Feb. 6 at 4:57 PM
Wolfe Research reiterated its Outperform rating on Chord Energy but cut its price target to
$126 from
$140, reflecting updated commodity price forecasts and expected realizations. The stock has underperformed the Russell 3000 Energy Index by about 24% over the past year, largely due to weaker oil prices. Wolfe’s constructive outlook hinges on an improving commodity environment in the second half of the year, which should favor CHRD given its roughly 55% oil-weighted production mix.
Chord could improve its preliminary 2026 capex and oil guidance currently around
$1.4 billion and 157–161 Mbpd as increased use of 4-mile and 3-mile laterals may enhance capital efficiency. The company could also divest its non-core Marcellus assets in northeast Pennsylvania, which Wolfe values at roughly
$600 million assuming a
$4 Henry Hub price.
$CHRD