Chord Energy (NASDAQ:CHRD) Hits New 52-Week High – Here’s Why

Chord Energy Corporation (NASDAQ:CHRD)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $154.00 and last traded at $150.5940, with a volume of 44080 shares changing hands. The stock had previously closed at $149.49.

Analyst Ratings Changes

A number of research firms have commented on CHRD. Seaport Research Partners assumed coverage on shares of Chord Energy in a research report on Thursday, September 3rd. They set a “neutral” rating for the company. Citigroup cut their target price on shares of Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a research note on Friday, July 10th. Morgan Stanley reduced their target price on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a report on Monday, June 29th. Mizuho upgraded shares of Chord Energy to a “strong-buy” rating in a research note on Friday, July 31st. Finally, Weiss Ratings raised shares of Chord Energy from a “hold (c-)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.50.

Chord Energy Price Performance

The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $135.55 and its 200 day moving average is $132.88. The firm has a market capitalization of $8.21 billion, a price-to-earnings ratio of 10.04 and a beta of 0.50.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). The business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.Chord Energy’s revenue was up 128.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.79 earnings per share. On average, equities research analysts anticipate that Chord Energy Corporation will post 19.33 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were issued a dividend of $1.30 per share. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.5%. Chord Energy’s dividend payout ratio (DPR) is currently 34.85%.

Insider Activity at Chord Energy

In other Chord Energy news, Director Douglas E. Brooks sold 8,000 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the transaction, the director owned 10,705 shares in the company, valued at $1,425,263.70. This trade represents a 42.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Shannon Kinney sold 4,019 shares of Chord Energy stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total value of $562,660.00. Following the completion of the transaction, the executive vice president directly owned 13,560 shares of the company’s stock, valued at $1,898,400. This represents a 22.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 23,969 shares of company stock worth $3,389,599. Company insiders own 0.79% of the company’s stock.

Institutional Trading of Chord Energy

Large investors have recently modified their holdings of the stock. New Age Alpha Advisors LLC raised its holdings in Chord Energy by 18.0% in the 4th quarter. New Age Alpha Advisors LLC now owns 55,284 shares of the company’s stock valued at $5,125,000 after buying an additional 8,437 shares during the last quarter. Bank of America Corp DE grew its holdings in Chord Energy by 8.4% during the 1st quarter. Bank of America Corp DE now owns 238,068 shares of the company’s stock worth $33,849,000 after acquiring an additional 18,399 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in Chord Energy in the 4th quarter valued at approximately $6,489,000. LSV Asset Management increased its position in Chord Energy by 269.0% in the 4th quarter. LSV Asset Management now owns 149,385 shares of the company’s stock valued at $13,848,000 after acquiring an additional 108,900 shares during the period. Finally, Fox Run Management L.L.C. increased its position in Chord Energy by 122.8% in the 4th quarter. Fox Run Management L.L.C. now owns 16,689 shares of the company’s stock valued at $1,547,000 after acquiring an additional 9,199 shares during the period. 97.76% of the stock is owned by institutional investors and hedge funds.

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.