Chord Energy (NASDAQ:CHRD) Reaches New 52-Week High on Analyst Upgrade

Chord Energy Corporation (NASDAQ:CHRD) shares hit a new 52-week high on Monday after Citigroup raised their price target on the stock from $97.00 to $120.00. Citigroup currently has a neutral rating on the stock. Chord Energy traded as high as $125.67 and last traded at $124.13, with a volume of 619311 shares. The stock had previously closed at $121.36.

A number of other equities analysts have also weighed in on the stock. Piper Sandler increased their target price on shares of Chord Energy from $151.00 to $158.00 and gave the stock an “overweight” rating in a research report on Thursday. Scotiabank reissued a “sector perform” rating and issued a $114.00 price target on shares of Chord Energy in a research report on Friday, January 16th. Morgan Stanley cut their price objective on shares of Chord Energy from $123.00 to $114.00 and set an “equal weight” rating for the company in a report on Friday, January 23rd. Weiss Ratings lowered shares of Chord Energy from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Finally, Zacks Research cut shares of Chord Energy from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $125.91.

Insider Activity at Chord Energy

In related news, CAO Lara J. Kroll sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total transaction of $568,300.00. Following the sale, the chief accounting officer owned 8,921 shares of the company’s stock, valued at approximately $1,013,960.86. This represents a 35.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Shannon Browning Kinney sold 1,801 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the completion of the transaction, the executive vice president directly owned 20,188 shares of the company’s stock, valued at approximately $2,308,699.68. The trade was a 8.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chord Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHRD. Massachusetts Financial Services Co. MA purchased a new stake in shares of Chord Energy in the 3rd quarter valued at about $91,434,000. Orion Porfolio Solutions LLC grew its holdings in shares of Chord Energy by 6,714.2% during the second quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock worth $68,675,000 after purchasing an additional 698,680 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Chord Energy by 85.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock worth $112,927,000 after purchasing an additional 561,899 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Chord Energy by 210.5% in the second quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock worth $71,110,000 after purchasing an additional 497,789 shares during the last quarter. Finally, Barclays PLC raised its stake in Chord Energy by 186.2% in the third quarter. Barclays PLC now owns 501,170 shares of the company’s stock valued at $49,801,000 after purchasing an additional 326,054 shares in the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Price Performance

The firm has a market capitalization of $7.08 billion, a PE ratio of 197.63 and a beta of 0.84. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98. The business’s 50 day moving average is $99.42 and its two-hundred day moving average is $97.54.

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

Chord Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Thursday, March 12th will be given a $1.30 dividend. The ex-dividend date is Thursday, March 12th. This represents a $5.20 annualized dividend and a yield of 4.2%. Chord Energy’s payout ratio is 825.40%.

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.