Wells Fargo & Company has adjusted its price target for Chord Energy (NASDAQ:CHRD) from $108.00 to $113.00, reflecting a positive outlook for the company’s stock. The investment bank currently holds an “overweight” rating on Chord Energy, according to a report released on Friday.
This revision follows a series of evaluations from other financial institutions. On October 6, Royal Bank of Canada reaffirmed an “outperform” rating, setting a target price of $130.00. In a contrasting move, Mizuho reduced its target from $152.00 to $142.00, maintaining an “outperform” rating in a note published on September 15.
Further adjustments came from UBS Group, which lowered its price target from $130.00 to $123.00 while retaining a “buy” rating, and Bank of America, which increased its target from $112.00 to $123.00 with a “buy” recommendation noted on September 17. Additionally, Roth Capital initiated coverage with a price objective of $130.00 and a “buy” rating on October 13.
Currently, ten analysts have assigned a “buy” rating to Chord Energy, while three rate it as a “hold.” According to data from MarketBeat.com, the company holds an average rating of “Moderate Buy” with a consensus target price of $138.23.
Recent Financial Performance
Chord Energy recently reported its quarterly earnings on November 4, 2023, exceeding analysts’ expectations. The company posted earnings per share (EPS) of $2.35, surpassing the anticipated $2.24 by $0.11. During the same quarter, revenue reached $1.31 billion, significantly above the forecasted $1.02 billion. This represents a 17.0% increase in revenue compared to the same quarter last year.
The company’s return on equity stood at 8.27% with a net margin of 3.31%. Analysts predict that Chord Energy will report an EPS of $15.59 for the current fiscal year.
In addition to its financial results, Chord Energy has announced a quarterly dividend of $1.30 per share, scheduled for distribution on December 5, 2023. Shareholders on record as of November 19 will receive this dividend, amounting to an annualized yield of 5.6%. The dividend payout ratio currently stands at 200.00%.
Recent Insider Activity and Institutional Trading
In other developments, Shannon Browning Kinney, Executive Vice President, sold 3,019 shares of Chord Energy on August 22 at an average price of $105.43, totaling approximately $318,293.17. Following this transaction, Kinney retains 14,650 shares valued at around $1,544,549.50, indicating a 17.09% decrease in her position.
Conversely, Director Samantha Holroyd increased her stake by purchasing 1,250 shares on November 7 at an average price of $85.50, bringing her total holdings to 17,706 shares valued at approximately $1,513,863.
The stock is predominantly owned by institutional investors, who control 97.76% of shares. Recent changes in institutional holdings include a new position by Bayforest Capital Ltd valued at $28,000 and a 90.6% increase in stake by WealthCollab LLC, which now owns 305 shares worth $30,000 after acquiring an additional 145 shares.
As Chord Energy continues to navigate the evolving energy landscape, its financial performance and investment outlook will be closely monitored by analysts and investors alike.
