Chord Energy (NASDAQ:CHRD) Shares Up 4.2% – Still a Buy?

Chord Energy Corporation (NASDAQ:CHRD)’s stock price was up 4.2% on Thursday. The stock traded as high as $141.65 and last traded at $141.8090. 123,510 shares changed hands during trading, a decline of 86% from the average session volume of 861,363 shares. The stock had previously closed at $136.05.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Truist Financial raised their target price on shares of Chord Energy from $166.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, September 16th. Zacks Research raised Chord Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 9th. UBS Group lifted their price target on shares of Chord Energy from $184.00 to $193.00 and gave the company a “buy” rating in a research report on Tuesday. Citigroup raised their target price on shares of Chord Energy from $130.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, September 17th. Finally, Seaport Research Partners began coverage on Chord Energy in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $166.54.

Chord Energy Trading Up 3.5%

The business’s 50-day simple moving average is $141.98 and its two-hundred day simple moving average is $136.31. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. The stock has a market capitalization of $7.70 billion, a price-to-earnings ratio of 9.44 and a beta of 0.59.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The company’s revenue for the quarter was up 128.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.79 EPS. On average, research analysts anticipate that Chord Energy Corporation will post 20.56 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, September 4th. Stockholders of record on Thursday, August 20th were paid 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 3.7%. Chord Energy’s dividend payout ratio (DPR) is currently 34.85%.

Insiders Place Their Bets

In other Chord Energy news, EVP Shannon Kinney sold 4,019 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total value of $562,660.00. Following the transaction, 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. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Samantha Mckinney sold 9,750 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the transaction, the director directly owned 7,280 shares of the company’s stock, valued at approximately $1,091,563.20. This represents a 57.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,969 shares of company stock worth $3,389,599 in the last three months. 0.79% of the stock is owned by insiders.

Hedge Funds Weigh In On Chord Energy

A number of large investors have recently bought and sold shares of CHRD. Bank of America Corp DE grew its holdings in Chord Energy by 8.4% in the 1st quarter. Bank of America Corp DE now owns 238,068 shares of the company’s stock worth $33,849,000 after buying an additional 18,399 shares in the last quarter. Globeflex Capital L P bought a new stake in shares of Chord Energy in the 2nd quarter worth $585,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Chord Energy in the second quarter valued at $423,000. Ninepoint Partners LP bought a new position in Chord Energy during the second quarter valued at about $5,144,000. Finally, Royal Bank of Canada grew its stake in shares of Chord Energy by 119.3% in the 1st quarter. Royal Bank of Canada now owns 36,579 shares of the company’s stock worth $5,202,000 after purchasing an additional 19,896 shares during the last quarter. 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.