Citi Downgrades Chord Energy (CHRD) as Oil and Gas Macro Risks Take Center Stage

Core Insights - Chord Energy Corporation (NASDAQ:CHRD) has been downgraded by Citi from Buy to Neutral, with a price target reduction from $105 to $97, as macro risks in the oil and gas sector take precedence over the company's execution-driven narrative [2] - The company is involved in a significant acquisition, purchasing $550 million worth of Williston Basin assets from Exxon Mobil's XTO Energy unit, which is a key shale oil and gas region in the U.S. [3][5] - The acquisition includes 48,000 net acres and is expected to yield around 9 million barrels of oil equivalent per day, primarily oil, with a low decline profile and potential for margin improvement [4] Company Overview - Chord Energy Corporation is an independent exploration and production company focused on crude oil, natural gas liquids (NGLs), and natural gas production, particularly in the Williston Basin [5] Acquisition Details - The Williston Basin acquisition is anticipated to be accretive to cash flow, free cash flow, and net asset value, with funding planned through a combination of cash on hand and borrowings [4]