Chord Energy (NASDAQ:CHRD) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Chord Energy (NASDAQ:CHRD) from a hold rating to a strong sell rating in a report issued on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen cut Chord Energy from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Morgan Stanley set a $123.00 price objective on shares of Chord Energy in a research note on Thursday, November 20th. Wells Fargo & Company raised their target price on shares of Chord Energy from $108.00 to $113.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Piper Sandler dropped their price target on shares of Chord Energy from $167.00 to $165.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Finally, William Blair assumed coverage on shares of Chord Energy in a research report on Friday, November 21st. They set an “outperform” rating for the company. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $126.17.

Chord Energy Stock Performance

NASDAQ CHRD traded down $1.26 during trading on Tuesday, reaching $93.91. The company’s stock had a trading volume of 149,729 shares, compared to its average volume of 805,742. The business’s fifty day moving average price is $93.01 and its 200-day moving average price is $98.11. Chord Energy has a twelve month low of $79.83 and a twelve month high of $123.78. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.28 and a current ratio of 1.35. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 36.12 and a beta of 0.92.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Tuesday, November 4th. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.24 by $0.11. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.02 billion. Chord Energy had a return on equity of 8.27% and a net margin of 3.31%.The business’s revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the company posted $3.40 earnings per share. As a group, analysts anticipate that Chord Energy will post 15.59 EPS for the current fiscal year.

Chord Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Wednesday, November 19th were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.5%. The ex-dividend date was Wednesday, November 19th. Chord Energy’s dividend payout ratio (DPR) is currently 200.00%.

Insider Activity at Chord Energy

In other news, Director Samantha Holroyd bought 1,250 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were acquired at an average cost of $85.50 per share, for a total transaction of $106,875.00. Following the purchase, the director owned 17,706 shares of the company’s stock, valued at $1,513,863. This represents a 7.60% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Massachusetts Financial Services Co. MA bought a new stake in Chord Energy in the third quarter valued at approximately $91,434,000. Orion Porfolio Solutions LLC lifted its stake in Chord Energy by 6,714.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock valued at $68,675,000 after acquiring an additional 698,680 shares in the last quarter. AQR Capital Management LLC boosted its position in Chord Energy by 210.5% during the 2nd quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock worth $71,110,000 after acquiring an additional 497,789 shares during the last quarter. Barclays PLC grew its stake in shares of Chord Energy by 186.2% during the 3rd quarter. Barclays PLC now owns 501,170 shares of the company’s stock worth $49,801,000 after acquiring an additional 326,054 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Chord Energy by 19.9% in the third quarter. Wellington Management Group LLP now owns 1,705,153 shares of the company’s stock valued at $169,441,000 after purchasing an additional 282,746 shares during the last quarter. 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.