Wells Fargo & Company Issues Pessimistic Forecast for Chord Energy (NASDAQ:CHRD) Stock Price

Chord Energy (NASDAQ:CHRD) had its target price reduced by equities researchers at Wells Fargo & Company from $176.00 to $175.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 38.60% from the company’s current price.

A number of other equities research analysts have also commented on CHRD. BMO Capital Markets reduced their price objective on shares of Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Royal Bank of Canada cut their price target on shares of 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 assumed coverage on Chord Energy in a research report on Friday, January 10th. They issued an “equal weight” rating and a $158.00 price objective for the company. Siebert Williams Shank upgraded Chord Energy to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, UBS Group lowered their target price on Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a report on Monday, December 9th. 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $173.08.

Chord Energy Stock Performance

NASDAQ CHRD opened at $126.26 on Wednesday. The company has a market capitalization of $7.72 billion, a price-to-earnings ratio of 6.50, a PEG ratio of 5.57 and a beta of 0.99. Chord Energy has a twelve month low of $109.59 and a twelve month high of $190.23. The stock has a fifty day simple moving average of $122.38 and a 200 day simple moving average of $138.20. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data 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 company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the business earned $5.04 earnings per share. Chord Energy’s revenue was up 33.4% compared to the same quarter last year. Sell-side analysts expect that Chord Energy will post 16.33 EPS for the current year.

Insider Activity at Chord Energy

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

Institutional Trading of Chord Energy

Large investors have recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC increased its holdings in Chord Energy by 462.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 197 shares of the company’s stock worth $26,000 after acquiring an additional 162 shares in the last quarter. Stone House Investment Management LLC purchased a new position in shares of Chord Energy in the third quarter valued at $26,000. Brooklyn Investment Group bought a new stake in shares of Chord Energy in the 4th quarter worth about $29,000. UMB Bank n.a. increased its stake in Chord Energy by 77.7% during the third quarter. UMB Bank n.a. now owns 231 shares of the company’s stock worth $30,000 after acquiring an additional 101 shares during the last quarter. Finally, Spartan Fund Management Inc. bought a new stake in Chord Energy in the third quarter worth $34,000. 97.76% of the stock is currently 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.