Chesapeake Energy (NASDAQ:CHK) Earns Buy Rating from Analysts at Benchmark

Benchmark began coverage on shares of Chesapeake Energy (NASDAQ:CHKGet Rating) in a research note published on Tuesday morning, MarketBeat reports. The firm issued a buy rating and a $137.00 target price on the stock.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group began coverage on Chesapeake Energy in a report on Monday, July 18th. They set a buy rating and a $106.00 price target on the stock. Wolfe Research increased their price objective on Chesapeake Energy from $104.00 to $111.00 and gave the company an outperform rating in a report on Tuesday, April 5th. Scotiabank started coverage on Chesapeake Energy in a report on Monday, July 25th. They issued a sector perform rating on the stock. Credit Suisse Group started coverage on Chesapeake Energy in a report on Tuesday, June 14th. They issued an outperform rating and a $115.00 price objective on the stock. Finally, TheStreet downgraded Chesapeake Energy from a c- rating to a d rating in a report on Thursday, May 5th. One equities research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $102.23.

Chesapeake Energy Price Performance

CHK stock opened at $92.00 on Tuesday. The company has a current ratio of 0.47, a quick ratio of 0.34 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $11.71 billion, a PE ratio of 9.61, a P/E/G ratio of 1.03 and a beta of 0.76. Chesapeake Energy has a 12-month low of $50.71 and a 12-month high of $105.00. The business’s fifty day moving average price is $88.60 and its 200 day moving average price is $83.57.

Chesapeake Energy (NASDAQ:CHKGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.63. Chesapeake Energy had a return on equity of 35.01% and a net margin of 18.53%. The company had revenue of $935.00 million for the quarter, compared to the consensus estimate of $1.34 billion. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, sell-side analysts anticipate that Chesapeake Energy will post 14.16 EPS for the current year.

Chesapeake Energy declared that its board has authorized a stock repurchase plan on Wednesday, June 22nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase 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 firm also recently declared a None dividend, which will be paid on Thursday, September 1st. Stockholders of record on Wednesday, August 17th will be issued a $2.32 dividend. The ex-dividend date of this dividend is Tuesday, August 16th. This represents a dividend yield of 10.5%. Chesapeake Energy’s dividend payout ratio is currently 20.90%.

Insider Activity at Chesapeake Energy

In related news, major shareholder Holdings L.P. Blackstone III sold 4,236 shares of the firm’s stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $100.11, for a total value of $424,065.96. Following the completion of the transaction, the insider now directly owns 1,311,663 shares of the company’s stock, valued at approximately $131,310,582.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Chesapeake Energy news, major shareholder Holdings L.P. Blackstone III sold 4,236 shares of the firm’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $100.11, for a total transaction of $424,065.96. Following the completion of the transaction, the insider now owns 1,311,663 shares of the company’s stock, valued at $131,310,582.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Domenic J. Dell’osso, Jr. purchased 3,000 shares of the company’s stock in a transaction on Friday, June 24th. The shares were bought at an average cost of $82.04 per share, with a total value of $246,120.00. Following the transaction, the chief executive officer now directly owns 35,891 shares of the company’s stock, valued at approximately $2,944,497.64. The disclosure for this purchase can be found here. Insiders bought 9,150 shares of company stock valued at $752,048 in the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Chesapeake Energy

Several hedge funds have recently bought and sold shares of CHK. State Board of Administration of Florida Retirement System boosted its holdings in shares of Chesapeake Energy by 489.6% during the second quarter. State Board of Administration of Florida Retirement System now owns 127,748 shares of the company’s stock worth $10,360,000 after purchasing an additional 106,080 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Chesapeake Energy during the second quarter worth $344,000. Pacific Global Investment Management Co. boosted its holdings in shares of Chesapeake Energy by 64.5% during the second quarter. Pacific Global Investment Management Co. now owns 21,793 shares of the company’s stock worth $1,767,000 after purchasing an additional 8,549 shares during the last quarter. X Square Capital LLC boosted its holdings in shares of Chesapeake Energy by 1.8% during the second quarter. X Square Capital LLC now owns 17,437 shares of the company’s stock worth $1,414,000 after purchasing an additional 307 shares during the last quarter. Finally, Cheyne Capital Management UK LLP boosted its holdings in shares of Chesapeake Energy by 29.4% during the second quarter. Cheyne Capital Management UK LLP now owns 69,265 shares of the company’s stock worth $5,617,000 after purchasing an additional 15,731 shares during the last quarter.

Chesapeake Energy Company Profile

(Get Rating)

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.

See Also

Analyst Recommendations for Chesapeake Energy (NASDAQ:CHK)

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