Chord Energy (NASDAQ:CHRD) Upgraded to Overweight at Morgan Stanley

Chord Energy (NASDAQ:CHRD) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage presently has a $168.00 target price on the stock. Morgan Stanley’s target price indicates a potential upside of 16.71% from the company’s current price.

A number of other research analysts have also recently issued reports on CHRD. Royal Bank Of Canada cut their price target on Chord Energy from $135.00 to $128.00 and set an “outperform” rating for the company in a report on Tuesday, January 13th. Pickering Energy Partners lowered shares of Chord Energy from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Piper Sandler raised their price objective on shares of Chord Energy from $158.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Wells Fargo & Company boosted their target price on shares of Chord Energy from $109.00 to $136.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Finally, Zacks Research upgraded shares of Chord Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $138.92.

Chord Energy Stock Up 4.1%

NASDAQ CHRD opened at $143.95 on Friday. The stock’s 50 day simple moving average is $109.81 and its 200 day simple moving average is $99.81. Chord Energy has a one year low of $79.83 and a one year high of $144.42. The firm has a market cap of $8.16 billion, a PE ratio of 228.49 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 issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.03 billion. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The business’s revenue for the quarter was down 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.49 EPS. As a group, sell-side analysts forecast that Chord Energy will post 15.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Chord Energy

In related news, EVP Michael H. Lou sold 15,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $125.47, for a total value of $1,882,050.00. Following the transaction, the executive vice president directly owned 82,699 shares in the company, valued at $10,376,243.53. This represents a 15.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Lara J. Kroll sold 5,000 shares of Chord Energy stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total transaction of $568,300.00. Following the sale, the chief accounting officer directly owned 8,921 shares of the company’s stock, valued at $1,013,960.86. This represents a 35.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 23,927 shares of company stock worth $2,912,028 in the last 90 days. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. lifted its stake in Chord Energy by 16.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 797 shares of the company’s stock valued at $74,000 after buying an additional 113 shares during the period. First Citizens Bank & Trust Co. increased its stake in shares of Chord Energy by 2.3% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 5,306 shares of the company’s stock valued at $527,000 after acquiring an additional 120 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Chord Energy by 18.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 822 shares of the company’s stock valued at $82,000 after acquiring an additional 130 shares during the last quarter. WealthCollab LLC raised its position in shares of Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after acquiring an additional 145 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Chord Energy by 3.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 4,325 shares of the company’s stock valued at $430,000 after acquiring an additional 157 shares during the period. Institutional investors own 97.76% of the company’s stock.

Chord Energy Company Profile

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.