Chesapeake Energy Corp. (CHK) Sees Large Decline in Short Interest
Chesapeake Energy Corp. (NYSE:CHK) was the target of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 128,279,578 shares, a decrease of 7.0% from the October 31st total of 137,995,675 shares. Based on an average trading volume of 53,788,754 shares, the short-interest ratio is currently 2.4 days. Approximately 16.8% of the company’s stock are short sold.
Several brokerages have recently commented on CHK. FBR & Co began coverage on Chesapeake Energy Corp. in a research note on Tuesday, September 13th. They issued an “underperform” rating and a $5.00 price objective for the company. Wunderlich raised Chesapeake Energy Corp. from a “hold” rating to a “buy” rating and increased their price objective for the stock from $6.00 to $10.00 in a research note on Friday, September 9th. Vetr raised Chesapeake Energy Corp. from a “hold” rating to a “strong-buy” rating and set a $11.30 price objective for the company in a research note on Monday, September 12th. SunTrust Banks Inc. set a $11.00 price objective on Chesapeake Energy Corp. and gave the stock a “buy” rating in a research note on Monday, September 12th. Finally, Nomura raised Chesapeake Energy Corp. from a “reduce” rating to a “neutral” rating and increased their price objective for the stock from $4.00 to $7.50 in a research note on Friday, October 21st. Three investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $7.44.
In other news, Director Archie W. Dunham purchased 1,000,000 shares of the business’s stock in a transaction on Tuesday, September 20th. The shares were acquired at an average price of $6.67 per share, for a total transaction of $6,670,000.00. Following the completion of the acquisition, the director now owns 4,127,951 shares in the company, valued at $27,533,433.17. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of CHK. Harris Associates L P raised its stake in shares of Chesapeake Energy Corp. by 1,007.7% in the third quarter. Harris Associates L P now owns 33,340,440 shares of the oil and gas exploration company’s stock worth $209,045,000 after buying an additional 30,330,440 shares during the last quarter. Vanguard Group Inc. increased its position in Chesapeake Energy Corp. by 13.7% in the second quarter. Vanguard Group Inc. now owns 56,159,572 shares of the oil and gas exploration company’s stock valued at $240,364,000 after buying an additional 6,754,588 shares during the period. Encompass Capital Advisors LLC bought a new position in Chesapeake Energy Corp. during the second quarter valued at approximately $22,374,000. Senator Investment Group LP bought a new position in Chesapeake Energy Corp. during the second quarter valued at approximately $21,400,000. Finally, First Trust Advisors LP bought a new position in Chesapeake Energy Corp. during the third quarter valued at approximately $23,963,000. Institutional investors and hedge funds own 63.95% of the company’s stock.
Shares of Chesapeake Energy Corp. (NYSE:CHK) opened at 7.00 on Thursday. The stock’s market cap is $5.36 billion. Chesapeake Energy Corp. has a 52-week low of $1.50 and a 52-week high of $8.15. The firm’s 50-day moving average price is $6.07 and its 200-day moving average price is $5.53.
Chesapeake Energy Corp. (NYSE:CHK) last issued its quarterly earnings results on Thursday, November 3rd. The oil and gas exploration company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.12. Chesapeake Energy Corp. had a negative return on equity of 16.16% and a negative net margin of 70.72%. The business earned $2.28 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the prior year, the business posted ($0.05) EPS. Chesapeake Energy Corp.’s revenue for the quarter was down 32.6% compared to the same quarter last year. Equities analysts predict that Chesapeake Energy Corp. will post ($0.05) EPS for the current year.
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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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