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

• March 24, 2025

** Brokerage Wells Fargo cuts PT on oil and gas firm Chord Energy CHRD 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