Scotiabank initiated coverage on shares of Chesapeake Energy (NASDAQ:CHK – Get Rating) in a research note released on Wednesday. The firm issued a sector perform rating and a $111.00 price objective on the stock.
A number of other analysts have also recently weighed in on CHK. The Goldman Sachs Group began coverage on shares of Chesapeake Energy in a research note on Monday, July 18th. They issued a buy rating and a $106.00 price objective for the company. TheStreet lowered shares of Chesapeake Energy from a c- rating to a d rating in a research report on Thursday, May 5th. Wolfe Research raised their price target on Chesapeake Energy from $104.00 to $111.00 and gave the company an outperform rating in a research report on Tuesday, April 5th. Benchmark initiated coverage on Chesapeake Energy in a research note on Tuesday. They issued a buy rating and a $137.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on Chesapeake Energy from $102.00 to $130.00 and gave the company an overweight rating in a research note on Monday, July 11th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Chesapeake Energy has an average rating of Moderate Buy and an average price target of $102.23.
Chesapeake Energy Trading Up 4.5 %
Chesapeake Energy stock opened at $92.00 on Wednesday. Chesapeake Energy has a one year low of $50.71 and a one year high of $105.00. The company’s fifty day moving average price is $88.60 and its two-hundred day moving average price is $83.57. The company has a market capitalization of $11.12 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 0.97 and a beta of 0.76. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.47 and a quick ratio of 0.34.
Chesapeake Energy announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 22nd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 20.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Chesapeake Energy Cuts Dividend
The company also recently announced a None dividend, which will be paid on Thursday, September 1st. Investors of record on Wednesday, August 17th will be given a $2.32 dividend. The ex-dividend date of this dividend is Tuesday, August 16th. This represents a yield of 10.5%. Chesapeake Energy’s dividend payout ratio (DPR) is currently 20.90%.
In other Chesapeake Energy news, CEO Domenic J. Dell’osso, Jr. bought 3,000 shares of the firm’s stock in a transaction dated Friday, June 24th. The shares were acquired at an average cost of $82.04 per share, for a total transaction of $246,120.00. Following the transaction, the chief executive officer now owns 35,891 shares in the company, valued at $2,944,497.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Domenic J. Dell’osso, Jr. bought 3,000 shares of the company’s stock in a transaction dated Friday, June 24th. The stock was acquired at an average cost of $82.04 per share, with a total value of $246,120.00. Following the acquisition, the chief executive officer now owns 35,891 shares in the company, valued at approximately $2,944,497.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Michael Wichterich purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 27th. The stock was bought at an average cost of $85.65 per share, for a total transaction of $171,300.00. Following the purchase, the chairman now owns 25,318 shares in the company, valued at $2,168,486.70. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 9,150 shares of company stock worth $752,048. 1.10% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Chesapeake Energy
Large investors have recently made changes to their positions in the company. LSV Asset Management bought a new position in shares of Chesapeake Energy in the fourth quarter valued at approximately $323,000. Allspring Global Investments Holdings LLC bought a new position in Chesapeake Energy in the 4th quarter valued at $3,556,000. Xponance Inc. boosted its stake in Chesapeake Energy by 7.2% in the fourth quarter. Xponance Inc. now owns 4,980 shares of the company’s stock worth $321,000 after purchasing an additional 334 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Chesapeake Energy by 34.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,860 shares of the company’s stock worth $2,056,000 after purchasing an additional 8,243 shares during the last quarter. Finally, AGF Investments Inc. acquired a new stake in shares of Chesapeake Energy in the fourth quarter valued at $409,000.
About Chesapeake Energy
Chesapeake Energy Corporation, an independent exploration and production company, engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids from underground reservoirs in the United States. The company holds interests in natural gas resource plays in the Marcellus Shale in the northern Appalachian Basin in Pennsylvania and the Haynesville/Bossier Shales in northwestern Louisiana; and the liquids-rich resource play in the Eagle Ford Shale in South Texas.
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