23,927 shares of company stock worth $2,912,028 over the last three months. 0.79% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chord Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its position in shares of Chord Energy by 5.4% in the third quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock worth $314,661,000 after buying an additional 163,125 shares during the period. Geode Capital Management LLC boosted its position in shares of Chord Energy by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock worth $190,346,000 after buying an additional 277,588 shares during the period. Wellington Management Group LLP boosted its holdings in Chord Energy by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock valued at $167,743,000 after purchasing an additional 104,373 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Chord Energy by 27.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock valued at $220,078,000 after purchasing an additional 329,565 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Chord Energy by 18.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock valued at $115,305,000 after purchasing an additional 193,469 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.