Chord Energy (NASDAQ:CHRD) Cut to Buy at Wall Street Zen

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

CHRD has been the subject of several other reports. Zacks Research downgraded shares of Chord Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 9th. Roth Mkm reiterated a “buy” rating and issued a $140.00 price objective (up from $130.00) on shares of Chord Energy in a research report on Friday, April 17th. Morgan Stanley lifted their price objective on Chord Energy from $168.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Truist Financial reduced their target price on Chord Energy from $187.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Williams Trading set a $189.00 target price on Chord Energy in a research note on Monday, April 20th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Chord Energy has a consensus rating of “Moderate Buy” and a consensus price target of $157.54.

Chord Energy Trading Down 2.6%

Shares of Chord Energy stock opened at $116.33 on Friday. The company’s 50-day moving average price is $135.76 and its 200-day moving average price is $118.28. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. Chord Energy has a 12-month low of $84.25 and a 12-month high of $151.95. The company has a market cap of $6.55 billion, a price-to-earnings ratio of -102.95 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, beating the consensus estimate of $3.51 by $1.05. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. Chord Energy’s revenue for the quarter was up 37.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.04 earnings per share. On average, equities analysts expect that Chord Energy will post 20.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Chord Energy

In related news, COO Darrin J. Henke sold 1,276 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the completion of the transaction, the chief operating officer directly owned 21,157 shares in the company, valued at approximately $3,088,287.29. The trade was a 5.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas E. Brooks sold 1,500 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $138.57, for a total value of $207,855.00. Following the completion of the transaction, the director directly owned 18,705 shares in the company, valued at approximately $2,591,951.85. This represents a 7.42% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 9,276 shares of company stock worth $1,285,968. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Chord Energy

A number of hedge funds and other institutional investors have recently modified their holdings of CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Chord Energy by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company’s stock worth $13,973,000 after buying an additional 18,137 shares during the last quarter. Focus Partners Wealth bought a new position in Chord Energy during the first quarter valued at approximately $289,000. EverSource Wealth Advisors LLC raised its stake in shares of Chord Energy by 364.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company’s stock worth $151,000 after acquiring an additional 1,220 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Chord Energy during the second quarter worth approximately $1,010,000. Finally, Gamco Investors INC. ET AL lifted its holdings in shares of Chord Energy by 108.5% in the 2nd quarter. Gamco Investors INC. ET AL now owns 10,429 shares of the company’s stock worth $1,010,000 after acquiring an additional 5,428 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

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.