Piper Sandler Issues Positive Forecast for Chord Energy (NASDAQ:CHRD) Stock Price

Chord Energy (NASDAQ:CHRD) had its price objective upped by Piper Sandler from $158.00 to $190.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 51.16% from the stock’s current price.

CHRD has been the topic of several other research reports. Morgan Stanley lowered their target price on shares of Chord Energy from $123.00 to $114.00 and set an “equal weight” rating on the stock in a research note on Friday, January 23rd. Weiss Ratings cut shares of Chord Energy from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Scotiabank reiterated a “sector perform” rating and set a $114.00 price objective on shares of Chord Energy in a research note on Friday, January 16th. William Blair began coverage on Chord Energy in a research report on Friday, November 21st. They issued an “outperform” rating for the company. Finally, Zacks Research raised Chord Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $128.82.

Chord Energy Stock Performance

Shares of CHRD stock traded up $0.89 during trading hours on Thursday, reaching $125.69. The stock had a trading volume of 868,754 shares, compared to its average volume of 973,468. The firm has a market capitalization of $7.14 billion, a PE ratio of 199.90 and a beta of 0.84. The firm has a 50-day simple moving average of $101.22 and a 200-day simple moving average of $97.97. Chord Energy has a twelve month low of $79.83 and a twelve month high of $127.56. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98.

Chord Energy (NASDAQ:CHRD) last posted its earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. The firm 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%. Chord Energy’s quarterly revenue was down 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.49 EPS. As a group, equities analysts forecast that Chord Energy will post 15.59 earnings per share for the current year.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,801 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total transaction of $205,962.36. Following the sale, the executive vice president owned 20,188 shares in the company, valued at approximately $2,308,699.68. The trade was a 8.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas E. Brooks sold 2,126 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $120.28, for a total transaction of $255,715.28. Following the completion of the transaction, the director owned 25,181 shares of the company’s stock, valued at approximately $3,028,770.68. The trade was a 7.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 8,927 shares of company stock worth $1,029,978 in the last three months. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chord Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new position in Chord Energy during the 3rd quarter valued at about $91,434,000. Orion Porfolio Solutions LLC lifted its position in shares of Chord Energy by 6,714.2% in 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 lifted its position in shares of Chord Energy by 85.6% in 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 boosted its holdings in shares of Chord Energy by 210.5% during 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 period. Finally, Barclays PLC grew its position in Chord Energy by 186.2% during 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 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.