Chord Energy (NASDAQ:CHRD) Share Price Breaks Below 50 Day Moving Average – What’s Next?

Chord Energy Corporation (NASDAQ:CHRD) shares passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $145.93 and traded as low as $143.71. Chord Energy shares last traded at $143.83, with a volume of 783,690 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CHRD shares. Zacks Research raised Chord Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 20th. Wall Street Zen raised Chord Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 10th. Wells Fargo & Company reduced their price target on shares of Chord Energy from $175.00 to $174.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Jefferies Financial Group lifted their price target on shares of Chord Energy from $133.00 to $150.00 and gave the stock a “hold” rating in a research note on Friday, September 18th. Finally, Scotiabank started coverage on shares of Chord Energy in a report on Wednesday, October 14th. They issued a “sector outperform” rating and a $192.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $174.54.

Chord Energy Price Performance

The company has a market cap of $7.87 billion, a PE ratio of 9.64 and a beta of 0.48. The firm’s 50-day moving average is $145.93 and its 200-day moving average is $131.25. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the previous year, the business earned $1.79 earnings per share. The firm’s revenue was up 128.6% compared to the same quarter last year. On average, equities analysts anticipate that Chord Energy Corporation will post 23.11 EPS for the current year.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Kinney sold 4,019 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president owned 13,560 shares of the company’s stock, valued at approximately $1,898,400. This trade represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Samantha Mckinney sold 9,750 shares of Chord Energy stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the transaction, the director owned 7,280 shares of the company’s stock, valued at $1,091,563.20. The trade was 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 valued at $3,389,599 over the last quarter. Corporate insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Several institutional investors and hedge funds have recently made changes to their positions in CHRD. Brighton Jones LLC raised its position in Chord Energy by 34.8% during the 3rd quarter. Brighton Jones LLC now owns 2,542 shares of the company’s stock valued at $341,000 after purchasing an additional 656 shares in the last quarter. Ethic Inc. grew its position in shares of Chord Energy by 85.6% during the 3rd quarter. Ethic Inc. now owns 5,061 shares of the company’s stock worth $679,000 after buying an additional 2,334 shares in the last quarter. Pictet Asset Management Holding SA grew its position in shares of Chord Energy by 7.7% during the 3rd quarter. Pictet Asset Management Holding SA now owns 9,257 shares of the company’s stock worth $1,241,000 after buying an additional 658 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Chord Energy by 16.3% during the 3rd quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock worth $396,000 after buying an additional 414 shares in the last quarter. Finally, Alps Advisors Inc. purchased a new position in shares of Chord Energy during the third quarter valued at $515,000. Institutional investors own 97.76% of the company’s stock.

Chord Energy Company Profile

Chord Energy Corporation is an independent exploration and production company focused on the development and operation of oil and natural gas properties in the United States. Its portfolio is concentrated in the Williston Basin, which spans parts of North Dakota and Montana. The company’s production mix includes crude oil, natural gas and natural gas liquids.

Chord’s operations include acquiring, developing and producing hydrocarbons from operated and non-operated wells, with an emphasis on drilling and completion activities in the Bakken and Three Forks formations.