Chord Energy (NASDAQ:CHRD) Shares Gap Up – Here’s Why

Chord Energy Co. (NASDAQ:CHRD) shares gapped up prior to trading on Friday . The stock had previously closed at $102.39, but opened at $106.54. Chord Energy shares last traded at $105.80, with a volume of 120,106 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Bank of America reduced their price objective on shares of Chord Energy from $114.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, May 23rd. Wall Street Zen lowered shares of Chord Energy from a “hold” rating to a “sell” rating in a report on Friday, May 30th. Wells Fargo & Company reduced their price objective on shares of Chord Energy from $166.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. Morgan Stanley set a $139.00 price target on shares of Chord Energy and gave the stock a “cautious” rating in a research note on Wednesday, March 26th. Finally, Citigroup cut their price target on shares of Chord Energy from $135.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $153.77.

Chord Energy Price Performance

The stock’s 50 day moving average is $93.37 and its two-hundred day moving average is $106.70. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.89. The stock has a market capitalization of $6.12 billion, a PE ratio of 5.46, a price-to-earnings-growth ratio of 5.83 and a beta of 0.96.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Tuesday, May 6th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.60 by $0.44. Chord Energy had a net margin of 19.74% and a return on equity of 12.88%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the firm earned $5.10 earnings per share. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Chord Energy Co. will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Wednesday, May 21st were paid a $1.30 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $5.20 annualized dividend and a yield of 4.90%. Chord Energy’s dividend payout ratio is currently 34.78%.

Insider Buying and Selling at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,091 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $94.10, for a total value of $290,863.10. Following the transaction, the executive vice president now directly owns 21,277 shares in the company, valued at $2,002,165.70. This represents a 12.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chord Energy

Hedge funds have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd purchased a new position in Chord Energy in the fourth quarter valued at approximately $25,000. Twin Tree Management LP purchased a new position in Chord Energy in the fourth quarter valued at approximately $33,000. Larson Financial Group LLC boosted its holdings in shares of Chord Energy by 238.3% in the fourth quarter. Larson Financial Group LLC now owns 318 shares of the company’s stock valued at $37,000 after acquiring an additional 224 shares during the period. Hexagon Capital Partners LLC boosted its holdings in shares of Chord Energy by 321.7% in the first quarter. Hexagon Capital Partners LLC now owns 447 shares of the company’s stock valued at $50,000 after acquiring an additional 341 shares during the period. Finally, Venturi Wealth Management LLC increased its holdings in shares of Chord Energy by 1,751.9% in the 4th quarter. Venturi Wealth Management LLC now owns 500 shares of the company’s stock valued at $58,000 after acquiring an additional 473 shares during the period. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Company Profile

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.