Chesapeake Energy stock price target cut to $3.50 from $4.00 at CFRA
Chesapeake Energy stock price target cut to $3.50 from $4.00 at CFRA
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Chesapeake Energy stock price target cut to $3.50 from $4.00 at CFRA
Shares of Chesapeake Energy Corp. ran up 2.7% in premarket trade Wednesday, after the oil and gas company reported first-quarter earnings that beat expectations, with SunTrust Robinson Humphrey analyst Neal Dingmann upbeat about higher pricing and gas production. He reiterated his buy rating, which he's had on the stock since July 2015, and kept his price target at $6, which is more than double Tuesday's closing price of $2.98. Dingmann said what was notable is that Chesapeake produced free cash flow of nearly $90 million, "exclusively from operations," and the company's continued progress on debt reduction. The company had said its principal debt balance as of March 31 was $9.40 billion, down from $9.81 billion as of Dec. 31.
Shares of Chesapeake Energy Corp. soared 3.7% in active premarket trade Wednesday, after the oil and gas exploration company beat profit expectations. Net income rose to $268 million, or 29 cents a share, from $75 million, or 8 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 34 cents, above the FactSet consensus of 27 cents. Total revenue slipped to $2.49 billion from $2.75 billion, but was well above the FactSet consensus of $1.40 billion. Oil, natural gas and NGL revenue fell to $1.24 billion from $1.47 billion, to miss the FactSet consensus of $1.29 billion, and marketing revenue slipped to $1.25 billion from $1.28 billion but exceeded expectations of $1.20 billion. Average daily production increased to 554,000 barrels of oil equivalent from 528,000 boe. "The strength of our operations and improved cost structure, coupled with higher realized prices, resulted in our best quarterly financial performance in over three years," said Chief Executive Doug Lawler. The stock has tumbled 24.8% year to date through Tuesday, while the SPDR Energy Select Sector ETF has gained 1.5% and the S&P 500 has slipped 0.7%.
Chesapeake Energy's stock soars 4% premarket after Q1 results
Chesapeake Energy Q1 ave. daily production 554,000 boe vs. 528,000 boe a year ago
Chesapeake Energy Q1 revenue $2.49 bln vs. $2.75 bln; FactSet consensus $1.40 bln
Chesapeake Energy Q1 adj. EPS 34 cents; FactSet consensus 27 cents
Chesapeake Energy Q1 EPS 29 cents vs. 8 cents a year ago
The largest exchange-traded fund to track the energy sector declined in early trading on Friday, after President Donald Trump tweeted that crude-oil prices were "artificially high." The Energy Select Sector SPDR ETF fell 0.9%, with energy standing as the worst performer among the 11 primary S&P 500 sectors in early action. The decline was underpinned by a 0.9% drop in the price of crude oil. Crude turned lower after Trump tweeted that high crude prices "will not be accepted." That came as a meeting of ministers from the Organization of the Petroleum Exporting Countries group and the non-OPEC countries were seeking to reaffirm a commitment to keep output limited. Among notable decliners in the sector, Chevron Corp. fell 1.5% while Exxon Mobil Corp. and Marathon Oil Corp. both lost 1%. The Dow Jones Industrial Average fell 0.2% on Friday while the S&P 500 was off 0.2% and the Nasdaq Composite Index was down 0.5%.
The largest exchange-traded fund to track the energy sector soared on Tuesday, climbing in what was on track to be its biggest one-day gain in more than a year. The Energy Select Sector SPDR ETF spiked 3.5%, set for its best session since Nov. 30, 2016. The rally in the sector was broad, with every one of its components in solidly higher territory. Leading the move higher was Exxon Mobil Corp. , which climbed 3.5% in its best session since September 2016. Chevron Corp. was up 2.9%. The rally was supported by a 2.9% rise in the price of crude oil , as well as optimism over easing trade tensions between the U.S. and China. Despite the rise on the day, the ETF remains down 3.1% for 2018. The Dow Jones Industrial Average rose 1.7% on Tuesday while the S&P 500 was up 1.5% and the Nasdaq Composite Index was up 1.5%.
Chesapeake Energy started at sell with $2.80 stock price target at UBS
The largest exchange-traded fund to track the energy sector fell sharply on Wednesday, sufferings its biggest one-day percentage drop since Feb. 8. The Energy Select Sector SPDR ETF lost 2.3% in a volatile session, having previously risen as much as 0.9% on the day. The move lower tracked a decline in crude-oil prices. U.S. crude-oil futures lost 2.3%. While selling accelerated going into the close of trading, the ETF turned negative after crude inventories showed a bigger-than-expected increase in supplies in the latest week. In the data, domestic crude supplies rose by 3 million barrels for the week ended Feb. 23. Analysts surveyed by S&P Global Platts had forecast a climb of 2.1 million barrels. Rising supply, along with falling demand, is a primary driver behind weakness in oil prices. Among specific stocks, Marathon Oil Corp. was down 3.2% while Halliburton Co. was off 2.5%. The Dow Jones Industrial Average fell 1.5% while the S&P 500 was off 1.1% and the Nasdaq Composite Index was down 0.8%. For the month of February, the energy ETF fell 10.8%, its biggest one-month percentage drop since December 2015.
The largest exchange-traded fund to track the energy sector rallied on Thursday, advancing alongside a gain in the price of crude oil, as well as positive corporate results. The Energy Select Sector SPDR ETF added 2.1% and was by far the biggest gainer among the 10 SPDR sector funds. The ETF was supported by crude-oil prices, which rose 1.4% following an unexpected decline in inventories, which pointed to improved demand. Among the biggest gainers in the sector was Chesapeake Energy Corp. , which surged 24% after it reported fourth-quarter results that beat expectations. Among other big movers, Exxon Mobil Corp. added 2.2% while Occidental Petroleum Corp. gained 2.1%. Despite the rally on the day, the energy ETF is down 4.7% over the past 12 months, making it the worst performer of the SPDR sector funds. The Dow Jones Industrial Average rose 1.2% on Thursday while the S&P 500 was up 1% and the Nasdaq Composite Index was up 0.8%.
Chesapeake Energy Corp. shares surged 15% in early trade Thursday, after the company topped earnings estimates for the fourth quarter. Chesapeake said it had net income of $309 million, or 33 cents a share, in the quarter, after a loss of $740 million, or 83 cents a share, in the year-earlier period. Adjusted per-share earnings came to 30 cents, ahead of the FactSet consensus of 24 cents. Revenue rose to $1.258 billion from $678 million, and were also ahead of the FactSet consensus of $1.251 billion. Chief Executive Doug Lawler said the company made significant progress in reducing debt in 2017, increasing cash flow and boosting margins. "We further demonstrated the depth of our portfolio by closing on approximately $1.3 billion in asset and property sales and signed additional asset sales for approximately $575 million that we expect to close by the end of the 2018 second quarter," he said. Shares are down 56% in the last 12 months, while the S&P 500 has gained 14%.
Chesapeake Energy shares up 4% premarket
U.S. companies are scrambling to figure out how to sell more natural gas abroad. Tellurian Chief Executive Meg Gentle thinks she has a unique answer, but it is expected to cost $24 billion.
Take-Two Interactive Software Inc., SVB Financial Group and Nektar Therapeutics are joining the S&P 500 index, according to S&P Dow Jones Indices.
The U.S. stock bull market turned nine years old on Friday. The companies that have seen the biggest gains over that period may surprise you.
Among the companies with shares expected to trade actively in Friday's session are Qualcomm, Netflix, Tesla, Chesapeake, Wynn Resorts and Johnson & Johnson.
Tellurian is in talks to buy Chesapeake Energy’s drilling fields in the Haynesville shale formation as it seeks to become a producer as well as exporter of natural gas, according to people familiar with the matter.
Among the companies with shares expected to trade actively in Thursday's session are Ford, Roku, Goldman Sachs, Newell Brands and Chesapeake Energy.
On May 2, natural gas June futures fell 1.7% and closed at $2.754 per MMBtu. Supply concerns might be behind natural gas’s decline.
The U.S. supply of natural gas in storage rose by 62 billion cubic feet last week and warmer -- but not hot -- weather is likely to depress demand in the coming week.
Except Gulfport Energy (GPOR), the remaining energy stocks had negative correlations with US crude oil June futures on April 25–May 2.
Chesapeake to ramp up Turner drilling as it targets oil growth
Chesapeake Energy (CHK) reported its 1Q18 earnings today. The company reported revenue of ~$2.49 billion.
Chesapeake Energy Corporation 2018 Q1 - Results - Earnings Call Slides
Chesapeake Energy Corporation Dips Despite Earnings Beat
Chesapeake Energy (CHK) Q1 2018 Results - Earnings Call Transcript
The natural gas rig count was at 195 in the week ending April 27—three more than the previous week.
Chesapeake Energy beat analysts' first-quarter profit estimate but came up short on revenues. The company also paid off a chunk of its still-massive debt and lifted its guidance for full-year adjusted EBITDA.
Chesapeake Energy +3% as Q1 earnings top expectations
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The EIA reported that US natural gas inventories declined by 18 Bcf (billion cubic feet) to 1,281 Bcf on April 13–20.
Around 65.5% of the Wall Street analysts rated Chesapeake Energy (CHK) as a “hold,” while ~10.3% of the analysts rated the stock as a "buy."
Chesapeake Energy (CHK) stock has remained subdued this year. On a YoY (year-over-year) basis, Chesapeake Energy has fallen ~48%.
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Chesapeake Energy Corp. engages in acquisition, exploration, and development of properties for the production of oil, natural gas and natural gas liquids from underground reservoirs. It focuses on projects located in Louisiana, Ohio, Oklahoma, Pennsylvania, Texas, and Wyoming. The company was founded by Aubrey K. McClendon and Tom L. Ward on May 18, 1989 and is headquartered in Oklahoma City, OK. (See Full Profile)
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