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

Chord Energy (NASDAQ:CHRD) had its price target hoisted by Wells Fargo & Company from $175.00 to $176.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the company. Mizuho dropped their price target on Chord Energy from $192.00 to $178.00 and set an “outperform” rating for the company in a research note on Monday. UBS Group cut their target price on shares of Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a research note on Monday, December 9th. BMO Capital Markets decreased their price target on shares of Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Jefferies Financial Group started coverage on Chord Energy in a research report on Thursday, September 5th. They set a “hold” rating and a $160.00 price objective for the company. Finally, Truist Financial reduced their target price on Chord Energy from $223.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $182.55.

Chord Energy Price Performance

Shares of NASDAQ:CHRD opened at $110.41 on Tuesday. The firm’s 50 day simple moving average is $126.17 and its two-hundred day simple moving average is $145.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.89. The company has a market capitalization of $6.75 billion, a P/E ratio of 5.69, a P/E/G ratio of 4.79 and a beta of 0.96. Chord Energy has a 1-year low of $110.23 and a 1-year high of $190.23.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Wednesday, November 6th. The company reported $3.40 earnings per share for the quarter, missing the consensus estimate of $3.63 by ($0.23). Chord Energy had a return on equity of 12.88% and a net margin of 19.74%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the company posted $5.04 EPS. The company’s quarterly revenue was up 33.4% on a year-over-year basis. Research analysts expect that Chord Energy will post 16.5 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 4.53%. The ex-dividend date was Wednesday, November 27th. Chord Energy’s payout ratio is 25.75%.

Insider Buying and Selling at Chord Energy

In other Chord Energy news, CAO Shannon Browning Kinney sold 1,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $116.35, for a total value of $116,350.00. Following the sale, the chief accounting officer now owns 19,488 shares in the company, valued at $2,267,428.80. This trade represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Hexagon Capital Partners LLC boosted its position in Chord Energy by 462.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 197 shares of the company’s stock valued at $26,000 after buying an additional 162 shares during the period. Stone House Investment Management LLC bought a new position in Chord Energy in the third quarter worth approximately $26,000. UMB Bank n.a. increased its holdings in Chord Energy by 77.7% during the 3rd quarter. UMB Bank n.a. now owns 231 shares of the company’s stock worth $30,000 after purchasing an additional 101 shares during the period. Spartan Fund Management Inc. bought a new stake in Chord Energy during the 3rd quarter valued at $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Chord Energy in the 2nd quarter worth $40,000. 97.76% of the stock is currently owned by institutional investors.

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.