UBS Group Issues Positive Forecast for Chord Energy (NASDAQ:CHRD) Stock Price

Chord Energy (NASDAQ:CHRD) had its price target upped by analysts at UBS Group from $197.00 to $198.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group‘s price target would suggest a potential upside of 42.56% from the stock’s previous close.

CHRD has been the subject of several other reports. Weiss Ratings raised shares of Chord Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Wells Fargo & Company dropped their price objective on shares of Chord Energy from $174.00 to $173.00 and set an “overweight” rating on the stock in a research note on Friday. Roth Capital reissued a “buy” rating and issued a $165.00 target price on shares of Chord Energy in a report on Monday, October 19th. Wall Street Zen downgraded Chord Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Zacks Research upgraded Chord Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.69.

Chord Energy Stock Performance

CHRD traded up $1.40 during trading hours on Tuesday, hitting $138.89. 869,653 shares of the stock were exchanged, compared to its average volume of 858,090. The stock has a 50-day simple moving average of $145.24 and a 200-day simple moving average of $132.08. Chord Energy has a 12 month low of $87.35 and a 12 month high of $159.96. The stock has a market cap of $7.60 billion, a price-to-earnings ratio of 8.71 and a beta of 0.48. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings data on Wednesday, November 4th. The company reported $6.08 EPS for the quarter, topping analysts’ consensus estimates of $5.68 by $0.40. Chord Energy had a net margin of 13.40% and a return on equity of 12.58%. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the company posted $2.35 earnings per share. The firm’s revenue was up 30.0% on a year-over-year basis. Analysts anticipate that Chord Energy will post 23.11 earnings per share for the current year.

Insider Activity

In other news, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the transaction, the director directly owned 7,280 shares in the company, valued at approximately $1,091,563.20. The trade was a 57.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its holdings in Chord Energy by 52.9% in the 3rd quarter. Global Retirement Partners LLC now owns 575 shares of the company’s stock valued at $77,000 after acquiring an additional 199 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of Chord Energy by 1.0% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 36,982 shares of the company’s stock valued at $4,958,000 after purchasing an additional 373 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Chord Energy during the 3rd quarter valued at about $2,203,000. Bessemer Group Inc. grew its stake in shares of Chord Energy by 51.1% in the 3rd quarter. Bessemer Group Inc. now owns 278 shares of the company’s stock worth $37,000 after purchasing an additional 94 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its stake in shares of Chord Energy by 8.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 7,304 shares of the company’s stock worth $979,000 after purchasing an additional 562 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Company Profile

Chord Energy Corporation is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its operations are concentrated in the Williston Basin, primarily in North Dakota and Montana, where it develops resources in the Bakken and Three Forks formations. The company’s production includes crude oil, natural gas liquids and natural gas. Chord Energy was formed in 2022 through the combination of Oasis Petroleum and Whiting Petroleum, bringing together their Williston Basin operations.