Chord Energy Corp (CHRD) PT Raised to $195 at Mizuho

Mizuho analyst Nitin Kumar raised the price target on Chord Energy Corp (NASDAQ: CHRD) to $195.00 (from $189.00) while maintaining a Buy rating.

The analyst comments "We are updating our financial forecasts and NAV for CHRD to reflect YE23 reserves, updated type curves and 2024 guidance updates. Our forecasts are pro-forma for the pending acquisition of ERF (we continue to model a midyear close). Since the acquisition announcement, CHRD has lagged peers (-2% vs. SMID E&Ps +6%) on a deal we view positively - giving CHRD increased operational scale in the basin, expanding market relevance (>$10bn market cap) and enabling it to maintain above-average cash returns with below-average financial leverage. We maintain our Buy rating and raise our PT to $195/share."

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