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Chord Energy Receives Price Target Increase from Piper Sandler Analyst

By Don Francis, Editor
May 15, 2024 7:08 AM UTC
Chord Energy Receives Price Target Increase from Piper Sandler Analyst

Piper Sandler's Mark Lear raised their price target on Chord Energy (NASDAQ: CHRD) by 0.4% from $230 to $231 on 2024/05/14. The analyst maintained their Strong Buy rating on the stock.

In a post-Q1 reporting season wrap-up, Lear noted that, overall, strong results from the Energy (Oil & Gas E&P) group were "somewhat offset by weaker crude pricing as Mideast ceasefire talks reversed the bulk of the geopolitical risk premium Piper Sandler had assumed heading into the prints."

Alongside the adjustment to Chord Energy's price target, Lear also made changes to other names in their portfolio. For Apa Corp, the price target was lowered by -5.7% from $35 to $33, while maintaining a Hold rating. Northern Oil & Gas Inc saw a 2.4% increase in its price target from $42 to $43, also with a Hold rating. Coterra Energy Inc experienced a 5.4% increase in its price target from $37 to $39, with a maintained Strong Buy rating. Similarly, Devon Energy Corp saw a 1.7% increase in its price target from $60 to $61, also maintaining a Strong Buy rating. Lastly, Eog Resources Inc had its price target raised by 0.7% from $153 to $154, with a Strong Buy rating intact.

According to WallStreetZen, Piper Sandler analyst Mark Lear is ranked in the top 2% out of 4,585 Wall Street analysts, with an average return of 12.4% and a 67.3% win rate. Lear specializes in the Consumer Cyclical and Energy sectors.

As for Chord Energy Corporation, the company operates as an independent exploration and production company. It focuses on acquiring, exploiting, developing, and exploring for crude oil, natural gas, and natural gas liquids in the Williston Basin. Founded in 2007 and headquartered in Houston, Texas, Chord Energy has attracted attention with its consistent performance in the energy sector.

Looking at analyst ratings for Chord Energy, 100% of top-rated analysts currently rate the stock as a Strong Buy or Buy, with no analysts considering it a Hold. Additionally, no analysts recommend or strongly recommend selling the stock.

In terms of future earnings, the consensus forecast among analysts is that Chord Energy's upcoming year will deliver earnings per share (EPS) of $41.21. If the analysts are correct, this represents an impressive 84.8% increase on a year-over-year basis.

Examining Chord Energy's recent performance, the stock price has shown resilience. Since its latest quarterly report on 2024/05/07, the stock price has risen by 2.1%. On a year-over-year basis, the stock has experienced a significant increase of 28.9%. Notably, Chord Energy has outperformed the broader market, with the S&P 500 showing a 26.8% increase during the same period.

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