Royal Bank of Canada Issues Pessimistic Forecast for Chord Energy (NASDAQ:CHRD) Stock Price

Chord Energy (NASDAQ:CHRD) had its target price reduced by Royal Bank of Canada from $185.00 to $180.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Piper Sandler increased their target price on shares of Chord Energy from $211.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Bank of America increased their price objective on Chord Energy from $201.00 to $208.00 and gave the stock a “buy” rating in a report on Wednesday, August 21st. Jefferies Financial Group assumed coverage on Chord Energy in a research note on Thursday, September 5th. They issued a “hold” rating and a $160.00 target price on the stock. Wells Fargo & Company cut their price target on Chord Energy from $185.00 to $180.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Finally, UBS Group assumed coverage on Chord Energy in a report on Wednesday, October 16th. They issued a “buy” rating and a $168.00 price objective on the stock. Two equities research 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 has a consensus rating of “Moderate Buy” and an average price target of $188.45.

Chord Energy Stock Performance

Shares of Chord Energy stock opened at $134.43 on Wednesday. The stock has a market cap of $8.22 billion, a PE ratio of 6.80, a price-to-earnings-growth ratio of 5.14 and a beta of 0.98. Chord Energy has a 12 month low of $123.30 and a 12 month high of $190.23. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $130.99 and a 200-day simple moving average of $153.18.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Wednesday, November 6th. The company reported $3.40 earnings per share for the quarter, missing the consensus estimate of $3.63 by ($0.23). The business 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 company’s revenue was up 33.4% compared to the same quarter last year. During the same period last year, the firm earned $5.04 EPS. On average, sell-side analysts anticipate that Chord Energy will post 16.5 EPS for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Wednesday, November 27th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $5.00 annualized dividend and a yield of 3.72%. Chord Energy’s dividend payout ratio (DPR) is presently 25.75%.

Institutional Trading of Chord Energy

Hedge funds have recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC raised its position in shares of Chord Energy by 462.9% during the third quarter. Hexagon Capital Partners LLC now owns 197 shares of the company’s stock valued at $26,000 after buying an additional 162 shares during the last quarter. Stone House Investment Management LLC bought a new stake in Chord Energy in the 3rd quarter valued at $26,000. UMB Bank n.a. raised its stake in shares of Chord Energy by 77.7% in the 3rd quarter. UMB Bank n.a. now owns 231 shares of the company’s stock valued at $30,000 after buying an additional 101 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of Chord Energy during the 2nd quarter worth about $40,000. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Chord Energy by 125.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 244 shares of the company’s stock valued at $41,000 after acquiring an additional 136 shares in the last quarter. 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.