Chesapeake Energy Corp. (CHK) Sees Large Decline in Short Interest
Chesapeake Energy Corp. (NYSE:CHK) was the target of a large decline in short interest in November. As of November 15th, there was short interest totalling 128,279,578 shares, a decline of 7.0% from the October 31st total of 137,995,675 shares. Based on an average daily trading volume, of 53,788,754 shares, the days-to-cover ratio is presently 2.4 days. Currently, 16.8% of the company’s stock are short sold.
In other news, Director Archie W. Dunham purchased 1,000,000 shares of the stock in a transaction that occurred on Tuesday, September 20th. The stock was acquired at an average price of $6.67 per share, with a total value of $6,670,000.00. Following the purchase, the director now owns 4,127,951 shares in the company, valued at approximately $27,533,433.17. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Chesapeake Energy Corp. during the second quarter worth $101,000. Advisor Partners LLC bought a new stake in Chesapeake Energy Corp. during the third quarter worth $104,000. Virginia Retirement Systems ET AL bought a new stake in Chesapeake Energy Corp. during the second quarter worth $110,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Chesapeake Energy Corp. by 14.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,452 shares of the oil and gas exploration company’s stock worth $116,000 after buying an additional 2,372 shares during the last quarter. Finally, Norinchukin Bank The increased its stake in Chesapeake Energy Corp. by 15.5% in the second quarter. Norinchukin Bank The now owns 30,675 shares of the oil and gas exploration company’s stock worth $131,000 after buying an additional 4,121 shares during the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.
Chesapeake Energy Corp. (NYSE:CHK) opened at 7.00 on Thursday. The company’s market cap is $5.36 billion. The company has a 50-day moving average price of $6.07 and a 200 day moving average price of $5.53. Chesapeake Energy Corp. has a 12-month low of $1.50 and a 12-month high of $8.15.
Chesapeake Energy Corp. (NYSE:CHK) last released its earnings results on Thursday, November 3rd. The oil and gas exploration company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.12. The firm earned $2.28 billion during the quarter, compared to the consensus estimate of $2.18 billion. Chesapeake Energy Corp. had a negative return on equity of 16.16% and a negative net margin of 70.72%. The company’s revenue was down 32.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) EPS. On average, analysts forecast that Chesapeake Energy Corp. will post ($0.05) EPS for the current fiscal year.
A number of brokerages have issued reports on CHK. Bank of America Corp. raised Chesapeake Energy Corp. from an “underperform” rating to a “neutral” rating and set a $10.00 target price for the company in a research report on Friday, October 21st. RBC Capital Markets raised Chesapeake Energy Corp. from an “underperform” rating to a “sector perform” rating and upped their target price for the stock from $7.00 to $8.00 in a research report on Tuesday, October 25th. Barclays PLC set a $3.00 target price on Chesapeake Energy Corp. and gave the stock an “underweight” rating in a research report on Tuesday, August 16th. FBR & Co began coverage on Chesapeake Energy Corp. in a research report on Tuesday, September 13th. They set an “underperform” rating and a $5.00 target price for the company. Finally, Credit Suisse Group AG reaffirmed a “neutral” rating and set a $7.00 target price (up previously from $4.00) on shares of Chesapeake Energy Corp. in a research report on Monday, October 24th. Three analysts have rated the stock with a sell rating, twenty-one have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Chesapeake Energy Corp. presently has an average rating of “Hold” and an average target price of $7.44.
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Chesapeake Energy Corp. Company Profile
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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