Truist Financial Lowers Chord Energy (NASDAQ:CHRD) Price Target to $170.00

Chord Energy (NASDAQ:CHRD) had its price objective reduced by analysts at Truist Financial from $185.00 to $170.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 52.34% from the company’s current price.

Several other brokerages also recently weighed in on CHRD. Weiss Ratings restated a “hold (c-)” rating on shares of Chord Energy in a report on Friday, June 12th. Scotiabank increased their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Wall Street Zen lowered shares of Chord Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 27th. Mizuho lifted their target price on shares of Chord Energy from $164.00 to $175.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $140.00 target price (up from $130.00) on shares of Chord Energy in a report on Friday, April 17th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Chord Energy has an average rating of “Moderate Buy” and an average target price of $155.92.

Chord Energy Stock Performance

Chord Energy stock opened at $111.59 on Tuesday. Chord Energy has a twelve month low of $84.25 and a twelve month high of $151.95. 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 company has a market capitalization of $6.28 billion, a P/E ratio of 11.35 and a beta of 0.49. The stock’s 50 day moving average is $133.61 and its 200 day moving average is $119.12.

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, beating 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 business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the business earned $4.04 earnings per share. The firm’s quarterly revenue was up 37.1% compared to the same quarter last year. On average, equities research analysts predict that Chord Energy will post 19.13 earnings per share for the current fiscal year.

Insider Activity at Chord Energy

In other Chord Energy news, COO Darrin J. Henke sold 1,276 shares of Chord Energy stock in a transaction that occurred 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 sale, the chief operating officer owned 21,157 shares of the company’s stock, valued at approximately $3,088,287.29. The trade was a 5.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Douglas E. Brooks sold 1,500 shares of Chord Energy stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $138.57, for a total transaction of $207,855.00. Following the completion of the sale, the director directly owned 18,705 shares of the company’s stock, valued at approximately $2,591,951.85. This trade represents a 7.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,276 shares of company stock worth $1,285,968 in the last 90 days. 0.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Chord Energy

A number of hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc lifted its holdings in Chord Energy by 330.9% in the second quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock valued at $27,000 after acquiring an additional 182 shares during the period. Parallel Advisors LLC boosted its position in Chord Energy by 13.8% in the first quarter. Parallel Advisors LLC now owns 2,035 shares of the company’s stock worth $289,000 after purchasing an additional 246 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Chord Energy by 14.6% during the 1st quarter. NewEdge Advisors LLC now owns 3,244 shares of the company’s stock valued at $461,000 after purchasing an additional 414 shares during the period. Glenmede Trust Co. NA bought a new stake in shares of Chord Energy during the 1st quarter valued at about $890,000. Finally, Ruggaard & Associates LLC bought a new position in shares of Chord Energy in the 1st quarter worth approximately $220,000. Hedge funds and other 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.