Chesapeake Energy Co. (CHK) Stake Lessened by Saba Capital Management L.P.

Saba Capital Management L.P. trimmed its holdings in Chesapeake Energy Co. (NYSE:CHK) by 97.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,197,281 shares of the oil and gas exploration company’s stock after selling 43,252,719 shares during the quarter. Saba Capital Management L.P. owned about 0.13% of Chesapeake Energy worth $3,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Sciencast Management LP acquired a new position in Chesapeake Energy during the 1st quarter worth approximately $141,000. Cubist Systematic Strategies LLC increased its holdings in Chesapeake Energy by 1,772.8% during the 1st quarter. Cubist Systematic Strategies LLC now owns 342,094 shares of the oil and gas exploration company’s stock worth $1,033,000 after purchasing an additional 323,828 shares in the last quarter. All Terrain Financial Advisors LLC increased its holdings in Chesapeake Energy by 66.3% during the 1st quarter. All Terrain Financial Advisors LLC now owns 71,500 shares of the oil and gas exploration company’s stock worth $216,000 after purchasing an additional 28,500 shares in the last quarter. Element Capital Management LLC bought a new stake in Chesapeake Energy during the 1st quarter worth approximately $724,000. Finally, United Capital Financial Advisers LLC increased its holdings in Chesapeake Energy by 122.6% during the 1st quarter. United Capital Financial Advisers LLC now owns 77,207 shares of the oil and gas exploration company’s stock worth $233,000 after purchasing an additional 42,518 shares in the last quarter. 58.17% of the stock is currently owned by institutional investors.

A number of analysts have commented on the company. ValuEngine lowered Chesapeake Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Citigroup lowered Chesapeake Energy from a “neutral” rating to a “sell” rating and boosted their price objective for the stock from $3.11 to $5.00 in a report on Tuesday, April 17th. Stephens reissued a “hold” rating and set a $5.00 price objective on shares of Chesapeake Energy in a report on Thursday, March 15th. Zacks Investment Research lowered Chesapeake Energy from a “hold” rating to a “sell” rating in a report on Wednesday, March 21st. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $3.00 price objective on shares of Chesapeake Energy in a report on Thursday, March 15th. Ten investment analysts have rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $4.41.

Chesapeake Energy opened at $4.78 on Thursday, Marketbeat Ratings reports. The company has a market capitalization of $4.49 billion, a PE ratio of 5.83 and a beta of 1.90. The company has a debt-to-equity ratio of -5.27, a current ratio of 0.52 and a quick ratio of 0.52. Chesapeake Energy Co. has a 12-month low of $2.53 and a 12-month high of $5.20.

Chesapeake Energy (NYSE:CHK) last released its earnings results on Wednesday, May 2nd. The oil and gas exploration company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.09. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.30 billion. Chesapeake Energy had a negative return on equity of 43.41% and a net margin of 11.67%. Chesapeake Energy’s quarterly revenue was down 15.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 earnings per share. analysts anticipate that Chesapeake Energy Co. will post 0.79 earnings per share for the current fiscal year.

Chesapeake Energy 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.

Institutional Ownership by Quarter for Chesapeake Energy (NYSE:CHK)

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