Chord Energy price target lowered to $175 from $180 at Wells Fargo

Wells Fargo lowered the firm’s price target on Chord Energy (CHRD) to $175 from $180 and keeps an Overweight rating on the shares. The firm says the company’s 3-year outlook demonstrates its confidence in its inventory depth and asset quality, reinforcing Wells’ favorable long-term view. The firm expects continued organic inventory expansion from 3-mile lateral developments.