Chord Energy (NASDAQ:CHRD) Upgraded to Strong-Buy at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Chord Energy (NASDAQ:CHRD) to a strong-buy rating in a research note issued to investors on Wednesday,Zacks reports.

A number of other equities research analysts also recently weighed in on CHRD. Morgan Stanley dropped their price target on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Weiss Ratings raised Chord Energy from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Seaport Research Partners began coverage on Chord Energy in a research note on Thursday. They set a “neutral” rating on the stock. Mizuho raised Chord Energy to a “strong-buy” rating in a report on Friday, July 31st. Finally, Truist Financial cut their target price on Chord Energy from $170.00 to $166.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Chord Energy currently has an average rating of “Moderate Buy” and a consensus target price of $153.46.

Chord Energy Price Performance

NASDAQ:CHRD opened at $149.58 on Wednesday. Chord Energy has a 52 week low of $84.25 and a 52 week high of $153.00. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.15 and a current ratio of 1.22. The firm’s 50-day simple moving average is $132.34 and its 200 day simple moving average is $131.28. The firm has a market cap of $8.18 billion, a price-to-earnings ratio of 10.03 and a beta of 0.50.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data 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 business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the firm earned $1.79 EPS. The business’s revenue for the quarter was up 128.6% on a year-over-year basis. As a group, sell-side analysts predict that Chord Energy will post 18.61 earnings per share for the current year.

Chord Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Thursday, August 20th. Chord Energy’s dividend payout ratio (DPR) is presently 34.85%.

Insider Activity at Chord Energy

In related news, EVP Shannon Browning Kinney sold 4,019 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total transaction of $562,660.00. Following the completion of the transaction, the executive vice president directly owned 13,560 shares in the company, valued at $1,898,400. This represents a 22.86% decrease in their position. The transaction was disclosed in a document filed 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 that occurred on Friday, August 7th. The shares were sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the completion of the transaction, the director directly owned 10,705 shares of the company’s stock, valued at approximately $1,425,263.70. The trade was a 42.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 23,969 shares of company stock valued at $3,389,599. 0.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CHRD. Bessemer Group Inc. grew its position in Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after acquiring an additional 74 shares during the last quarter. Blue Trust Inc. raised its position in Chord Energy by 22.2% in the first quarter. Blue Trust Inc. now owns 463 shares of the company’s stock valued at $66,000 after purchasing an additional 84 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Chord Energy by 16.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 797 shares of the company’s stock valued at $74,000 after purchasing an additional 113 shares during the last quarter. Concurrent Investment Advisors LLC boosted its stake in shares of Chord Energy by 3.6% during the second quarter. Concurrent Investment Advisors LLC now owns 3,514 shares of the company’s stock valued at $402,000 after purchasing an additional 121 shares in the last quarter. Finally, WealthCollab LLC boosted its stake in shares of Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after purchasing an additional 145 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors.

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.