MKM Partners Initiates Coverage on Chesapeake Energy (CHK)
Equities researchers at MKM Partners began coverage on shares of Chesapeake Energy (NYSE:CHK) in a research report issued on Wednesday, The Fly reports. The brokerage set a “neutral” rating and a $3.00 price target on the oil and gas exploration company’s stock. MKM Partners’ target price suggests a potential upside of 3.81% from the stock’s previous close.
Several other brokerages have also recently weighed in on CHK. Morgan Stanley assumed coverage on Chesapeake Energy in a research note on Thursday, October 4th. They issued an “equal weight” rating and a $5.00 price target on the stock. SunTrust Banks cut Chesapeake Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 24th. They noted that the move was a valuation call. ValuEngine cut Chesapeake Energy from a “sell” rating to a “strong sell” rating in a research note on Friday, September 21st. Wolfe Research cut Chesapeake Energy from a “peer perform” rating to an “underperform” rating in a research note on Thursday, August 16th. Finally, Zacks Investment Research raised Chesapeake Energy from a “hold” rating to a “buy” rating and set a $4.50 target price on the stock in a research note on Thursday, October 25th. Five analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $4.75.
CHK stock traded down $0.20 during midday trading on Wednesday, hitting $2.89. The stock had a trading volume of 36,872,173 shares, compared to its average volume of 30,645,212. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 3.52, a PEG ratio of 0.38 and a beta of 1.92. Chesapeake Energy has a 52-week low of $2.53 and a 52-week high of $5.60.
In related news, EVP James R. Webb bought 50,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The shares were purchased at an average cost of $3.54 per share, with a total value of $177,000.00. Following the completion of the purchase, the executive vice president now owns 871,548 shares in the company, valued at approximately $3,085,279.92. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.70% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Carnegie Capital Asset Management LLC lifted its holdings in shares of Chesapeake Energy by 174.4% during the third quarter. Carnegie Capital Asset Management LLC now owns 45,000 shares of the oil and gas exploration company’s stock valued at $161,000 after purchasing an additional 28,600 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Chesapeake Energy by 1.1% during the third quarter. Vanguard Group Inc. now owns 78,461,187 shares of the oil and gas exploration company’s stock valued at $352,290,000 after purchasing an additional 864,212 shares in the last quarter. Teachers Advisors LLC lifted its holdings in shares of Chesapeake Energy by 3.0% during the third quarter. Teachers Advisors LLC now owns 1,083,158 shares of the oil and gas exploration company’s stock valued at $4,863,000 after purchasing an additional 31,725 shares in the last quarter. Kentucky Retirement Systems bought a new position in shares of Chesapeake Energy during the third quarter valued at $1,133,000. Finally, HRT Financial LLC bought a new position in shares of Chesapeake Energy during the third quarter valued at $374,000. 58.71% of the stock is currently owned by hedge funds and other institutional investors.
Chesapeake Energy Company Profile
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.
Further Reading: Leveraged Buyout (LBO) Explained
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