Chord Energy (NASDAQ:CHRD) Sets New 12-Month High on Analyst Upgrade

Chord Energy Corporation (NASDAQ:CHRD)’s share price hit a new 52-week high during trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $147.55 and last traded at $147.56, with a volume of 17787 shares traded. The stock had previously closed at $145.35.

Other analysts also recently issued research reports about the stock. Pickering Energy Partners downgraded shares of Chord Energy from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Royal Bank Of Canada cut their price target on shares of Chord Energy from $135.00 to $128.00 and set an “outperform” rating for the company in a report on Tuesday, January 13th. Zacks Research raised Chord Energy from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Citigroup boosted their target price on Chord Energy from $97.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, March 6th. Finally, Jefferies Financial Group set a $99.00 target price on Chord Energy in a research note on Saturday, January 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.92.

Insider Transactions at Chord Energy

In other news, Director Douglas E. Brooks sold 2,126 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $120.28, for a total value of $255,715.28. Following the completion of the transaction, the director owned 25,181 shares in the company, valued at $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael H. Lou sold 15,000 shares of Chord Energy stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $125.47, for a total value of $1,882,050.00. Following the transaction, the executive vice president directly owned 82,699 shares of the company’s stock, valued at $10,376,243.53. This trade represents a 15.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,927 shares of company stock worth $2,912,028 over the last ninety days. 0.79% of the stock is currently owned by company insiders.

Institutional Trading of Chord Energy

Several large investors have recently modified their holdings of CHRD. Victory Capital Management Inc. increased its stake in shares of Chord Energy by 5.4% during the 3rd quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock worth $314,661,000 after purchasing an additional 163,125 shares in the last quarter. Geode Capital Management LLC lifted its stake in Chord Energy by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock valued at $190,346,000 after buying an additional 277,588 shares in the last quarter. Wellington Management Group LLP grew its holdings in Chord Energy by 6.1% during the 4th quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock valued at $167,743,000 after buying an additional 104,373 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Chord Energy by 18.4% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock valued at $115,305,000 after buying an additional 193,469 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Chord Energy by 85.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock worth $112,927,000 after buying an additional 561,899 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Stock Up 1.2%

The company has a market cap of $8.34 billion, a PE ratio of 233.49 and a beta of 0.84. The firm has a 50-day simple moving average of $110.87 and a two-hundred day simple moving average of $100.04. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.11. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.03 billion. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The business’s revenue was down 19.6% on a year-over-year basis. During the same period in the prior year, the business earned $3.49 earnings per share. Research analysts anticipate that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Thursday, March 12th were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Thursday, March 12th. Chord Energy’s dividend payout ratio is 825.40%.

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.