Chord Energy

CHRD on Nasdaq. Chord Energy sells oil and natural gas to refiners and other energy buyers. Market value $7.6bn.

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Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Read what could go wrong

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
15.8%very high

For every $100 of what the whole company costs, it produced $15.80 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
7.0×cheap

You pay 7.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
19.5%five-year median

Each dollar kept in the business earns 20 cents a year. Above 10 is good.

Quality score: 100 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.

$137.53 a share, 63% above its 1-year low

Over the past year the price has ranged from $84.25 to $157.06.

Dividend: 3.9% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.7
1.4
0.9
0.9
0.7
1.2
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $1.2 billion in the past 12 months, $693 million in the year to December 2025.

Revenue
$1.6bn$3.6bn$3.9bn$5.3bn$4.9bn
Operating margin
51.2%43.4%32.7%20.9%4.0%
Debt to equity
0.380.080.080.100.18
Shares outstanding
0.04bn0.04bn0.06bn0.06bn0.05bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 9
  • Profit backed by cash (accruals)No
  • Debt0.18× equity
  • Revenue growth, five yearsStrong, 32.6% a year
  • Buying back its own sharesNo, 31% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.2 billion last quarter, up 84% on a year ago.
  • Profit: $525 million, after a loss of $390 million a year ago.
  • It keeps 19 cents of each $1 of sales as operating profit, up from 9 cents a year earlier.
  • Spare cash over the past 12 months: $1.2 billion, up from $962 million.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $870 million more than cash, down from $878 million a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.5bn
December 2024$1.5bn
March 2025$1.2bn
June 2025$1.2bn
September 2025$1.3bn
December 2025$1.2bn
March 2026$1.7bn
June 2026$2.2bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$225m
December 2024$211m
March 2025$220m
June 2025-$390m
September 2025$130m
December 2025$84m
March 2026$109m
June 2026$525m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

9 long-term investors we follow own it, down from 10 last quarter. 516 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $106,875 of shares on the open market. 8 sold $12m.

  • McKinney Samantha
    Director
    Sold
    Date
    1 September 2026
    Shares
    9,750
    Price
    $149.94
    Value
    $1m
  • Brown Daniel E
    President and CEO, Director
    Sold
    Date
    21 August 2026
    Shares
    656
    Price
    $150.12
    Value
    $98,479
  • Brown Daniel E
    President and CEO, Director
    Sold
    Date
    20 August 2026
    Shares
    13,048
    Price
    $151.33
    Value
    $2m
  • Kinney Shannon Browning
    EVP, CAO, GC & Corp Secretary
    Sold
    Date
    11 August 2026
    Shares
    4,019
    Price
    $140.00
    Value
    $562,660
  • McKinney Samantha
    Director
    Sold
    Date
    10 August 2026
    Shares
    2,200
    Price
    $136.32
    Value
    $299,904
  • Brooks Douglas E
    Director
    Sold
    Date
    7 August 2026
    Shares
    8,000
    Price
    $133.14
    Value
    $1m
  • Lou Michael H
    EVP, CSO, and CCO
    Sold
    Date
    23 July 2026
    Shares
    10,000
    Price
    $140.42
    Value
    $1m
  • Henke Darrin J.
    EVP and COO
    Sold
    Date
    15 May 2026
    Shares
    1,276
    Price
    $145.97
    Value
    $186,258
  • Brooks Douglas E
    Director
    Sold
    Date
    11 May 2026
    Shares
    1,500
    Price
    $138.57
    Value
    $207,855
  • Brooks Douglas E
    Director
    Sold
    Date
    8 May 2026
    Shares
    3,500
    Price
    $136.71
    Value
    $478,485

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • Our business depends on third-party transportation and processing facilities and other assets that are owned by third parties.

    Could happen
    The marketability of our crude oil, NGL and natural gas depends in part on the availability, proximity and capacity of pipeline systems, processing facilities, and rail transportation assets owned by third parties. The lack of available capacity on these systems and facilities, whether as a result of proration, growth in demand outpacing growth in capacity, physical damage, scheduled maintenance, legal or other reasons such as suspension of service due to legal challenges (see below regarding DAPL), could result in a substantial increase in costs, declines in realized commodity prices, the shut-in of producing wells or the delay or discontinuance of development plans for our properties. The negative effects arising from these and similar circumstances may last for an extended period of time. In many cases, operators are provided only with limited, if any, notice as to when these circumstances will arise and their duration. In addition, concerns about the safety and security of oil and gas transportation by pipeline may result in public opposition to pipeline development and increased regulation of pipelines by PHMSA, and therefore less capacity to transport our products by pipeline.
    Read more
  • Terrorist attacks or cyber-attacks could have a material adverse effect on our business, financial condition or results of operations and could result in information theft or data corruption.

    Could happen
    • events of non-compliance that could lead to costly investigations and regulatory fines and/or penalties, class action litigation; and • business interruptions that could result in expensive remediation efforts, distraction of management, damage to our reputation or a negative impact on the price of our units.
    Read more
  • Our operations on the Fort Berthold Indian Reservation of the Three Affiliated Tribes in North Dakota are subject to various federal, state, local and tribal regulations and laws, any of which may increase our costs and have an adverse impact on our ability to effectively conduct our operations.

    Could happen
    The case is currently on remand before the D.C. Federal District Court. The parties previously filed dispositive motions, including motions for summary judgment, but the Court denied these dispositive motions and ruled that factual determinations would need to be made, and would require a trial and full evidentiary record, in order to rule on the riverbed ownership and Table of Content s related issues. The parties are currently required to file a joint status report, informing the Court of the time that would be required for expert testimony and exhibit production, beyond what has already been filed with the prior motions. On January 30, 2026, however, the federal defendants filed a motion to extend the timeline on the joint status report by 90 days to allow sufficient time for an internal review. The Court denied the request and ordered the parties to submit their joint status report by February 17, 2026. The ultimate outcome of this litigation, and any resolution between the parties, is uncertain and cannot be predicted. One or more of these factors may increase our costs of doing business on the Fort Berthold Indian Reservation and may have an adverse impact on our ability to effectively transport products within the Fort Berthold Indian Reservation or to conduct our operations on such lands.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

It just passed both our tests. The deep dive checks what the numbers can't.

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.