Chord Energy downgraded to Neutral at Citi as focus shifts to macro

As previously reported, Citi downgraded Chord Energy (CHRD) to Neutral from Buy with a price target of $97, down from $105, citing the shift of focus from the execution story on longer laterals in favor of macro concerns across the industry. The firm continue to sees the best value in small-to-mid cap Oil E&Ps where double digit yields are possible at about $60 per barrel WTI prices and catalysts remain on the horizon, the analyst tells investors.