Chord Energy (NASDAQ:CHRD) Sets New 52-Week High on Analyst Upgrade

Shares of Chord Energy Corporation (NASDAQ:CHRD) hit a new 52-week high on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $147.55 and last traded at $147.56, with a volume of 17787 shares trading hands. The stock had previously closed at $145.35.

Other research analysts have also issued research reports about the stock. Mizuho set a $148.00 price objective on shares of Chord Energy in a research note on Friday, January 9th. Zacks Research upgraded Chord Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Citigroup boosted their target price on shares of Chord Energy from $97.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. Jefferies Financial Group set a $99.00 price target on Chord Energy in a report on Saturday, January 17th. Finally, Weiss Ratings raised shares of Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Chord Energy currently has an average rating of “Moderate Buy” and a consensus target price of $138.92.

Insider Activity at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,801 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the completion of the transaction, the executive vice president owned 20,188 shares of the company’s stock, valued at $2,308,699.68. This trade represents a 8.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Douglas E. Brooks sold 2,126 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $3,028,770.68. This represents a 7.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 23,927 shares of company stock worth $2,912,028. 0.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chord Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. boosted its stake in shares of Chord Energy by 31.1% in the 3rd quarter. Citigroup Inc. now owns 111,590 shares of the company’s stock valued at $11,089,000 after buying an additional 26,499 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of Chord Energy during the 3rd quarter worth approximately $91,434,000. Wedge Capital Management L L P NC purchased a new stake in Chord Energy in the third quarter valued at $13,092,000. AlphaQuest LLC boosted its position in shares of Chord Energy by 1,576.7% in the 3rd quarter. AlphaQuest LLC now owns 27,933 shares of the company’s stock valued at $2,776,000 after purchasing an additional 26,267 shares during the period. Finally, Westwood Holdings Group Inc. boosted its holdings in shares of Chord Energy by 22.9% in the second quarter. Westwood Holdings Group Inc. now owns 214,680 shares of the company’s stock valued at $20,792,000 after acquiring an additional 39,980 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06. The company’s 50-day simple moving average is $110.87 and its 200-day simple moving average is $100.04. The company has a market capitalization of $8.34 billion, a PE ratio of 233.49 and a beta of 0.84.

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

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Thursday, March 12th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Thursday, March 12th. Chord Energy’s dividend payout ratio (DPR) is 825.40%.

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.