Citigroup Initiates Coverage on Chord Energy (NASDAQ:CHRD)

Citigroup started coverage on shares of Chord Energy (NASDAQ:CHRD) in a report issued on Monday, MarketBeat.com reports. The firm issued a buy rating and a $195.00 price target on the stock.

Other research analysts have also issued reports about the stock. BMO Capital Markets assumed coverage on shares of Chord Energy in a research note on Monday, June 3rd. They issued an outperform rating and a $230.00 target price on the stock. Mizuho raised their target price on shares of Chord Energy from $195.00 to $214.00 and gave the company a buy rating in a research note on Monday, May 13th. Bank of America reissued a buy rating and issued a $201.00 price target on shares of Chord Energy in a report on Friday, June 14th. Truist Financial reduced their price target on shares of Chord Energy from $228.00 to $226.00 and set a buy rating for the company in a report on Monday, June 3rd. Finally, Royal Bank of Canada increased their price target on shares of Chord Energy from $180.00 to $200.00 and gave the company an outperform rating in a report on Monday, April 29th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $205.00.

Chord Energy Stock Performance

Shares of CHRD opened at $173.62 on Monday. The company’s fifty day moving average is $174.72 and its 200-day moving average is $169.22. Chord Energy has a 12 month low of $145.06 and a 12 month high of $190.23. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of 8.15, a price-to-earnings-growth ratio of 0.89 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.08.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $5.10 EPS for the quarter, topping the consensus estimate of $4.75 by $0.35. Chord Energy had a net margin of 22.67% and a return on equity of 16.57%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $771.87 million. During the same quarter in the prior year, the business posted $4.50 EPS. Chord Energy’s quarterly revenue was up 24.8% on a year-over-year basis. Equities analysts expect that Chord Energy will post 22.27 EPS for the current fiscal year.

Chord Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were given a dividend of $2.94 per share. This represents a $11.76 annualized dividend and a dividend yield of 6.77%. The ex-dividend date was Tuesday, May 21st. Chord Energy’s dividend payout ratio is 23.46%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CHRD. Boston Partners grew its holdings in Chord Energy by 107.0% during the first quarter. Boston Partners now owns 1,305,942 shares of the company’s stock valued at $232,813,000 after purchasing an additional 674,965 shares during the period. American Century Companies Inc. grew its holdings in Chord Energy by 158.5% during the third quarter. American Century Companies Inc. now owns 483,447 shares of the company’s stock valued at $78,352,000 after purchasing an additional 296,443 shares during the period. Jennison Associates LLC grew its holdings in Chord Energy by 40.5% during the first quarter. Jennison Associates LLC now owns 524,712 shares of the company’s stock valued at $93,525,000 after purchasing an additional 151,218 shares during the period. First Trust Advisors LP grew its holdings in Chord Energy by 11.0% during the fourth quarter. First Trust Advisors LP now owns 1,402,359 shares of the company’s stock valued at $233,114,000 after purchasing an additional 138,957 shares during the period. Finally, Anchor Capital Advisors LLC grew its holdings in Chord Energy by 847.8% during the first quarter. Anchor Capital Advisors LLC now owns 139,424 shares of the company’s stock valued at $24,851,000 after purchasing an additional 124,714 shares during the period. Institutional investors and hedge funds own 97.76% of the company’s stock.

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.