Chord Energy initiated with a Hold at Jefferies

Jefferies initiated coverage of Chord Energy with a Hold rating and $160 price target. Chord has partially rerated over the past year tied to strong results with 3-mile laterals, the recent Enerplus acquisition is a positive, and the firm would expect Chord to continue “the coring up of the Williston” as a proven consolidator, the analyst tells investors. However, the firm is looking for increased certainty around “core acreage duration” and capacity to sustain capital efficiency trends, the analyst added.