Zacks Investment Research Downgrades Chesapeake Energy (NASDAQ:CHK) to Hold

Chesapeake Energy (NASDAQ:CHK) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Chesapeake Energy Corporation operations are focused on discovering and developing diverse resource base of unconventional oil and natural gas assets onshore principally in the United States. Chesapeake Energy Corporation is headquartered in Oklahoma City. “

Other research analysts have also issued research reports about the stock. Capital One Financial upgraded shares of Chesapeake Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 11th. UBS Group began coverage on shares of Chesapeake Energy in a research report on Thursday, October 7th. They issued a “buy” rating and a $88.00 price target on the stock. MKM Partners lifted their price target on shares of Chesapeake Energy from $72.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, August 12th. Royal Bank of Canada raised their price objective on shares of Chesapeake Energy from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 31st. Finally, BMO Capital Markets started coverage on shares of Chesapeake Energy in a research note on Friday, August 27th. They issued an “outperform” rating and a $70.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $71.29.

Shares of NASDAQ:CHK opened at $62.05 on Tuesday. The firm’s 50 day moving average is $58.74 and its two-hundred day moving average is $53.47. Chesapeake Energy has a 52 week low of $40.00 and a 52 week high of $67.41. The firm has a market capitalization of $6.10 billion and a P/E ratio of -1.43. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.37.

Chesapeake Energy (NASDAQ:CHK) last announced its quarterly earnings results on Monday, August 9th. The company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.20 by $0.44. Chesapeake Energy had a net margin of 100.67% and a negative return on equity of 301.73%. The company had revenue of $693.00 million for the quarter, compared to analyst estimates of $775.90 million. Analysts predict that Chesapeake Energy will post 8 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund bought a new stake in shares of Chesapeake Energy during the second quarter worth $4,398,000. Walthausen & Co. LLC acquired a new stake in shares of Chesapeake Energy during the 2nd quarter worth about $2,585,000. Ruffer LLP lifted its stake in shares of Chesapeake Energy by 198.3% during the 2nd quarter. Ruffer LLP now owns 2,594,944 shares of the company’s stock worth $134,689,000 after buying an additional 1,724,944 shares during the last quarter. Credit Suisse AG acquired a new stake in shares of Chesapeake Energy during the 1st quarter worth about $4,773,000. Finally, Cubist Systematic Strategies LLC bought a new position in Chesapeake Energy during the first quarter worth about $1,686,000.

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 Marcellus in Northern Appalachian Basin in Pennsylvania; Haynesville located in Northwestern Louisiana; Eagle Ford in South Texas; Brazos Valley in Southeast Texas; and Powder River Basin in Wyoming.

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