Chord Energy (NASDAQ:CHRD) Shares Gap Down – Should You Sell?

Chord Energy Corporation (NASDAQ:CHRD) shares gapped down before the market opened on Monday . The stock had previously closed at $135.34, but opened at $127.66. Chord Energy shares last traded at $127.1390, with a volume of 119,294 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have commented on CHRD shares. Weiss Ratings raised Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 17th. Wall Street Zen raised Chord Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 30th. Citigroup lifted their price target on Chord Energy from $120.00 to $155.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 31st. Roth Mkm reiterated a “buy” rating and set a $140.00 price objective (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. Finally, Piper Sandler lifted their price objective on Chord Energy from $158.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $157.54.

Chord Energy Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02. The stock has a 50 day simple moving average of $138.46 and a two-hundred day simple moving average of $116.41. The firm has a market cap of $7.22 billion, a PE ratio of -113.73 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, beating the consensus estimate of $3.51 by $1.05. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the business earned $4.04 EPS. Chord Energy’s revenue for the quarter was up 37.1% compared to the same quarter last year. Sell-side analysts expect that Chord Energy Corporation will post 20.53 earnings per share for the current year.

Chord Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Wednesday, May 20th. Chord Energy’s payout ratio is currently -460.18%.

Insider Activity

In related news, Director Douglas E. Brooks sold 3,500 shares of Chord Energy stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $136.71, for a total value of $478,485.00. Following the completion of the transaction, the director owned 20,205 shares in the company, valued at $2,762,225.55. The trade was a 14.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Darrin J. Henke sold 1,276 shares of Chord Energy stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the completion of the transaction, the chief operating officer owned 21,157 shares of the company’s stock, valued at approximately $3,088,287.29. This represents a 5.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 9,276 shares of company stock valued at $1,285,968. 0.79% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chord Energy

Several institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its holdings in Chord Energy by 5.4% in the 3rd quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock worth $314,661,000 after buying an additional 163,125 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Chord Energy by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock worth $190,346,000 after buying an additional 277,588 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Chord Energy by 6.1% in the 4th quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock worth $167,743,000 after buying an additional 104,373 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Chord Energy by 27.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock worth $220,078,000 after buying an additional 329,565 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Chord Energy by 18.4% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock worth $115,305,000 after buying an additional 193,469 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

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.