Chord Energy price target lowered to $167 from $169 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on Chord Energy (CHRD) to $167 from $169 and keeps an Overweight rating on the shares. The firm adjusts Chord’s estimates heading into Q3 results, Q3 mark-to-market and following the XTO bolt on acquisition that’s expected to close in Q4. For Q3, Piper forecasts oil/total volumes of 156 mmbls/d and 281 mboe/d and capex of $330M driving EPS/EBITDA/free cash flow of $2.37/$577M/$221M, which compares to cns of $2.38/$574M/$215M.