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

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

Other equities analysts have also recently issued reports about the company. Truist Financial reduced their target price on Chord Energy from $223.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Siebert Williams Shank upgraded shares of Chord Energy to a “strong-buy” rating in a research report on Tuesday, October 15th. Mizuho cut their price target on shares of Chord Energy from $192.00 to $178.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Wells Fargo & Company raised their price objective on shares of Chord Energy from $175.00 to $176.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Finally, UBS Group cut their target price on shares of Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Chord Energy currently has an average rating of “Moderate Buy” and a consensus price target of $178.54.

Chord Energy Price Performance

Shares of NASDAQ CHRD opened at $123.78 on Friday. 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 has a fifty-two week low of $109.59 and a fifty-two week high of $190.23. The stock has a market cap of $7.57 billion, a PE ratio of 6.37, a price-to-earnings-growth ratio of 4.79 and a beta of 0.99. The stock has a fifty day moving average of $122.59 and a 200-day moving average of $139.65.

Chord Energy (NASDAQ:CHRD) last posted its earnings results on Wednesday, November 6th. The company reported $3.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.23). The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Chord Energy had a net margin of 19.74% and a return on equity of 12.88%. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.04 EPS. Equities research analysts anticipate that Chord Energy will post 16.5 earnings per share for the current year.

Chord Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Wednesday, November 27th were given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Wednesday, November 27th. Chord Energy’s dividend payout ratio is presently 25.75%.

Insider Activity at Chord Energy

In related news, CAO Shannon Browning Kinney sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $116.35, for a total value of $116,350.00. Following the transaction, the chief accounting officer now directly owns 19,488 shares of the company’s stock, valued at approximately $2,267,428.80. This represents a 4.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CHRD. Pacer Advisors Inc. boosted its position in shares of Chord Energy by 8,762.1% during the third quarter. Pacer Advisors Inc. now owns 1,245,034 shares of the company’s stock valued at $162,141,000 after buying an additional 1,230,985 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Chord Energy by 72.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,771,780 shares of the company’s stock valued at $297,090,000 after acquiring an additional 741,705 shares during the period. Victory Capital Management Inc. boosted its holdings 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 acquiring 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% in the third 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 raised its holdings in shares of Chord Energy by 226.5% during the second quarter. Millennium Management LLC now owns 696,488 shares of the company’s stock valued at $116,787,000 after purchasing an additional 483,144 shares during the last quarter. Hedge funds and other 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.