Chord Energy (NASDAQ:CHRD) Cut to “Neutral” at Citigroup

Citigroup downgraded shares of Chord Energy (NASDAQ:CHRD) from a buy rating to a neutral rating in a report published on Wednesday, Marketbeat reports. Citigroup currently has $97.00 price target on the stock, down from their prior price target of $105.00.

A number of other brokerages have also issued reports on CHRD. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Chord Energy in a research report on Wednesday, October 8th. Roth Capital assumed coverage on shares of Chord Energy in a report on Monday, October 13th. They set a “buy” rating and a $130.00 price objective on the stock. Pickering Energy Partners cut shares of Chord Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, January 9th. Mizuho set a $148.00 price target on Chord Energy in a research note on Friday, January 9th. Finally, Piper Sandler lowered their price objective on Chord Energy from $167.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $128.64.

Chord Energy Price Performance

NASDAQ CHRD opened at $92.30 on Wednesday. The stock has a 50-day simple moving average of $92.77 and a 200 day simple moving average of $98.36. Chord Energy has a twelve month low of $79.83 and a twelve month high of $127.20. The stock has a market capitalization of $5.25 billion, a PE ratio of 35.50 and a beta of 0.92. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.28 and a current ratio of 1.35.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Tuesday, November 4th. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.11. Chord Energy had a return on equity of 8.27% and a net margin of 3.31%.The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the firm posted $3.40 EPS. The company’s revenue was up 17.0% on a year-over-year basis. Research analysts anticipate that Chord Energy will post 15.59 EPS for the current year.

Chord Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Wednesday, November 19th were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend was Wednesday, November 19th. Chord Energy’s dividend payout ratio (DPR) is currently 200.00%.

Insiders Place Their Bets

In other news, Director Samantha Holroyd acquired 1,250 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were purchased at an average cost of $85.50 per share, with a total value of $106,875.00. Following the completion of the purchase, the director owned 17,706 shares of the company’s stock, valued at $1,513,863. This represents a 7.60% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Albert D Mason Inc. increased its holdings in Chord Energy by 17.8% during the 4th quarter. Albert D Mason Inc. now owns 9,162 shares of the company’s stock valued at $849,000 after purchasing an additional 1,384 shares in the last quarter. Triumph Capital Management bought a new stake in shares of Chord Energy during the third quarter worth $56,000. AIA Group Ltd grew its holdings in shares of Chord Energy by 25.1% during the third quarter. AIA Group Ltd now owns 9,708 shares of the company’s stock worth $965,000 after purchasing an additional 1,949 shares during the last quarter. Allworth Financial LP increased its stake in shares of Chord Energy by 37.5% in the third quarter. Allworth Financial LP now owns 906 shares of the company’s stock valued at $90,000 after buying an additional 247 shares in the last quarter. Finally, Swiss Life Asset Management Ltd bought a new position in shares of Chord Energy in the third quarter valued at about $260,000. 97.76% of the stock is owned by institutional investors and hedge funds.

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.