Royal Bank of Canada Reaffirms “Outperform” Rating for Chord Energy (NASDAQ:CHRD)

Royal Bank of Canada reissued their outperform rating on shares of Chord Energy (NASDAQ:CHRD) in a research report report published on Friday morning, Benzinga reports. They currently have a $200.00 price objective on the stock.

Several other analysts have also recently weighed in on CHRD. Bank of America raised their price target on Chord Energy from $201.00 to $208.00 and gave the company a buy rating in a report on Wednesday, August 21st. Citigroup lowered their target price on shares of Chord Energy from $195.00 to $180.00 and set a buy rating on the stock in a research note on Monday, August 12th. Piper Sandler cut their price target on shares of Chord Energy from $234.00 to $206.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Wolfe Research initiated coverage on shares of Chord Energy in a research report on Thursday, July 18th. They set a peer perform rating on the stock. Finally, Truist Financial cut their target price on shares of Chord Energy from $226.00 to $223.00 and set a buy rating for the company in a research report on Monday, July 22nd. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Chord Energy currently has a consensus rating of Moderate Buy and an average price target of $202.10.

Chord Energy Price Performance

CHRD stock opened at $136.73 on Friday. The firm has a 50 day moving average of $152.80 and a 200-day moving average of $167.21. The firm has a market capitalization of $5.70 billion, a P/E ratio of 6.42, a price-to-earnings-growth ratio of 4.48 and a beta of 0.99. Chord Energy has a 12 month low of $129.75 and a 12 month high of $190.23. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, August 7th. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $5.00 by ($0.31). The firm had revenue of $902.70 million for the quarter, compared to analysts’ expectations of $982.43 million. Chord Energy had a net margin of 20.83% and a return on equity of 15.06%. The firm’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.65 earnings per share. As a group, sell-side analysts predict that Chord Energy will post 19.67 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Wednesday, August 21st were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend was Wednesday, August 21st. Chord Energy’s dividend payout ratio (DPR) is currently 23.46%.

Insider Activity

In other Chord Energy news, Director Samantha Holroyd purchased 500 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was bought at an average price of $149.51 per share, with a total value of $74,755.00. Following the completion of the purchase, the director now directly owns 14,417 shares of the company’s stock, valued at approximately $2,155,485.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.70% of the company’s stock.

Institutional Trading of Chord Energy

Several large investors have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new position in shares of Chord Energy during the second quarter valued at $788,000. Aristides Capital LLC purchased a new position in Chord Energy in the second quarter worth about $222,000. Cetera Investment Advisers grew its holdings in shares of Chord Energy by 165.0% during the second quarter. Cetera Investment Advisers now owns 25,124 shares of the company’s stock valued at $4,213,000 after buying an additional 15,645 shares during the last quarter. KGH Ltd increased its position in shares of Chord Energy by 872.0% during the second quarter. KGH Ltd now owns 485,998 shares of the company’s stock valued at $81,492,000 after acquiring an additional 435,998 shares in the last quarter. Finally, Creative Planning lifted its position in Chord Energy by 85.2% in the 2nd quarter. Creative Planning now owns 14,748 shares of the company’s stock valued at $2,473,000 after acquiring an additional 6,786 shares in the last quarter. 97.76% of the stock is 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.