Chord Energy (CHRD – Research Report), the Energy sector company, was revisited by a Wall Street analyst yesterday. Analyst Hanwen Chang from Wells Fargo maintained a Buy rating on the stock and has a $158.00 price target.
Hanwen Chang’s rating is based on several compelling factors that suggest a positive outlook for Chord Energy. The company is expected to deliver operational and financial results that align with market expectations, particularly with its progress in developing 4-mile lateral wells. This development could provide an upside to their three-year plan, enhancing capital efficiency and potentially boosting production.
Additionally, Chord Energy’s strategic initiatives, such as the execution of share buybacks and the divestiture of non-operational gas assets, are anticipated to enhance shareholder value. The company is also adjusting its production forecasts and cost assumptions, with expectations of higher commodity price realizations, which could positively impact their financial performance. These factors, combined with a robust capital expenditure plan and operational catalysts, underpin Hanwen Chang’s Buy rating for Chord Energy.
According to TipRanks, Chang is an analyst with an average return of -12.3% and a 27.08% success rate. Chang covers the Energy sector, focusing on stocks such as Magnolia Oil & Gas, Matador Resources, and Permian Resources.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $154.00 price target.