Chord Energy price target lowered to $180 from $185 at RBC Capital

RBC Capital lowered the firm’s price target on Chord Energy (CHRD) to $180 from $185 but keeps an Outperform rating on the shares. The company’s recent Q3 results provided better visibility on the duration of its near-term free cash flow, and its 3-year outlook that shows a maintenance oil production case using $1.4B of capital has sustainability for a few more years, the analyst tells investors in a research note. Chord management should focus on all variable shareholder returns through stock buybacks, which “strategically makes sense” at current depressed relative valuation levels, RBC added.