TD Cowen downgraded Chord Energy (CHRD) to Market Perform from Outperform with an unchanged price target of $150. Chord offers a “compelling” free cash flow yield of 10% and a “high” payout ratio that equates to a 7% yield in 2023 and 2024, but the firm cites valuation for its downgrade, noting that the 7% payout yield in 2024, is “just” 1% above larger cap names that it favors, such as Diamondback Energy (FANG) and Occidental Petroleum (OXY), and in line with most Permian small-to-mid cap E&P peers.
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