Chord Energy (NASDAQ:CHRD) Price Target Raised to $136.00

Chord Energy (NASDAQ:CHRD) had its price target increased by Wells Fargo & Company from $109.00 to $136.00 in a research report report published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research firms also recently weighed in on CHRD. Piper Sandler increased their price target on Chord Energy from $158.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Mizuho set a $148.00 price objective on Chord Energy in a report on Friday, January 9th. Scotiabank reissued a “sector perform” rating and issued a $114.00 target price on shares of Chord Energy in a research note on Friday, January 16th. Jefferies Financial Group set a $99.00 target price on Chord Energy in a report on Saturday, January 17th. Finally, Morgan Stanley decreased their target price on Chord Energy from $123.00 to $114.00 and set an “equal weight” rating for the company in a research report on Friday, January 23rd. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $131.27.

Chord Energy Trading Up 2.8%

CHRD opened at $130.58 on Monday. The firm has a 50 day simple moving average of $104.70 and a 200 day simple moving average of $98.60. Chord Energy has a fifty-two week low of $79.83 and a fifty-two week high of $131.14. The company has a market cap of $7.42 billion, a price-to-earnings ratio of 207.27 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.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the firm earned $3.49 earnings per share. The business’s revenue for the quarter was down 19.6% on a year-over-year basis. On average, sell-side analysts anticipate that Chord Energy will post 15.59 earnings per share for the current year.

Chord Energy Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.0%. Chord Energy’s dividend payout ratio is currently 825.40%.

Insiders Place Their Bets

In other Chord Energy news, EVP Michael H. Lou sold 15,000 shares of Chord Energy stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $125.47, for a total transaction of $1,882,050.00. Following the transaction, the executive vice president directly owned 82,699 shares in the company, valued at approximately $10,376,243.53. The trade was a 15.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Shannon Browning Kinney sold 1,801 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total value 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. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 23,927 shares of company stock worth $2,912,028. 0.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chord Energy

Several institutional investors have recently modified their holdings of CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Chord Energy by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company’s stock worth $13,973,000 after purchasing an additional 18,137 shares in the last quarter. Focus Partners Wealth bought a new position in Chord Energy in the first quarter valued at approximately $289,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Chord Energy by 91.2% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company’s stock valued at $40,000 after buying an additional 196 shares during the period. Allworth Financial LP boosted its holdings in shares of Chord Energy by 160.5% in the second quarter. Allworth Financial LP now owns 659 shares of the company’s stock valued at $64,000 after buying an additional 406 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Chord Energy by 42.7% during the second quarter. PNC Financial Services Group Inc. now owns 4,168 shares of the company’s stock worth $404,000 after acquiring an additional 1,247 shares in the last quarter. Institutional investors own 97.76% of the company’s stock.

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.