UBS Group Has Lowered Expectations for Chord Energy (NASDAQ:CHRD) Stock Price

by · The Markets Daily

Chord Energy (NASDAQ:CHRD – Get Free Report) had its price objective reduced by investment analysts at UBS Group from $189.00 to $184.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target would suggest a potential upside of 33.46% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Zacks Research upgraded shares of Chord Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 9th. BMO Capital Markets reiterated an “outperform” rating on shares of Chord Energy in a report on Monday, June 29th. Jefferies Financial Group upped their price objective on Chord Energy from $133.00 to $150.00 and gave the company a “hold” rating in a research report on Friday. Citigroup boosted their target price on Chord Energy from $130.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Roth Capital reiterated a “buy” rating and set a $145.00 price objective on shares of Chord Energy in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $165.54.

Check Out Our Latest Research Report on Chord Energy

Chord Energy Stock Down 1.1%

Shares of NASDAQ CHRD traded down $1.56 during mid-day trading on Tuesday, hitting $137.87. The company had a trading volume of 118,718 shares, compared to its average volume of 875,669. The company has a market capitalization of $7.54 billion, a PE ratio of 9.26 and a beta of 0.50. Chord Energy has a one year low of $84.25 and a one year high of $157.06. The firm has a 50-day simple moving average of $140.62 and a two-hundred day simple moving average of $135.20. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.62 billion. During the same period last year, the firm earned $1.79 EPS. Chord Energy’s quarterly revenue was up 128.6% compared to the same quarter last year. On average, equities analysts expect that Chord Energy will post 20.5 EPS for the current year.

Insiders Place Their Bets

In other Chord Energy news, Director Samantha Mckinney sold 9,750 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total value of $1,461,915.00. Following the sale, the director owned 7,280 shares of the company’s stock, valued at $1,091,563.20. This represents a 57.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas E. Brooks sold 8,000 shares of Chord Energy stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the sale, the director owned 10,705 shares of the company’s stock, valued at approximately $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 23,969 shares of company stock worth $3,389,599. 0.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Core Capital Management & Research inc. acquired a new position in shares of Chord Energy during the second quarter worth $668,000. Sequoia Financial Advisors LLC lifted its holdings in Chord Energy by 24.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 5,107 shares of the company’s stock worth $584,000 after buying an additional 994 shares in the last quarter. Tidal Investments LLC boosted its position in Chord Energy by 299.2% in the 2nd quarter. Tidal Investments LLC now owns 29,843 shares of the company’s stock valued at $3,411,000 after buying an additional 22,368 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Chord Energy during the 2nd quarter worth approximately $8,004,000. Finally, Allworth Financial LP grew its holdings in Chord Energy by 16.6% during the 2nd quarter. Allworth Financial LP now owns 1,189 shares of the company’s stock worth $136,000 after acquiring an additional 169 shares in the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Chord Energy Company Profile

(Get Free Report)

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company’s activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord’s portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.

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