Chord Energy (NASDAQ:CHRD) Shares Up 5.4% – What’s Next?

Chord Energy Corporation (NASDAQ:CHRD)’s stock price rose 5.4% during mid-day trading on Wednesday . The company traded as high as $123.14 and last traded at $123.20. Approximately 180,846 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 927,935 shares. The stock had previously closed at $116.84.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Citigroup raised their price target on Chord Energy from $120.00 to $155.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 31st. Truist Financial lowered their target price on Chord Energy from $185.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday. Scotiabank raised their target price on shares of Chord Energy from $114.00 to $135.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Roth Capital reaffirmed a “buy” rating and issued a $140.00 price target (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Chord Energy in a report on Monday, June 29th. Eleven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $155.92.

Chord Energy Price Performance

The stock has a market cap of $6.66 billion, a P/E ratio of -104.77 and a beta of 0.49. The company has a 50 day simple moving average of $132.49 and a 200 day simple moving average of $119.70. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, topping the consensus estimate of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the business earned $4.04 EPS. The business’s quarterly revenue was up 37.1% on a year-over-year basis. Sell-side analysts forecast that Chord Energy Corporation will post 18.5 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were given a $1.30 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.4%. Chord Energy’s dividend payout ratio (DPR) is -460.18%.

Insider Buying and Selling at Chord Energy

In other news, COO Darrin J. Henke sold 1,276 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $145.97, for a total transaction of $186,257.72. Following the completion of the transaction, the chief operating officer directly owned 21,157 shares in the company, valued at $3,088,287.29. This represents a 5.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Douglas E. Brooks sold 1,500 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $138.57, for a total value of $207,855.00. Following the completion of the transaction, the director owned 18,705 shares of the company’s stock, valued at $2,591,951.85. The trade was a 7.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,276 shares of company stock worth $1,285,968 over the last quarter. Company insiders own 0.79% of the company’s stock.

Institutional Trading of Chord Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. increased its stake in Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after acquiring an additional 74 shares during the period. Blue Trust Inc. increased its holdings in Chord Energy by 22.2% in the 1st quarter. Blue Trust Inc. now owns 463 shares of the company’s stock valued at $66,000 after buying an additional 84 shares during the period. SBI Securities Co. Ltd. increased its holdings in Chord Energy by 16.5% in the 4th 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. 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 buying an additional 145 shares in the last quarter. Finally, Root Financial Partners LLC lifted its holdings 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. 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.