BMO Capital Markets Begins Coverage on Chord Energy (NASDAQ:CHRD)

BMO Capital Markets began coverage on shares of Chord Energy (NASDAQ:CHRD) in a research note released on Thursday morning, MarketBeat reports. The brokerage issued an outperform rating and a $185.00 price objective on the stock.

Several other equities analysts also recently weighed in on the company. Royal Bank of Canada reaffirmed an outperform rating and issued a $180.00 price objective on shares of Chord Energy in a research note on Wednesday, August 23rd. Mizuho lifted their price target on Chord Energy from $177.00 to $180.00 and gave the stock a buy rating in a research note on Wednesday, August 16th. Citigroup increased their price objective on shares of Chord Energy from $170.00 to $185.00 in a research note on Friday, August 4th. TD Cowen downgraded shares of Chord Energy from an outperform rating to a market perform rating and set a $151.00 target price for the company. in a report on Wednesday, July 19th. Finally, Piper Sandler reduced their price target on shares of Chord Energy from $204.00 to $202.00 in a report on Tuesday, June 13th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $184.44.

Chord Energy Trading Up 2.6 %

NASDAQ:CHRD opened at $165.74 on Thursday. The stock has a fifty day moving average price of $155.16 and a two-hundred day moving average price of $145.68. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 4.05, a PEG ratio of 0.43 and a beta of 1.28. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.90 and a current ratio of 0.96. Chord Energy has a 1 year low of $117.05 and a 1 year high of $165.85.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $3.96 by ($0.31). The company had revenue of $695.40 million for the quarter, compared to analysts’ expectations of $677.85 million. Chord Energy had a return on equity of 19.07% and a net margin of 44.17%. The firm’s quarterly revenue was up 29.1% on a year-over-year basis. During the same period in the prior year, the firm posted $7.30 EPS. As a group, sell-side analysts anticipate that Chord Energy will post 18.91 earnings per share for the current fiscal year.

Chord Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th were given a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend was Monday, August 14th. This is a positive change from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s payout ratio is currently 12.22%.

Insiders Place Their Bets

In other Chord Energy news, COO Charles J. Rimer sold 1,500 shares of Chord Energy stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $160.00, for a total value of $240,000.00. Following the completion of the sale, the chief operating officer now directly owns 91,273 shares of the company’s stock, valued at approximately $14,603,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Charles J. Rimer sold 1,500 shares of the stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $160.00, for a total transaction of $240,000.00. Following the transaction, the chief operating officer now directly owns 91,273 shares in the company, valued at $14,603,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lynn A. Peterson sold 3,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $146.29, for a total transaction of $438,870.00. Following the transaction, the director now directly owns 229,098 shares of the company’s stock, valued at approximately $33,514,746.42. The disclosure for this sale can be found here. In the last three months, insiders sold 27,132 shares of company stock valued at $4,279,950. Company insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alamar Capital Management LLC purchased a new stake in shares of Chord Energy during the 2nd quarter worth about $228,000. Virginia Retirement Systems ET AL purchased a new position in shares of Chord Energy in the 2nd quarter valued at $523,000. Comerica Bank acquired a new stake in Chord Energy in the 2nd quarter valued at $77,480,000. California State Teachers Retirement System increased its holdings in Chord Energy by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 50,565 shares of the company’s stock valued at $7,777,000 after purchasing an additional 382 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in Chord Energy by 6.8% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 22,766 shares of the company’s stock valued at $3,502,000 after purchasing an additional 1,441 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

About Chord Energy

Chord Energy Corporation operates as an independent exploration and production company. It acquires, exploits, develops, and explores for crude oil, natural gas, and natural gas liquids in the Williston Basin. Chord Energy Corporation was founded in 2007 and is headquartered in Houston, Texas.