UBS Group Cuts Chord Energy (NASDAQ:CHRD) Price Target to $184.00

Chord Energy (NASDAQ:CHRD) had its price target lowered by UBS Group from $189.00 to $184.00 in a report issued on Tuesday, MarketBeat reports. The firm currently has a buy rating on the stock.

A number of other research firms have also weighed in on CHRD. Seaport Research Partners started coverage on shares of Chord Energy in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. Wall Street Zen lowered shares of Chord Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 27th. Roth Capital restated a “buy” rating and set a $145.00 target price on shares of Chord Energy in a report on Wednesday, July 15th. Jefferies Financial Group increased their price target on Chord Energy from $133.00 to $150.00 and gave the company a “hold” rating in a report on Friday, September 18th. Finally, Morgan Stanley lowered their price objective on Chord Energy from $175.00 to $169.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.54.

Chord Energy Trading Up 1.7%

Shares of CHRD stock opened at $140.02 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. The company has a market cap of $7.66 billion, a price-to-earnings ratio of 9.38 and a beta of 0.50. The stock has a 50 day simple moving average of $141.51 and a 200-day simple moving average of $135.62. Chord Energy has a 1-year low of $84.25 and a 1-year high of $157.06.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same period in the prior year, the business posted $1.79 EPS. Chord Energy’s revenue was up 128.6% compared to the same quarter last year. On average, equities research analysts expect that Chord Energy will post 20.5 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Thursday, August 20th were paid a dividend of $1.30 per share. The ex-dividend date was Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 3.7%. Chord Energy’s dividend payout ratio is 34.85%.

Insiders Place Their Bets

In other news, EVP Shannon Kinney sold 4,019 shares of Chord Energy stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total value of $562,660.00. Following the completion of the transaction, the executive vice president owned 13,560 shares in the company, valued at approximately $1,898,400. This trade represents a 22.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Samantha Mckinney sold 9,750 shares of Chord Energy 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 owned 7,280 shares of the company’s stock, valued at $1,091,563.20. This represents a 57.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,969 shares of company stock worth $3,389,599 in the last ninety days. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CHRD. Bessemer Group Inc. raised its position in Chord Energy by 63.8% in the first quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock valued at $27,000 after purchasing an additional 74 shares during the period. Blue Trust Inc. lifted its stake in shares of Chord Energy by 22.2% during the first quarter. Blue Trust Inc. now owns 463 shares of the company’s stock worth $66,000 after purchasing an additional 84 shares in the last quarter. Concurrent Investment Advisors LLC boosted its position in shares of Chord Energy by 3.6% in the second quarter. Concurrent Investment Advisors LLC now owns 3,514 shares of the company’s stock worth $402,000 after buying an additional 121 shares during the period. Root Financial Partners LLC grew its stake in shares of Chord Energy by 178.6% in the first quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock valued at $33,000 after buying an additional 150 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of Chord Energy by 16.6% in the second quarter. Allworth Financial LP now owns 1,189 shares of the company’s stock valued at $136,000 after buying an additional 169 shares in the last quarter. 97.76% of the stock is owned by institutional investors and hedge funds.

About Chord Energy

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company’s activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord’s portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.