Chord Energy Corp (CHRD) PT Lowered to $226 at Truist Securities

Truist Securities analyst Neal Dingmann lowered the price target on Chord Energy Corp (NASDAQ: CHRD) to $226.00 (from $228.00) while maintaining a Buy rating.

The analyst commented: "Chord continues with its superior return of capital paying out 75%+ FCF, likely consisting of strong stock buybacks and solid base/variable dividends providing an attractive option for investors previously holding Marathon Oil (MRO, Buy). CHRD has closed its merger with Enerplus, solidifying its place at the top of the list for scale in the Bakken. Most guidance items were unchanged for the combined company outside of a $50mm increase in the expected annual synergies. However, adjusting for lower gas volumes (Marcellus curtailments) and slightly lower than previously expected oil volumes in 2H24, we lower our PT to $226 from $228."

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