Analysts Set Chord Energy’s Price Target at $137.69, Outlook Positive

Analysts have established a price target of $137.69 for Chord Energy Corporation (NASDAQ:CHRD), reflecting a cautiously optimistic outlook for the company’s stock. According to MarketBeat.com, fourteen research firms currently cover the stock, with an average recommendation of “Moderate Buy.” Among these analysts, three have assigned a hold rating, while eleven suggest buying shares in the company.

Recent assessments of Chord Energy by various firms highlight adjustments to their price targets. For instance, on November 18, 2023, Piper Sandler revised its price target from $167.00 to $165.00, maintaining an “overweight” rating. Wells Fargo & Company increased its price objective from $108.00 to $113.00, also rating the stock as “overweight.” Additionally, Roth Capital initiated coverage on October 13, 2023, giving a “buy” rating with a target price of $130.00. Bank of America raised its target from $112.00 to $123.00, while Mizuho reduced its target from $152.00 to $142.00, maintaining an “outperform” rating.

Financial Performance Highlights

Chord Energy’s financial performance for the last quarter reflects strong results. The company announced its quarterly earnings on November 4, 2023, reporting earnings per share of $2.35, which surpassed the consensus estimate of $2.24. The company’s revenue for the quarter reached $1.31 billion, significantly exceeding analyst estimates of $1.02 billion. This revenue figure represents a 17% increase compared to the same period last year. Analysts project Chord Energy will achieve earnings per share of $15.59 for the current fiscal year.

In addition to its earnings report, Chord Energy recently announced a quarterly dividend of $1.30 per share, set to be paid on December 5, 2023. Shareholders on record as of November 19, 2023 will receive this dividend, which translates to an annualized yield of 5.6%. The company’s dividend payout ratio currently stands at 200%.

Insider Activity and Institutional Investments

In related news, Director Samantha Holroyd purchased 1,250 shares of Chord Energy on November 7, 2023, at an average price of $85.50 per share, totaling $106,875.00. Following this acquisition, Holroyd’s ownership in the company increased by 7.6%. Currently, 0.70% of Chord Energy’s stock is held by insiders.

Institutional investors have also been actively adjusting their positions in the company. AQR Capital Management LLC boosted its stake by 59.8% in the first quarter, now owning 236,436 shares valued at approximately $26.65 million. HSBC Holdings PLC increased its holdings by 364.2%, acquiring an additional 28,084 shares, bringing its total to 35,795 shares worth about $4.06 million. Other notable institutional movements include Wealth Enhancement Advisory Services LLC entering the market with a stake valued at $1.76 million and Magnetar Financial LLC enhancing its holdings by 218.1%.

In total, institutional investors currently hold approximately 97.76% of Chord Energy’s stock, indicating strong confidence in the company’s future prospects.

Chord Energy Corporation, based in the United States, operates as an independent exploration and production company focusing on crude oil, natural gas, and natural gas liquids in the Williston Basin. The company emphasizes efficient operations and strategic partnerships with refiners and marketers to ensure robust access to pipeline and rail facilities for its products.