OXY - Chord Energy cut at Cowen on valuation while praising high payout ratio
2023-07-19 15:10:28 ET
Chord Energy ( NASDAQ: CHRD ) -1.9% in Wednesday's trading as Cowen downgraded the stock to Market Perform from Outperform based on valuation given its $150 price target.
Chord offers a compelling free cash flow yield of 10% and a high payout ratio that equates to a 7% yield in 2023 and 2024, albeit levels that are much more in line with most small-cap and mid-cap peers in more consolidation heavy basins.
Cowen said it prefers Diamondback Energy ( FANG ) and Occidental Petroleum ( OXY ) for investor exposure to Texas production.
More on Chord Energy:
- Financial and valuation comparison to sector peers
- Analysis: Chord Energy: Low Valuation And Shareholder Friendly Management
- Stock price return: Up 14.5% YTD, up 34% in the past 12 months
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Chord Energy cut at Cowen on valuation while praising high payout ratio