Chord Energy (NASDAQ:CHRD) Now Covered by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Chord Energy (NASDAQ:CHRD) in a research note issued to investors on Friday morning, Marketbeat reports. The brokerage issued an equal weight rating and a $158.00 target price on the stock.

Several other research analysts have also weighed in on the company. Wells Fargo & Company lifted their price objective on Chord Energy from $175.00 to $176.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Mizuho dropped their price target on Chord Energy from $192.00 to $178.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. BMO Capital Markets cut their price target on Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Siebert Williams Shank upgraded shares of Chord Energy to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, Royal Bank of Canada reduced their price target on shares of Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Chord Energy has a consensus rating of “Moderate Buy” and a consensus target price of $178.54.

Chord Energy Price Performance

Shares of CHRD opened at $123.78 on Friday. The business has a 50-day moving average of $122.59 and a 200-day moving average of $139.65. Chord Energy has a 1 year low of $109.59 and a 1 year high of $190.23. The company has a market capitalization of $7.57 billion, a price-to-earnings ratio of 6.37, a price-to-earnings-growth ratio of 4.79 and a beta of 0.99. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.89.

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

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders 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 4.04%. Chord Energy’s dividend payout ratio is currently 25.75%.

Insider Activity

In related news, CAO Shannon Browning Kinney sold 1,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.27, for a total transaction of $121,270.00. Following the completion of the transaction, the chief accounting officer now owns 20,488 shares in the company, valued at approximately $2,484,579.76. This 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its stake in shares of Chord Energy by 8,762.1% during the 3rd quarter. Pacer Advisors Inc. now owns 1,245,034 shares of the company’s stock worth $162,141,000 after purchasing an additional 1,230,985 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Chord Energy by 72.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,771,780 shares of the company’s stock worth $297,090,000 after buying an additional 741,705 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Chord Energy by 41.3% during the 3rd quarter. Victory Capital Management Inc. now owns 2,245,435 shares of the company’s stock valued at $292,423,000 after buying an additional 656,374 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Chord Energy by 143.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 880,787 shares of the company’s stock worth $114,705,000 after acquiring an additional 519,547 shares during the period. Finally, Millennium Management LLC increased its holdings in Chord Energy by 226.5% in the 2nd quarter. Millennium Management LLC now owns 696,488 shares of the company’s stock worth $116,787,000 after acquiring an additional 483,144 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other 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.