Chord Energy (NASDAQ:CHRD) Stock Rating Raised to Strong-Buy at Scotiabank

Scotiabank upgraded shares of Chord Energy (NASDAQ:CHRD) to a strong-buy rating in a research report released on Wednesday,Zacks reports.

Several other equities research analysts also recently issued reports on CHRD. Wall Street Zen upgraded Chord Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. Mizuho boosted their price objective on Chord Energy from $175.00 to $179.00 and gave the company an “outperform” rating in a research note on Monday, October 5th. Stifel Nicolaus initiated coverage on Chord Energy in a report on Thursday, September 10th. They set a “buy” rating and a $182.00 price objective on the stock. UBS Group raised their target price on Chord Energy from $184.00 to $193.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Finally, Seaport Research Partners assumed coverage on Chord Energy in a research note on Thursday, September 3rd. They issued a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $172.69.

Chord Energy Stock Performance

Shares of NASDAQ CHRD traded up $6.23 during trading on Wednesday, reaching $154.56. 808,953 shares of the stock traded hands, compared to its average volume of 703,842. The company has a 50-day moving average of $143.49 and a 200-day moving average of $136.74. Chord Energy has a 52-week low of $84.25 and a 52-week high of $157.06. The stock has a market capitalization of $8.45 billion, a P/E ratio of 10.36 and a beta of 0.59. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data 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 firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the firm posted $1.79 earnings per share. The company’s revenue was up 128.6% on a year-over-year basis. Analysts forecast that Chord Energy will post 21.12 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were given a dividend of $1.30 per share. The ex-dividend date was Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.4%. Chord Energy’s dividend payout ratio is 34.85%.

Insider Activity at Chord Energy

In related news, Director Douglas Brooks sold 8,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the transaction, the director directly owned 10,705 shares of the company’s stock, valued at approximately $1,425,263.70. This trade represents a 42.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Samantha Mckinney sold 9,750 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total value of $1,461,915.00. Following the completion of the sale, the director owned 7,280 shares of the company’s stock, valued at $1,091,563.20. The trade was a 57.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 23,969 shares of company stock valued at $3,389,599. Corporate insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its holdings in Chord Energy by 27.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock valued at $220,078,000 after buying an additional 329,565 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Chord Energy by 1.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 734,416 shares of the company’s stock worth $100,586,000 after buying an additional 7,250 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Chord Energy in the 2nd quarter worth approximately $66,489,000. First Trust Advisors LP grew its position in shares of Chord Energy by 98.2% in the 1st quarter. First Trust Advisors LP now owns 579,920 shares of the company’s stock worth $82,453,000 after buying an additional 287,340 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Chord Energy by 178.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 424,841 shares of the company’s stock valued at $60,404,000 after buying an additional 272,349 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company focused on developing and producing crude oil, natural gas and natural gas liquids. The company’s operations are concentrated in the Williston Basin, primarily in the Bakken and Three Forks formations of North Dakota and Montana.

Chord Energy’s activities include acquiring, exploring, drilling and operating oil and natural gas properties. Its portfolio is largely composed of developed, producing assets and undeveloped acreage in the Williston Basin, where the company uses horizontal drilling and hydraulic fracturing to produce hydrocarbons.

The company was formed through the 2022 merger of Oasis Petroleum Inc and Whiting Petroleum Corporation, bringing together complementary Bakken-focused operations.