Wells Fargo & Company Forecasts Strong Price Appreciation for Chord Energy (NASDAQ:CHRD) Stock

Chord Energy (NASDAQ:CHRD) had its price target boosted by Wells Fargo & Company from $143.00 to $146.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.

CHRD has been the topic of a number of other reports. Bank of America dropped their price target on shares of Chord Energy from $114.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, May 23rd. UBS Group reiterated a “buy” rating and issued a $120.00 target price (up from $113.00) on shares of Chord Energy in a report on Tuesday, August 12th. Citigroup boosted their target price on shares of Chord Energy from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Piper Sandler reiterated an “overweight” rating and issued a $166.00 target price (up from $164.00) on shares of Chord Energy in a report on Thursday. Finally, Wall Street Zen downgraded shares of Chord Energy from a “hold” rating to a “sell” rating in a report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $148.77.

Chord Energy Stock Down 0.7%

CHRD stock opened at $102.11 on Friday. Chord Energy has a 52 week low of $79.83 and a 52 week high of $155.88. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 25.98 and a beta of 0.97. The firm’s 50-day moving average is $104.35 and its two-hundred day moving average is $101.91. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 EPS for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.09). Chord Energy had a return on equity of 9.02% and a net margin of 5.02%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $984.07 million. During the same quarter last year, the firm posted $4.69 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts forecast that Chord Energy will post 15.59 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Thursday, August 21st will be issued a dividend of $1.30 per share. The ex-dividend date is Thursday, August 21st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.1%. Chord Energy’s payout ratio is currently 132.32%.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $101.64, for a total transaction of $101,640.00. Following the sale, the executive vice president owned 17,669 shares in the company, valued at $1,795,877.16. The trade was a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chord Energy

A number of large investors have recently made changes to their positions in CHRD. Orion Porfolio Solutions LLC raised its holdings in shares of Chord Energy by 6,714.2% during the second quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock valued at $68,675,000 after acquiring an additional 698,680 shares during the period. AQR Capital Management LLC grew its position in Chord Energy by 210.5% during the second quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock valued at $71,110,000 after purchasing an additional 497,789 shares in the last quarter. Encompass Capital Advisors LLC purchased a new position in Chord Energy during the fourth quarter valued at approximately $43,745,000. Nuveen LLC purchased a new position in Chord Energy during the first quarter valued at approximately $36,837,000. Finally, Squarepoint Ops LLC grew its position in Chord Energy by 365.5% during the fourth quarter. Squarepoint Ops LLC now owns 337,284 shares of the company’s stock valued at $39,435,000 after purchasing an additional 264,828 shares in the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

About Chord Energy

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.