Chord Energy price target raised to $233 from $231 at Piper Sandler

Piper Sandler raised the firm’s price target on Chord Energy to $233 from $231 and keeps an Overweight rating on the shares. Among broader e Bakken basin weakness, Chord remained resilient and produced flat quarter-over-quarter results into Q4 of 2023 on three-month oil cume basis, with other major operators showing weaker productivity, the analyst tells investors in a research note. The firm believes the company should continue to re-rate versus the small-cap exploration and production peer group as it delivers strong operational results and capital efficiency improvements.