Chord Energy (NASDAQ:CHRD) Hits New 52-Week Low on Analyst Downgrade

Chord Energy Co. (NASDAQ:CHRD)’s share price hit a new 52-week low during trading 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.

A number of other brokerages have also recently issued reports on CHRD. Jefferies Financial Group initiated coverage on Chord Energy in a research report on Thursday, September 5th. They issued a “hold” rating and a $160.00 target price for the company. Royal Bank of Canada decreased their price objective on Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, November 20th. Mizuho cut their target price on shares of Chord Energy from $192.00 to $178.00 and set an “outperform” rating on the stock in a report on Monday. Wells Fargo & Company increased their price target on shares of Chord Energy from $175.00 to $176.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, UBS Group dropped their price objective on shares of Chord Energy from $168.00 to $161.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Chord Energy presently has a consensus rating of “Moderate Buy” and an average target price of $182.55.

Insider Activity at Chord Energy

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

Institutional Trading of Chord Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. increased its holdings in Chord Energy by 11.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,899 shares of the company’s stock valued at $654,000 after buying an additional 403 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Chord Energy in the 2nd quarter valued at approximately $19,532,000. Raymond James & Associates raised its holdings in Chord Energy by 77.6% during the second quarter. Raymond James & Associates now owns 140,582 shares of the company’s stock worth $23,573,000 after purchasing an additional 61,442 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Chord Energy by 98.1% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,292 shares of the company’s stock worth $552,000 after purchasing an additional 1,630 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in Chord Energy during the second quarter worth $207,000. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Price Performance

The company has a market cap of $7.04 billion, a price-to-earnings ratio of 5.91, a price-to-earnings-growth ratio of 4.79 and a beta of 0.96. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $127.45 and a two-hundred day simple moving average of $146.03.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $3.40 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the company posted $5.04 earnings per share. Chord Energy’s revenue was up 33.4% on a year-over-year basis. On average, equities research analysts anticipate that Chord Energy Co. will post 16.5 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

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

Chord Energy Company Profile

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.