Morgan Stanley Initiates Coverage on Chord Energy (NASDAQ:CHRD)

Stock analysts at Morgan Stanley initiated coverage on shares of Chord Energy (NASDAQ:CHRD) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm set an “equal weight” rating and a $158.00 price target on the stock. Morgan Stanley’s target price points to a potential upside of 27.65% from the stock’s current price.

Several other research analysts also recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Chord Energy from $175.00 to $176.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. BMO Capital Markets lowered their price target on Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Piper Sandler decreased their price objective on Chord Energy from $212.00 to $194.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Royal Bank of Canada cut their target price on Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, November 20th. Finally, Mizuho decreased their price target on shares of Chord Energy from $192.00 to $178.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $178.54.

Chord Energy Price Performance

NASDAQ CHRD opened at $123.78 on Friday. The stock has a 50-day simple moving average of $122.59 and a 200 day simple moving average of $139.13. Chord Energy has a twelve month low of $109.59 and a twelve month high of $190.23. The stock has a market capitalization of $7.57 billion, a PE ratio of 6.37, a P/E/G ratio of 4.79 and a beta of 0.99. 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 issued its quarterly earnings results on Wednesday, November 6th. The company reported $3.40 EPS for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.23). The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.26 billion. Chord Energy had a return on equity of 12.88% and a net margin of 19.74%. During the same quarter last year, the firm earned $5.04 earnings per share. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. Research analysts anticipate that Chord Energy will post 16.5 EPS for the current year.

Insider Activity

In other news, CAO Shannon Browning Kinney sold 1,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $121.27, for a total value of $121,270.00. Following the completion of the sale, the chief accounting officer now directly owns 20,488 shares in the company, valued at approximately $2,484,579.76. This trade represents a 4.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chord Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its stake in shares of Chord Energy by 30.6% during the third quarter. GAMMA Investing LLC now owns 414 shares of the company’s stock valued at $54,000 after purchasing an additional 97 shares during the last quarter. Commerce Bank lifted its stake in shares of Chord Energy by 4.3% during the third quarter. Commerce Bank now owns 2,361 shares of the company’s stock valued at $307,000 after acquiring an additional 98 shares during the period. New York State Teachers Retirement System boosted its holdings in Chord Energy by 0.4% in the third quarter. New York State Teachers Retirement System now owns 27,274 shares of the company’s stock valued at $3,552,000 after acquiring an additional 100 shares during the last quarter. UMB Bank n.a. raised its holdings in Chord Energy by 77.7% during the 3rd quarter. UMB Bank n.a. now owns 231 shares of the company’s stock worth $30,000 after purchasing an additional 101 shares during the last quarter. Finally, Lindenwold Advisors INC lifted its position in Chord Energy by 5.0% during the 3rd quarter. Lindenwold Advisors INC now owns 2,523 shares of the company’s stock valued at $329,000 after purchasing an additional 119 shares during the period. Institutional investors own 97.76% of the company’s stock.

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.