Chord Energy (NASDAQ:CHRD) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Chord Energy (NASDAQ:CHRD) from a hold rating to a strong sell rating in a research note released on Tuesday morning,Zacks.com reports.

Several other brokerages have also recently commented on CHRD. Morgan Stanley reduced their price objective on Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Roth Capital reaffirmed a “buy” rating and set a $145.00 target price on shares of Chord Energy in a research note on Wednesday, July 15th. Mizuho raised shares of Chord Energy to a “strong-buy” rating in a report on Friday, July 31st. BMO Capital Markets reiterated an “outperform” rating on shares of Chord Energy in a research report on Monday, June 29th. Finally, Truist Financial reduced their target price on shares of Chord Energy from $170.00 to $166.00 and set a “buy” rating for the company in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chord Energy presently has a consensus rating of “Moderate Buy” and an average target price of $152.54.

Chord Energy Trading Down 1.2%

CHRD stock opened at $137.58 on Tuesday. Chord Energy has a 12-month low of $84.25 and a 12-month high of $151.95. The business’s 50-day moving average is $128.00 and its 200 day moving average is $126.50. 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 stock has a market cap of $7.53 billion, a price-to-earnings ratio of 9.22 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. Chord Energy’s revenue was up 128.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.79 EPS. On average, sell-side analysts anticipate that Chord Energy will post 18.03 EPS for the current fiscal year.

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 3.8%. The ex-dividend date is Thursday, August 20th. Chord Energy’s dividend payout ratio is presently 34.85%.

Insider Buying and Selling

In other news, Director Douglas E. Brooks sold 8,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the transaction, the director owned 10,705 shares of the company’s stock, valued at approximately $1,425,263.70. The trade was a 42.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Shannon Browning Kinney sold 4,019 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total transaction of $562,660.00. Following the completion of the sale, the executive vice president directly owned 13,560 shares of the company’s stock, valued at $1,898,400. This represents a 22.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,495 shares of company stock valued at $2,113,942 over the last 90 days. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Chord Energy

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