CHRD Stock Forecast & Price Target

Chord Energy is a strong and efficient independent exploration and production company with a low cost of adding production and a diversified portfolio of assets, particularly in the Williston Basin. The company has impressive drilling efficiency driven by longer laterals and a large acreage position. With a low multiple and attractive free cash flow yield, we maintain our positive outlook and have increased our price target to $140.

Chord Energy is currently trading at a lower multiple of 3.7x '26 EV/EBITDA compared to other SMID-cap E&P peers, despite its strong M&A track record and underappreciated inventory depth. However, the company's strong internal execution and benefits from its large contiguous acreage position and four-mile lateral program could drive significant capex savings and NPV uplift in the future. The current valuation of the company is underappreciated and could be re-rated to peer-average, but risks to our outlook include geopolitical and interest rate risks that could affect demand and production. Additionally, Chord Energy stands out as the only pure-play in the Williston Basin and could potentially position itself as a further basin consolidator, with a considerable scale of ~375k gross acres and ~121Mboe/d (~74% oil) gross two-stream production.