American Trust, a financial institution, recently announced its acquisition of a new stake in Chord Energy Co. (NASDAQ:CHRD), as per the company’s 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,497 shares of Chord Energy’s stock during the first quarter of this year, amounting to approximately $201,000.
Chord Energy, listed on NASDAQ under the ticker symbol CHRD, released its most recent earnings report on August 2nd. Unfortunately, the company fell slightly short of analysts’ expectations by reporting earnings per share (EPS) of $3.65 for the quarter compared to the consensus estimate of $3.96 EPS – a difference of $0.31. Despite this miss, Chord Energy achieved revenue of $695.40 million during the quarter, surpassing the consensus estimate of $677.85 million. These figures indicate a growth rate of 29.1% in comparison to the same quarter last year.
Furthermore, Chord Energy boasted a return on equity (ROE) of 19.07% and a net margin of 44.17%. These metrics are vital indicators that signify the company’s ability to generate profits from shareholders’ investment and reflect its efficiency in managing costs.
It should be noted that during the corresponding period in the previous year, Chord Energy reported an EPS figure of $7.30 – significantly higher than what was observed this quarter.
Industry analysts are anticipating that Chord Energy will post earnings per share (EPS) of around 18.91 for the current fiscal year; however, it is important to recognize that these projections are not guaranteed and are subject to change based on various factors such as market conditions and industry trends.
As American Trust gains increasing exposure to Chord Energy through its newly acquired stake in CHRD shares, shareholders will be eagerly observing any future developments within both companies. It remains critical for investors to scrutinize Chord Energy’s financial performance and consider various factors before making any investment decisions related to the stock.
For further information and a more comprehensive analysis of Chord Energy’s current standing and potential future prospects, interested parties are encouraged to refer to the latest report on Chord Energy available. This report can provide valuable insights into the company’s financial health, competitive landscape, and market position.
Ultimately, Chord Energy Co.’s performance in the coming months will be closely watched by industry experts, eager to gauge how the company adapts to changing market dynamics and whether it can generate sustainable growth going forward.
Chord Energy Corporation
Updated on: 05/12/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Recent Developments and Analyst Ratings for Chord Energy Stock
As of September 17, 2023, there have been notable changes in the stock holdings of Chord Energy by various institutional investors and hedge funds. Among them, FinTrust Capital Advisors LLC acquired a new stake in the company during the 4th quarter of the previous year, valued at approximately $28,000. Similarly, Assetmark Inc. also acquired a new stake in Chord Energy during the 1st quarter of this year, amounting to around $30,000. CoreCap Advisors LLC joined these investors by acquiring a new stake in Chord Energy during the same period as well, with a value of about $39,000. Fifth Third Bancorp experienced significant growth in their position in shares of Chord Energy during the 1st quarter, increasing their ownership by 57.2%. They now own 338 shares worth $45,000 after purchasing an additional 123 shares during that period. Lastly, Rockefeller Capital Management L.P., just like FinTrust Capital Advisors LLC and CoreCap Advisors LLC earlier on in this paragraph, also acquired a new position in Chord Energy during the fourth quarter with an approximate value of $48,000.
It is vital to note that institutional investors and hedge funds currently possess 97.76% of the company’s stock.
These major developments among various investors have drawn attention from research analysts who have recently issued reports on Chord Energy’s stock performance and investment potential. BMO Capital Markets initiated coverage on the company’s shares at “outperform” rating with a price objective set at $185.00 for each share.
Another research report was produced by Piper Sandler analysts who revised down their price objective for Chord Energy shares from $204.00 to $202.00.
TD Cowen researchers also contributed to the discussion surrounding Chord Energy by downgrading their rating on its stock from “outperform” to “market perform”. Furthermore, they set a target price of $151.00 for the company’s shares.
On the flip side, Citigroup analysts hiked their price objective for Chord Energy shares from $170.00 to $185.00, highlighting positive prospects for the stock.
Truist Financial analysts maintained a “buy” rating and assigned a price objective of $221.00 on Chord Energy shares in their analysis published on September 6th, 2023.
Overall, market consensus indicates that Chord Energy has a “Moderate Buy” rating with an average target price of $184.44 according to Bloomberg.
In other news related to Chord Energy, CFO Michael H. Lou sold 7,632 shares of the company’s stock on Tuesday, August 8th at an average price of $161.26 per share, resulting in a total transaction value of approximately $1,230,736.32. Following this transaction, the chief financial officer now owns 186,235 shares in the company which are valued at roughly $30,032,256.10. This sale was disclosed in a filing with the Securities and Exchange Commission (SEC).
Furthermore, COO Charles J. Rimer also sold 1,500 shares of Chord Energy stock on Thursday, August 31st at an average price of $160.00 per share amounting to a total value of $240,000.00.
Insiders collectively sold 24,132 shares worth approximately $3,829,860 during the last quarter alone representing around 0.52% ownership by insiders.
As can be seen from recent developments and insider activities within the company’s stock market performance gauge CHRD opened at $158.23 on Friday.
Chord Energy Co., having experienced both lows and highs over the past year within a range from $117.05 to $167.81 per share respectively; currently exhibits a fifty-day simple moving average of $156.90 and a two-hundred-day simple moving average of $147.56.
The company maintains a quick ratio of 0.90, indicating its ability to fulfill short-term financial obligations swiftly. Similarly, it has a current ratio of 0.96, highlighting the company’s capacity to meet both short-term and long-term liabilities.
With regards to the company’s indebtedness, the debt-to-equity ratio stands at 0.08, which signifies a minimal reliance on external funding for Chord Energy operations.
Chord Energy’s outstanding shares contribute to its market capitalization amounting to $6.57 billion as of now.
The stock demonstrates a price-to-earnings (P/E) ratio of 3.87 and possesses an attractive P/E-to-growth (P/E/G) ratio of 0.44 that may spark further interest among cautious investors looking for potential growth opportunities within the energy sector.
As an additional attribute worthy of note, Chord Energy displays a beta value of 1.28, which suggests that its stock is somewhat more volatile than the overall market.