Chord Energy (NASDAQ:CHRD) Hits New 52-Week High – Here’s Why

Shares of Chord Energy Corporation (NASDAQ:CHRD) hit a new 52-week high during trading on Thursday . The stock traded as high as $154.00 and last traded at $150.5940, with a volume of 44080 shares. The stock had previously closed at $149.49.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CHRD shares. Seaport Research Partners started coverage on shares of Chord Energy in a report on Thursday, September 3rd. They issued a “neutral” rating for the company. Morgan Stanley cut their price objective on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. 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. Truist Financial decreased their price objective on Chord Energy from $170.00 to $166.00 and set a “buy” rating for the company in a report on Monday, August 10th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Chord Energy in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $155.50.

Chord Energy Stock Up 0.4%

The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18. The firm’s 50 day simple moving average is $135.55 and its 200-day simple moving average is $132.88. The stock has a market capitalization of $8.21 billion, a price-to-earnings ratio of 10.04 and a beta of 0.50.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the prior year, the company earned $1.79 earnings per share. The company’s quarterly revenue was up 128.6% on a year-over-year basis. Equities analysts expect that Chord Energy Corporation will post 19.33 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Thursday, August 20th were paid a $1.30 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.5%. Chord Energy’s dividend payout ratio (DPR) is currently 34.85%.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Kinney sold 4,019 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total value of $562,660.00. Following the completion of the sale, the executive vice president owned 13,560 shares in the company, valued at $1,898,400. This trade represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction dated 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 transaction, the director owned 7,280 shares in the company, valued at $1,091,563.20. This represents a 57.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 23,969 shares of company stock worth $3,389,599. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Several hedge funds have recently bought and sold shares of CHRD. Bessemer Group Inc. increased its position in Chord Energy by 63.8% during the first quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after buying an additional 74 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Chord Energy in the first quarter valued at approximately $29,000. Root Financial Partners LLC boosted its stake in shares of Chord Energy by 178.6% during the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock worth $33,000 after acquiring an additional 150 shares during the period. Versant Capital Management Inc boosted its stake in shares of Chord Energy by 330.9% during the 2nd quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock worth $27,000 after acquiring an additional 182 shares during the period. Finally, WealthCollab LLC increased its holdings in shares of Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after acquiring an additional 145 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.