Chord Energy initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Chord Energy with an Overweight rating and $189 price target. The analyst says catalysts for the shares include well results of 3-mile laterals, additional bolt-on acquisitions, and 2024 cost-deflation commentaries. The firm believes Chord “leads the SMid-cap pack” on cash returns, offering investors the combination of a strong base dividend, a share buyback program and a substantial variable dividend to generate a target return of 75% of adjusted free cash flow.