Scotiabank Upgrades Chord Energy (NASDAQ:CHRD) to “Strong-Buy”

Chord Energy (NASDAQ:CHRD) was upgraded by analysts at Scotiabank to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks reports.

CHRD has been the subject of a number of other research reports. BMO Capital Markets restated an “outperform” rating on shares of Chord Energy in a research note on Monday, June 29th. Weiss Ratings raised Chord Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. UBS Group lifted their target price on Chord Energy from $184.00 to $193.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Roth Capital reissued a “buy” rating and issued a $145.00 price target on shares of Chord Energy in a report on Wednesday, July 15th. Finally, Stifel Nicolaus initiated coverage on shares of Chord Energy in a report on Thursday, September 10th. They issued a “buy” rating and a $182.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $172.69.

Chord Energy Stock Performance

Shares of Chord Energy stock traded up $6.23 during mid-day trading on Wednesday, hitting $154.56. 808,953 shares of the stock were exchanged, compared to its average volume of 703,842. The company has a market capitalization of $8.45 billion, a P/E ratio of 10.36 and a beta of 0.59. 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 company has a 50-day simple moving average of $143.49 and a 200 day simple moving average of $136.74. Chord Energy has a 12 month low of $84.25 and a 12 month high of $157.06.

Chord Energy (NASDAQ:CHRD) last issued 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 analysts’ expectations of $1.62 billion. Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The business’s revenue was up 128.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.79 earnings per share. Sell-side analysts anticipate that Chord Energy will post 21.12 earnings per share for the current fiscal year.

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 value of $1,065,120.00. Following the completion of the sale, the director directly owned 10,705 shares of the company’s stock, valued at $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction on 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 sale, the director owned 7,280 shares in the company, valued at approximately $1,091,563.20. The trade was a 57.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 23,969 shares of company stock worth $3,389,599. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in shares of Chord Energy by 27.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock worth $220,078,000 after acquiring an additional 329,565 shares during the period. Allspring Global Investments Holdings LLC raised its stake in 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 period. First Trust Advisors LP raised its stake in 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. Bank of New York Mellon Corp purchased a new stake in Chord Energy during the second quarter valued at about $66,489,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Chord Energy by 178.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 424,841 shares of the company’s stock valued at $60,404,000 after purchasing an additional 272,349 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 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.