Chord Energy cut at Cowen on valuation while praising high payout ratio
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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