BofA analyst Noah Hungness raised the firm’s price target on Chord Energy to $208 from $201 and keeps a Buy rating on the shares. The firm update its EPS estimates for a new price deck, adding that it thinks the “four mile success case” represents potential upside and it sees that story beginning to play out in mid-2025, “casting it as a longer dated option.” To date, no E&P has completed more three-mile wells, says the firm, which sees Chord holding production flat with fewer wells, which would translate to a low single digit benefit to sustaining capex.
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