Chesapeake Energy Corp. (CHK) Debt Trading 1.5% Higher
An issue of Chesapeake Energy Corp. (NYSE:CHK) debt rose 1.5% against its face value during trading on Tuesday. The high-yield debt issue has a 6.875% coupon and will mature on November 15, 2020. The debt is now trading at $94.78 and was trading at $94.90 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
A number of equities analysts recently issued reports on the stock. Citigroup Inc. reiterated a “neutral” rating and issued a $8.00 target price on shares of Chesapeake Energy Corp. in a research report on Tuesday. Jefferies Group upped their price target on shares of Chesapeake Energy Corp. from $3.00 to $4.00 and gave the company an “underperform” rating in a report on Friday, August 5th. Piper Jaffray Cos. raised shares of Chesapeake Energy Corp. from an “underweight” rating to a “neutral” rating and set a $4.50 price target for the company in a report on Tuesday, July 12th. RBC Capital Markets reissued an “underperform” rating on shares of Chesapeake Energy Corp. in a report on Wednesday, August 10th. Finally, Capital One Financial Corp. raised shares of Chesapeake Energy Corp. from an “underweight” rating to an “equal weight” rating in a report on Tuesday, August 16th. Seven research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $7.66.
Chesapeake Energy Corp. (NYSE:CHK) opened at 6.52 on Wednesday. Chesapeake Energy Corp. has a 52-week low of $1.50 and a 52-week high of $8.33. The company has a 50-day moving average price of $6.70 and a 200 day moving average price of $5.38. The company’s market capitalization is $5.00 billion.
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Chesapeake Energy Corp. (NYSE:CHK) last announced its quarterly earnings data on Thursday, August 4th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by $0.03. The firm earned $1.62 billion during the quarter, compared to the consensus estimate of $1.91 billion. Chesapeake Energy Corp. had a negative return on equity of 16.16% and a negative net margin of 104.29%. The firm’s revenue for the quarter was down 53.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.11) EPS. Equities research analysts anticipate that Chesapeake Energy Corp. will post ($0.21) earnings per share for the current year.
In related news, Director Thomas L. Ryan purchased 50,000 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The stock was purchased at an average price of $5.59 per share, with a total value of $279,500.00. Following the completion of the purchase, the director now owns 246,269 shares of the company’s stock, valued at approximately $1,376,643.71. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Archie W. Dunham purchased 350,000 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were bought at an average cost of $6.07 per share, with a total value of $2,124,500.00. Following the purchase, the director now directly owns 3,127,951 shares of the company’s stock, valued at approximately $18,986,662.57. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Prudential Financial Inc. increased its stake in Chesapeake Energy Corp. by 6.6% in the first quarter. Prudential Financial Inc. now owns 683,801 shares of the oil and gas exploration company’s stock valued at $2,817,000 after buying an additional 42,503 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Chesapeake Energy Corp. by 37.5% in the first quarter. TIAA CREF Investment Management LLC now owns 1,617,988 shares of the oil and gas exploration company’s stock valued at $6,666,000 after buying an additional 441,582 shares in the last quarter. California Public Employees Retirement System increased its stake in Chesapeake Energy Corp. by 17.6% in the second quarter. California Public Employees Retirement System now owns 4,892,674 shares of the oil and gas exploration company’s stock valued at $20,941,000 after buying an additional 730,500 shares in the last quarter. HBK Investments L P increased its stake in Chesapeake Energy Corp. by 119.5% in the first quarter. HBK Investments L P now owns 458,836 shares of the oil and gas exploration company’s stock valued at $1,890,000 after buying an additional 2,807,042 shares in the last quarter. Finally, A.R.T. Advisors LLC increased its stake in Chesapeake Energy Corp. by 17.2% in the first quarter. A.R.T. Advisors LLC now owns 673,269 shares of the oil and gas exploration company’s stock valued at $2,773,000 after buying an additional 98,997 shares in the last quarter. 63.87% of the stock is owned by hedge funds and other institutional investors.
About Chesapeake Energy Corp.
Chesapeake Energy Corporation (Chesapeake) is a producer of natural gas, oil and natural gas liquids (NGL) in the United States. The Company operates in two segments: Exploration and Production, and Marketing, Gathering and Compression. The exploration and production segment is responsible for finding and producing oil, natural gas and NGL.
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