Wells Fargo cuts Chord Energy PT on higher costs, weather impact

Chord Energy

24/03/2025 16:22

** Brokerage Wells Fargo cuts PT on oil and gas firm Chord Energy CHRD.O to $166 from $175; maintains "overweight" rating

** Brokerage says increased operating costs expected to offset some of the gains from higher production volumes and commodity prices

** Says that CHRD's production guidance for Q1'25 is slightly lower due to severe winter weather

** Brokerage believes that adjustments to cost deflation estimates have impacted the overall valuation, resulting in a lower price target

** "We believe the company's discounted valuation, favorable  cash return strategies, large-scale/more predictable asset base, and modest but organically expanding inventory runway offer a favorable risk/reward in the Energy & Power space" - Wells Fargo

** Including session's moves, CHRD stock down 4% YTD

 (Reporting by Padmanabhan Ananthan)

 ((Padmanabhan.Ananthan@thomsonreuters.com;))