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

Equities research analysts at Morgan Stanley assumed coverage on shares of Chord Energy (NASDAQ:CHRD) in a report issued on Friday, MarketBeat.com reports. The firm set an “equal weight” rating and a $158.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 28.87% from the company’s previous close.

CHRD has been the subject of several other reports. Truist Financial decreased their price target on shares of Chord Energy from $223.00 to $185.00 and set a “buy” rating for the company in a report on Monday, September 30th. Wolfe Research raised Chord Energy from a “peer perform” rating to an “outperform” rating and set a $155.00 target price for the company in a report on Friday, January 3rd. Wells Fargo & Company raised their price target on 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 objective on Chord Energy from $205.00 to $175.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Finally, Siebert Williams Shank upgraded Chord Energy to a “strong-buy” rating in a research note on Tuesday, October 15th. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Chord Energy has a consensus rating of “Moderate Buy” and a consensus target price of $178.54.

Chord Energy Stock Performance

Shares of CHRD stock opened at $122.60 on Friday. The company’s 50-day simple moving average is $122.59 and its 200-day simple moving average is $139.65. Chord Energy has a one year low of $109.59 and a one year high of $190.23. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 6.31, a PEG 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 posted its quarterly earnings results on Wednesday, November 6th. The company reported $3.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.63 by ($0.23). The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.26 billion. Chord Energy had a net margin of 19.74% and a return on equity of 12.88%. The business’s revenue was up 33.4% on a year-over-year basis. During the same period in the prior year, the company posted $5.04 earnings per share. Equities analysts anticipate that Chord Energy will post 16.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Chord Energy

In other news, CAO Shannon Browning Kinney sold 1,000 shares of Chord Energy stock in a transaction on Monday, December 9th. The stock was sold at an average price of $121.27, for a total transaction of $121,270.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Victory Capital Management Inc. raised its position in Chord Energy by 41.3% in the third quarter. Victory Capital Management Inc. now owns 2,245,435 shares of the company’s stock worth $292,423,000 after acquiring an additional 656,374 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Chord Energy by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,162,442 shares of the company’s stock worth $151,077,000 after purchasing an additional 34,156 shares in the last quarter. Bank of Montreal Can lifted its stake in Chord Energy by 956.5% during the second quarter. Bank of Montreal Can now owns 58,359 shares of the company’s stock valued at $9,873,000 after purchasing an additional 52,835 shares during the last quarter. Foundry Partners LLC boosted its holdings in Chord Energy by 22.7% during the third quarter. Foundry Partners LLC now owns 52,009 shares of the company’s stock worth $6,773,000 after buying an additional 9,613 shares in the last quarter. Finally, Caxton Associates LP acquired a new position in Chord Energy in the second quarter worth approximately $2,515,000. 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.