Bank of Nova Scotia Takes $553,000 Position in Chesapeake Energy Co. (NASDAQ:CHK)

Posted by Defense World Staff on May 24th, 2023

Bank of Nova Scotia acquired a new position in Chesapeake Energy Co. (NASDAQ:CHK – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,859 shares of the company’s stock, valued at approximately $553,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Intech Investment Management LLC bought a new position in Chesapeake Energy during the fourth quarter worth about $263,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Chesapeake Energy in the 4th quarter worth approximately $1,063,000. First Trust Advisors LP grew its stake in Chesapeake Energy by 155.8% in the 4th quarter. First Trust Advisors LP now owns 1,473,331 shares of the company’s stock valued at $139,038,000 after buying an additional 897,274 shares in the last quarter. Jennison Associates LLC grew its stake in Chesapeake Energy by 23.6% in the 4th quarter. Jennison Associates LLC now owns 283,779 shares of the company’s stock valued at $26,780,000 after buying an additional 54,236 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Chesapeake Energy by 24.9% during the 4th quarter. Victory Capital Management Inc. now owns 120,080 shares of the company’s stock valued at $10,644,000 after acquiring an additional 23,915 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. UBS Group initiated coverage on Chesapeake Energy in a research report on Wednesday, April 19th. They issued a “buy” rating and a $101.00 price target for the company. Mizuho lowered their price target on shares of Chesapeake Energy from $155.00 to $129.00 in a report on Friday, March 10th. Truist Financial assumed coverage on shares of Chesapeake Energy in a research note on Monday, April 24th. They set a “buy” rating and a $100.00 price objective for the company. Wells Fargo & Company lowered their target price on shares of Chesapeake Energy from $87.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 11th. Finally, StockNews.com lowered shares of Chesapeake Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $110.54.

Chesapeake Energy Stock Performance

Shares of NASDAQ CHK opened at $80.78 on Wednesday. The stock’s 50-day moving average is $78.67 and its 200 day moving average is $82.72. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 1.68, a P/E/G ratio of 0.68 and a beta of 0.65. Chesapeake Energy Co. has a 1-year low of $69.68 and a 1-year high of $107.31. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20.

Chesapeake Energy (NASDAQ:CHK – Get Rating) last issued its quarterly earnings results on Tuesday, May 2nd. The company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.32. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Chesapeake Energy had a net margin of 50.00% and a return on equity of 29.75%. During the same period last year, the business earned $3.09 earnings per share. On average, sell-side analysts anticipate that Chesapeake Energy Co. will post 5 EPS for the current fiscal year.

Chesapeake Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 6th. Shareholders of record on Thursday, May 18th will be paid a $1.18 dividend. The ex-dividend date is Wednesday, May 17th. This is an increase from Chesapeake Energy’s previous quarterly dividend of $0.44. This represents a $4.72 annualized dividend and a yield of 5.84%. Chesapeake Energy’s payout ratio is currently 4.58%.

About Chesapeake Energy

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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.