Citigroup Cuts Chord Energy (NASDAQ:CHRD) Price Target to $135.00

Chord Energy (NASDAQ:CHRD) had its price target lowered by analysts at Citigroup from $160.00 to $135.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 29.99% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Mizuho reduced their price objective on shares of Chord Energy from $192.00 to $178.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Wells Fargo & Company dropped their price target on Chord Energy from $176.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Morgan Stanley began coverage on Chord Energy in a report on Friday, January 10th. They issued an “equal weight” rating and a $158.00 target price on the stock. 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 research report on Friday, January 3rd. Finally, Bank of America restated a “neutral” rating and issued a $138.00 target price (down from $208.00) on shares of Chord Energy in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $166.17.

Chord Energy Stock Performance

Shares of CHRD traded down $2.19 during trading hours on Tuesday, reaching $103.85. 612,020 shares of the company’s stock traded hands, compared to its average volume of 803,496. The firm has a market capitalization of $6.35 billion, a price-to-earnings ratio of 5.34, a P/E/G ratio of 5.83 and a beta of 0.98. The business’s fifty day simple moving average is $116.32 and its two-hundred day simple moving average is $126.09. Chord Energy has a twelve month low of $100.58 and a twelve month high of $190.23. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.89.

Insider Activity at Chord Energy

In other Chord Energy news, CAO Shannon Browning Kinney sold 1,000 shares of Chord Energy stock in a transaction on Monday, December 16th. The shares were sold at an average price of $116.35, for a total value of $116,350.00. Following the sale, the chief accounting officer now directly owns 19,488 shares in the company, valued at approximately $2,267,428.80. The trade was a 4.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chord Energy

Several hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. grew its stake in shares of Chord Energy by 41.3% in the third quarter. Victory Capital Management Inc. now owns 2,245,435 shares of the company’s stock valued at $292,423,000 after buying an additional 656,374 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of Chord Energy during the fourth quarter valued at about $553,000. Geode Capital Management LLC increased its stake in shares of Chord Energy by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,162,442 shares of the company’s stock valued at $151,077,000 after buying an additional 34,156 shares during the period. Kingsview Wealth Management LLC raised its holdings in Chord Energy by 55.3% in the 4th quarter. Kingsview Wealth Management LLC now owns 21,744 shares of the company’s stock valued at $2,542,000 after buying an additional 7,743 shares during the last quarter. Finally, Arkfeld Wealth Strategies L.L.C. increased its position in Chord Energy by 3.5% in the 4th quarter. Arkfeld Wealth Strategies L.L.C. now owns 92,211 shares of the company’s stock valued at $11,596,000 after acquiring an additional 3,151 shares during the period. 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.