Chord Energy (NASDAQ:CHRD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Chord Energy (NASDAQ:CHRD) from a buy rating to a strong-buy rating in a research report report published on Saturday,Wall Street Zen reports.

Several other brokerages also recently commented on CHRD. Roth Capital reissued a “buy” rating and issued a $145.00 target price on shares of Chord Energy in a report on Wednesday, July 15th. Stifel Nicolaus initiated coverage on Chord Energy in a research report on Thursday, September 10th. They set a “buy” rating and a $182.00 price target on the stock. BMO Capital Markets restated an “outperform” rating on shares of Chord Energy in a research report on Monday, June 29th. UBS Group raised their price target on Chord Energy from $184.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Finally, Morgan Stanley cut their price objective on Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Twelve research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Chord Energy presently has an average rating of “Moderate Buy” and an average price target of $167.69.

Chord Energy Trading Up 2.1%

Shares of CHRD stock opened at $144.57 on Friday. The company has a market capitalization of $7.91 billion, a P/E ratio of 9.69 and a beta of 0.59. Chord Energy has a 12-month low of $84.25 and a 12-month high of $157.06. 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 firm has a 50-day moving average price of $142.19 and a 200 day moving average price of $136.52.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing the consensus estimate of $6.55 by ($0.11). The firm 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 quarterly revenue was up 128.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.79 earnings per share. Research analysts forecast that Chord Energy will post 20.72 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Thursday, August 20th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 3.6%. The ex-dividend date was Thursday, August 20th. Chord Energy’s dividend payout ratio (DPR) is presently 34.85%.

Insiders Place Their Bets

In other Chord Energy news, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total value of $1,461,915.00. Following the completion of the transaction, the director directly owned 7,280 shares of the company’s stock, valued at approximately $1,091,563.20. The trade was a 57.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas Brooks sold 8,000 shares of the company’s stock in a transaction that occurred 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. The trade was a 42.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 23,969 shares of company stock valued at $3,389,599. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHRD. Dimensional Fund Advisors LP boosted its holdings in Chord Energy by 27.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock worth $220,078,000 after buying an additional 329,565 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Chord Energy by 1.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 734,416 shares of the company’s stock valued at $100,586,000 after acquiring an additional 7,250 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Chord Energy in the 2nd quarter valued at approximately $66,489,000. First Trust Advisors LP raised its position in shares of Chord Energy by 98.2% in the 1st quarter. First Trust Advisors LP now owns 579,920 shares of the company’s stock valued at $82,453,000 after acquiring an additional 287,340 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Chord Energy by 178.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 424,841 shares of the company’s stock valued at $60,404,000 after acquiring an additional 272,349 shares during the period. Institutional investors own 97.76% of the company’s stock.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company focused on developing and producing crude oil, natural gas and natural gas liquids. The company’s operations are concentrated in the Williston Basin, primarily in the Bakken and Three Forks formations of North Dakota and Montana.

Chord Energy’s activities include acquiring, exploring, drilling and operating oil and natural gas properties. Its portfolio is largely composed of developed, producing assets and undeveloped acreage in the Williston Basin, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was formed through the 2022 merger of Oasis Petroleum Inc and Whiting Petroleum Corporation, bringing together complementary Bakken-focused operations.