Wall Street Zen Upgrades Chord Energy (NASDAQ:CHRD) to Strong-Buy

Chord Energy (NASDAQ:CHRD) was upgraded by investment analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Saturday.

A number of other equities research analysts have also recently issued reports on CHRD. Zacks Research upgraded Chord Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 6th. UBS Group upped their price objective on Chord Energy from $176.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wells Fargo & Company increased their price target on Chord Energy from $136.00 to $175.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Roth Mkm restated a “buy” rating and issued a $140.00 price target (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. Finally, Citigroup increased their price target on Chord Energy from $120.00 to $155.00 and gave the company a “neutral” rating in a research note on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.54.

Chord Energy Trading Down 1.5%

Shares of Chord Energy stock opened at $131.87 on Friday. Chord Energy has a 12-month low of $84.25 and a 12-month high of $151.95. The stock has a market cap of $7.42 billion, a P/E ratio of -116.70 and a beta of 0.52. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $138.70 and its 200-day moving average is $113.00.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.51 by $1.05. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the business posted $4.04 EPS. The business’s revenue was up 37.1% compared to the same quarter last year. Equities research analysts predict that Chord Energy will post 20.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Darrin J. Henke sold 1,276 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $145.97, for a total value of $186,257.72. Following the sale, the chief operating officer owned 21,157 shares in the company, valued at approximately $3,088,287.29. This represents a 5.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael H. Lou sold 15,000 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $125.47, for a total value of $1,882,050.00. Following the completion of the sale, the executive vice president owned 82,699 shares in the company, valued at approximately $10,376,243.53. This trade represents a 15.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 33,203 shares of company stock worth $4,197,995 in the last quarter. Company insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CHRD. Bessemer Group Inc. increased its position in Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after buying an additional 74 shares during the period. V Square Quantitative Management LLC bought a new position in Chord Energy during the 1st quarter worth $29,000. WealthCollab LLC increased its position in Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after buying an additional 145 shares during the period. Root Financial Partners LLC increased its position in Chord Energy by 178.6% during the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock worth $33,000 after buying an additional 150 shares during the period. Finally, Rockefeller Capital Management L.P. increased its position in Chord Energy by 213.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company’s stock worth $47,000 after buying an additional 341 shares during the period. Institutional investors own 97.76% of the company’s stock.

Chord Energy Company Profile

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.