Chesapeake Energy Corp. (CHK) Bonds Trading 0.6% Lower
An issue of Chesapeake Energy Corp. (NYSE:CHK) debt fell 0.6% as a percentage of its face value during trading on Friday. The high-yield debt issue has a 4.875% coupon and will mature on April 15, 2022. The bonds in the issue are now trading at $84.44 and were trading at $85.75 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
Several analysts recently issued reports on CHK shares. Vetr upgraded Chesapeake Energy Corp. from a “hold” rating to a “strong-buy” rating and set a $11.30 price target for the company in a research note on Monday, September 12th. Johnson Rice raised Chesapeake Energy Corp. from a “hold” rating to an “accumulate” rating in a report on Tuesday, July 26th. Zacks Investment Research raised Chesapeake Energy Corp. from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Wednesday, July 27th. Capital One Financial Corp. raised Chesapeake Energy Corp. from an “underweight” rating to an “equal weight” rating in a report on Tuesday, August 16th. Finally, Deutsche Bank AG lifted their price objective on Chesapeake Energy Corp. from $5.00 to $6.00 and gave the company a “hold” rating in a report on Thursday, August 18th. Seven investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $7.57.
Shares of Chesapeake Energy Corp. (NYSE:CHK) opened at 6.56 on Friday. Chesapeake Energy Corp. has a 52 week low of $1.50 and a 52 week high of $8.33. The stock’s market capitalization is $5.03 billion. The stock has a 50 day moving average price of $6.71 and a 200 day moving average price of $5.34.
Chesapeake Energy Corp. (NYSE:CHK) last announced its earnings results on Thursday, August 4th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by $0.03. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Chesapeake Energy Corp. had a negative net margin of 104.29% and a negative return on equity of 16.16%. Chesapeake Energy Corp.’s quarterly revenue was down 53.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. On average, equities research analysts expect that Chesapeake Energy Corp. will post ($0.21) EPS for the current year.
In related news, Director Thomas L. Ryan acquired 50,000 shares of Chesapeake Energy Corp. stock in a transaction dated Wednesday, August 17th. The stock was purchased at an average cost of $5.59 per share, for a total transaction of $279,500.00. Following the purchase, the director now directly owns 246,269 shares of the company’s stock, valued at approximately $1,376,643.71. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Archie W. Dunham acquired 1,000,000 shares of Chesapeake Energy Corp. stock in a transaction dated Tuesday, September 20th. The stock was bought at an average price of $6.67 per share, with a total value of $6,670,000.00. Following the completion of the purchase, the director now directly owns 4,127,951 shares in the company, valued at $27,533,433.17. The disclosure for this purchase can be found here. Company insiders own 1.10% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Prudential Financial Inc. raised 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 during the period. TIAA CREF Investment Management LLC raised 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 during the period. California Public Employees Retirement System raised 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 during the period. HBK Investments L P raised 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 during the period. Finally, A.R.T. Advisors LLC raised 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 during the period. Hedge funds and other institutional investors own 63.89% of the company’s stock.
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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