Chord Energy (NASDAQ:CHRD) Sets New 52-Week High – Should You Buy?

Chord Energy Corporation (NASDAQ:CHRD)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $116.21 and last traded at $115.95, with a volume of 360853 shares. The stock had previously closed at $113.32.

Analysts Set New Price Targets

Several equities analysts have commented on CHRD shares. Citigroup downgraded shares of Chord Energy from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $105.00 to $97.00 in a research note on Wednesday, January 14th. William Blair began coverage on Chord Energy in a research note on Friday, November 21st. They set an “outperform” rating for the company. Morgan Stanley cut their price target on Chord Energy from $123.00 to $114.00 and set an “equal weight” rating on the stock in a report on Friday, January 23rd. Piper Sandler reduced their price target on Chord Energy from $160.00 to $151.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 11th. Finally, Wells Fargo & Company lowered their price objective on Chord Energy from $113.00 to $109.00 and set an “overweight” rating for the company in a research report on Tuesday, January 27th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $123.92.

Chord Energy Stock Up 0.2%

The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. The stock has a market cap of $6.45 billion, a PE ratio of 180.19 and a beta of 0.84. The firm has a fifty day moving average of $97.34 and a 200 day moving average of $97.13.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the business earned $3.49 EPS. Chord Energy’s revenue for the quarter was down 19.6% on a year-over-year basis. On average, equities research analysts anticipate that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Thursday, March 12th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Thursday, March 12th. Chord Energy’s dividend payout ratio is 825.40%.

Institutional Trading of Chord Energy

Institutional investors have recently modified their holdings of the stock. Sankala Group LLC purchased a new stake in Chord Energy in the fourth quarter valued at $57,000. MidFirst Bank purchased a new position in shares of Chord Energy during the fourth quarter worth approximately $115,000. Invesco Ltd. raised its position in Chord Energy by 23.6% in the 4th quarter. Invesco Ltd. now owns 318,448 shares of the company’s stock valued at $29,520,000 after purchasing an additional 60,806 shares during the last quarter. Alberta Investment Management Corp purchased a new position in Chord Energy during the 4th quarter worth $1,381,000. Finally, Vident Advisory LLC raised its holdings in shares of Chord Energy by 15.6% in the fourth quarter. Vident Advisory LLC now owns 14,464 shares of the company’s stock valued at $1,341,000 after buying an additional 1,953 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

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.