Chesapeake Energy Co. (NYSE:CHK) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 134,614,506 shares, a drop of 4.0% from the August 15th total of 140,275,900 shares. Based on an average daily trading volume, of 19,537,923 shares, the short-interest ratio is presently 6.9 days. Approximately 15.0% of the shares of the stock are short sold.
A number of brokerages have issued reports on CHK. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $5.00 target price on shares of Chesapeake Energy in a report on Friday, July 20th. ValuEngine cut shares of Chesapeake Energy from a “sell” rating to a “strong sell” rating in a report on Monday, July 2nd. Citigroup dropped their target price on shares of Chesapeake Energy from $5.00 to $2.00 and set a “sell” rating for the company in a report on Monday, June 25th. Zacks Investment Research cut shares of Chesapeake Energy from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Finally, Bank of America raised shares of Chesapeake Energy from an “underperform” rating to a “neutral” rating and increased their target price for the company from $4.00 to $6.00 in a report on Friday, July 27th. Eight research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $4.50.
Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake in shares of Chesapeake Energy by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,775,942 shares of the oil and gas exploration company’s stock worth $51,227,000 after purchasing an additional 161,327 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Chesapeake Energy by 20.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 469,214 shares of the oil and gas exploration company’s stock worth $2,459,000 after purchasing an additional 78,138 shares in the last quarter. Bank of Nova Scotia purchased a new position in shares of Chesapeake Energy during the 2nd quarter worth approximately $450,000. SCP Investment LP purchased a new position in shares of Chesapeake Energy during the 2nd quarter worth approximately $3,337,000. Finally, Tower Research Capital LLC TRC boosted its position in Chesapeake Energy by 93.5% during the second quarter. Tower Research Capital LLC TRC now owns 37,832 shares of the oil and gas exploration company’s stock worth $199,000 after acquiring an additional 18,277 shares during the last quarter. 57.34% of the stock is owned by institutional investors and hedge funds.
Shares of CHK opened at $4.30 on Thursday. The company has a debt-to-equity ratio of -5.17, a current ratio of 0.43 and a quick ratio of 0.43. Chesapeake Energy has a 1-year low of $2.53 and a 1-year high of $5.60. The company has a market cap of $3.65 billion, a PE ratio of 5.23, a price-to-earnings-growth ratio of 0.44 and a beta of 1.86.
Chesapeake Energy (NYSE:CHK) last issued its quarterly earnings data on Wednesday, August 1st. The oil and gas exploration company reported $0.15 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.15. Chesapeake Energy had a net margin of 6.16% and a negative return on equity of 46.15%. The business had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the company posted $0.18 EPS. The company’s revenue was down 1.1% on a year-over-year basis. sell-side analysts expect that Chesapeake Energy will post 0.81 earnings per share for the current fiscal year.
About Chesapeake Energy
Chesapeake Energy Corporation engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids (NGL) from underground reservoirs in the United States. The company holds interests in natural gas resource plays, including the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin in Pennsylvania.
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