In a recent update, Kumar outlined the reasons behind the revised estimates for Chord Energy and other names in their Oil & Gas portfolio. The analyst highlighted the rebound in commodity prices during Q3, particularly in oil and refining cracks. This resurgence has led to share rebounds in the sector, as investors believe that OPEC+ production cuts will result in an undersupply in global oil markets and tighten product inventory.
Alongside the adjustment for Chord Energy, Kumar also made changes to several other names in their portfolio. For Hess Corp, the price target was raised by 1.7% from $175 to $178, while maintaining a Hold rating. Marathon Petroleum Corp saw a more significant increase in price target, with a raise of 10.6% from $161 to $178, also maintaining a Hold rating. Marathon Oil Corp had its price target raised by 3.3% from $30 to $31, with a Hold rating being maintained. Civitas Resources Inc saw a 4.4% increase in price target, from $90 to $94, while maintaining a Hold rating. Lastly, Conocophillips had its price target raised by 3% from $135 to $139, with a Hold rating being maintained.
According to top-rated analysts, Chord Energy is currently seen as a Strong Buy or Buy by 100% of them. No analysts rate the stock as a Hold, and none of them recommend or strongly recommend selling the stock. The consensus forecast among analysts is that Chord Energy's upcoming year will deliver earnings per share (EPS) of $44.02. If these analysts' predictions hold true, Chord Energy's next yearly EPS will experience an 11.8% increase on a year-over-year basis.
Examining the stock's performance, it can be noted that since Chord Energy's last quarterly report on 2023/06/30, the stock price has increased by 2.4%. Looking at a year-over-year comparison, the stock has seen a growth of 10.6%. However, during this period, Chord Energy has trailed behind the S&P 500, which has experienced a 14.2% increase.
Nitin Kumar, the Mizuho analyst responsible for the revised price target, holds an impressive ranking among Wall Street analysts. Kumar is ranked in the top 1% out of 4,329 analysts by WallStreetZen, boasting an average return of 15.9% and a win rate of 59.9%. Their expertise lies in the Energy and Real Estate sectors.
Chord Energy Corporation, headquartered in Houston, Texas, operates as an independent exploration and production company. The company focuses on acquiring, exploiting, developing, and exploring for crude oil, natural gas, and natural gas liquids in the Williston Basin. Founded in 2007, Chord Energy has established itself as a prominent player in the industry.
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