Truist Financial Forecasts Strong Price Appreciation for Chord Energy (NASDAQ:CHRD) Stock

Chord Energy (NASDAQ:CHRD) had its price target hoisted by equities researchers at Truist Financial from $185.00 to $186.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 50.27% from the stock’s current price.

A number of other research firms have also issued reports on CHRD. Royal Bank of Canada reduced their price target on Chord Energy from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 20th. Morgan Stanley began coverage on shares of Chord Energy in a research note on Friday. They issued an “equal weight” rating and a $158.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of Chord Energy from $175.00 to $176.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. UBS Group cut their price target on shares of Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a report on Monday, December 9th. Finally, Piper Sandler cut their price target on Chord Energy from $212.00 to $194.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Three investment 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 company. According to data from MarketBeat, Chord Energy presently has an average rating of “Moderate Buy” and a consensus target price of $173.23.

Chord Energy Price Performance

Shares of NASDAQ CHRD opened at $123.78 on Monday. The firm has a market cap of $7.57 billion, a PE ratio of 6.37, a PEG ratio of 4.79 and a beta of 0.99. Chord Energy has a one year low of $109.59 and a one year high of $190.23. The firm has a fifty day moving average of $122.59 and a 200 day moving average of $139.13. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.93.

Chord Energy (NASDAQ:CHRD) last announced 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 return on equity of 12.88% and a net margin of 19.74%. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the business posted $5.04 EPS. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. As a group, research analysts predict that Chord Energy will post 16.5 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Chord Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kings Path Partners LLC acquired a new position in shares of Chord Energy during the fourth quarter valued at approximately $117,000. Franklin Resources Inc. lifted its stake in Chord Energy by 72.5% during the third quarter. Franklin Resources Inc. now owns 27,434 shares of the company’s stock valued at $3,631,000 after buying an additional 11,527 shares in the last quarter. Synovus Financial Corp raised its holdings in shares of Chord Energy by 14.9% during the third quarter. Synovus Financial Corp now owns 5,869 shares of the company’s stock valued at $764,000 after acquiring an additional 761 shares during the period. Sanctuary Advisors LLC lifted 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 acquiring an additional 892 shares in the last quarter. Finally, TCW Group Inc. grew its position in Chord Energy by 11.7% during the 3rd quarter. TCW Group Inc. now owns 33,540 shares of the company’s stock worth $4,368,000 after purchasing an additional 3,500 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

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.