Chord Energy (NASDAQ:CHRD) Shares Gap Down – What’s Next?

Chord Energy Corporation (NASDAQ:CHRD)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $145.38, but opened at $131.03. Chord Energy shares last traded at $133.09, with a volume of 676,414 shares.

Wall Street Analyst Weigh In

Several brokerages have 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 on the stock in a report on Tuesday, January 13th. Zacks Research upgraded Chord Energy from a “hold” rating to a “strong-buy” rating in a report on Monday. Jefferies Financial Group set a $99.00 price target on Chord Energy in a report on Saturday, January 17th. Piper Sandler increased their price target on Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Finally, Pickering Energy Partners lowered Chord Energy from an “outperform” rating to a “neutral” rating in a report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.83.

Chord Energy Stock Down 9.1%

The stock has a fifty day moving average of $117.53 and a 200 day moving average of $101.94. The firm has a market capitalization of $7.50 billion, a P/E ratio of 209.90 and a beta of 0.66. 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 results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.03 billion. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.Chord Energy’s quarterly revenue was down 19.6% compared to the same quarter last year. During the same period last year, the company posted $3.49 earnings per share. On average, research analysts anticipate that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders 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 3.9%. The ex-dividend date of this dividend was Thursday, March 12th. Chord Energy’s dividend payout ratio (DPR) is currently 825.40%.

Insider Transactions at Chord Energy

In other Chord Energy news, CAO Lara J. Kroll sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total value of $568,300.00. Following the completion of the sale, the chief accounting officer directly owned 8,921 shares of the company’s stock, valued at $1,013,960.86. This trade represents a 35.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Douglas E. Brooks sold 2,126 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $120.28, for a total value of $255,715.28. Following the completion of the sale, the director directly owned 25,181 shares of the company’s stock, valued at $3,028,770.68. This represents a 7.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 23,927 shares of company stock valued at $2,912,028. Corporate insiders own 0.70% of the company’s stock.

Institutional Trading of Chord Energy

A number of large investors have recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in Chord Energy by 5.4% in the third quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock worth $314,661,000 after buying an additional 163,125 shares during the last quarter. Geode Capital Management LLC increased its position in Chord Energy by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock worth $190,346,000 after buying an additional 277,588 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Chord Energy by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock valued at $167,743,000 after purchasing an additional 104,373 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Chord Energy by 18.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock valued at $115,305,000 after purchasing an additional 193,469 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Chord Energy by 85.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock valued at $112,927,000 after purchasing an additional 561,899 shares in the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

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.