Chord Energy (NASDAQ:CHRD) Shares Gap Up – Here’s What Happened
by Tristan Rich · The Markets DailyChord Energy Corporation (NASDAQ:CHRD – Get Free Report)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $136.96, but opened at $143.20. Chord Energy shares last traded at $140.9950, with a volume of 275,347 shares trading hands.
Wall Street Analyst Weigh In
Several research analysts have issued reports on CHRD shares. Citigroup increased their target price on shares of Chord Energy from $120.00 to $155.00 and gave the stock a “neutral” rating in a report on Tuesday. Scotiabank raised shares of Chord Energy to a “hold” rating in a research report on Friday, March 27th. Jefferies Financial Group set a $99.00 price objective on shares of Chord Energy in a report on Saturday, January 17th. Zacks Research raised shares of Chord Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Finally, Truist Financial started coverage on Chord Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $169.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $141.83.
Chord Energy Stock Performance
The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. The stock has a market cap of $8.01 billion, a PE ratio of 223.79 and a beta of 0.65. The business’s 50-day moving average price is $113.79 and its 200-day moving average price is $100.85.
Chord Energy (NASDAQ:CHRD – Get Free Report) last posted its earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the company posted $3.49 earnings per share. Chord Energy’s revenue for the quarter was down 19.6% compared to the same quarter last year. As a group, equities research analysts expect that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.
Chord Energy Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Thursday, March 12th were given a $1.30 dividend. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.7%. Chord Energy’s dividend payout ratio (DPR) is presently 825.40%.
Insiders Place Their Bets
In related news, EVP Shannon Browning Kinney sold 1,801 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $114.36, for a total transaction of $205,962.36. Following the transaction, the executive vice president directly owned 20,188 shares of the company’s stock, valued at $2,308,699.68. This represents a 8.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michael H. Lou sold 15,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $125.47, for a total value of $1,882,050.00. Following the completion of the sale, the executive vice president owned 82,699 shares of the company’s stock, valued at approximately $10,376,243.53. This trade represents a 15.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 23,927 shares of company stock valued at $2,912,028 in the last 90 days. Corporate insiders own 0.70% of the company’s stock.
Institutional Trading of Chord Energy
A number of institutional investors have recently bought and sold shares of the stock. WealthCollab LLC increased its stake in Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after purchasing an additional 145 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Chord Energy during the third quarter valued at $32,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Chord Energy during the third quarter valued at $46,000. Rockefeller Capital Management L.P. increased its position in shares of Chord Energy by 213.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company’s stock valued at $47,000 after acquiring an additional 341 shares during the period. Finally, Triumph Capital Management purchased a new position in Chord Energy in the 3rd quarter worth $56,000. 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.