Chord Energy (NASDAQ:CHRD) Reaches New 1-Year Low After Analyst Downgrade

Shares of Chord Energy Co. (NASDAQ:CHRD) hit a new 52-week low on Monday after Piper Sandler lowered their price target on the stock from $212.00 to $194.00. Piper Sandler currently has an overweight rating on the stock. Chord Energy traded as low as $115.92 and last traded at $116.31, with a volume of 425199 shares trading hands. The stock had previously closed at $119.28.

Other equities analysts have also issued research reports about the stock. BMO Capital Markets cut their price objective on shares of Chord Energy from $205.00 to $175.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Jefferies Financial Group began coverage on Chord Energy in a research note on Thursday, September 5th. They set a “hold” rating and a $160.00 price target on the stock. Royal Bank of Canada lowered their price objective on Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, November 20th. Bank of America increased their target price on Chord Energy from $201.00 to $208.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company lifted their price target on Chord Energy from $175.00 to $176.00 and gave the company an “overweight” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Chord Energy presently has an average rating of “Moderate Buy” and an average price target of $182.55.

Insider Buying and Selling at Chord Energy

In other news, CAO Shannon Browning Kinney sold 1,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $121.27, for a total value of $121,270.00. Following the completion of the sale, the chief accounting officer now owns 20,488 shares in the company, valued at approximately $2,484,579.76. This trade represents a 4.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chord Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. increased its position in shares of Chord Energy by 72.5% during the third quarter. Franklin Resources Inc. now owns 27,434 shares of the company’s stock worth $3,631,000 after acquiring an additional 11,527 shares during the last quarter. Synovus Financial Corp increased its holdings in Chord Energy by 14.9% during the 3rd quarter. Synovus Financial Corp now owns 5,869 shares of the company’s stock worth $764,000 after purchasing an additional 761 shares during the last quarter. Sanctuary Advisors LLC raised its position in shares of Chord Energy by 21.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 5,141 shares of the company’s stock valued at $691,000 after purchasing an additional 892 shares in the last quarter. TCW Group Inc. boosted its stake in shares of Chord Energy by 11.7% during the 3rd quarter. TCW Group Inc. now owns 33,540 shares of the company’s stock valued at $4,368,000 after buying an additional 3,500 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its position in shares of Chord Energy by 18.3% during the third quarter. TD Private Client Wealth LLC now owns 1,631 shares of the company’s stock worth $212,000 after buying an additional 252 shares in the last quarter. 97.76% of the stock is owned by institutional investors and hedge funds.

Chord Energy Trading Down 0.9 %

The firm has a market cap of $7.04 billion, a P/E ratio of 5.91, a price-to-earnings-growth ratio of 4.79 and a beta of 0.96. The business’s 50 day moving average is $127.45 and its 200-day moving average is $146.03. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10.

Chord Energy (NASDAQ:CHRD) last released 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 net margin of 19.74% and a return on equity of 12.88%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the firm earned $5.04 EPS. The firm’s revenue for the quarter was up 33.4% on a year-over-year basis. As a group, analysts forecast that Chord Energy Co. will post 16.5 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Wednesday, November 27th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $5.00 annualized dividend and a dividend yield of 4.34%. Chord Energy’s dividend payout ratio is currently 25.75%.

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.