Short Interest in Chesapeake Energy Co. (NASDAQ:CHK) Increases By 10.1%

Chesapeake Energy Co. (NASDAQ:CHKGet Rating) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totalling 19,210,000 shares, an increase of 10.1% from the July 15th total of 17,440,000 shares. Currently, 17.1% of the shares of the stock are short sold. Based on an average trading volume of 2,410,000 shares, the days-to-cover ratio is currently 8.0 days.

Insiders Place Their Bets

In related news, COO Joshua J. Viets acquired 1,700 shares of the stock in a transaction that occurred on Thursday, June 23rd. The stock was acquired at an average cost of $75.19 per share, for a total transaction of $127,823.00. Following the transaction, the chief operating officer now directly owns 27,504 shares in the company, valued at $2,068,025.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Joshua J. Viets acquired 1,700 shares of Chesapeake Energy stock in a transaction that occurred on Thursday, June 23rd. The shares were acquired at an average price of $75.19 per share, for a total transaction of $127,823.00. Following the transaction, the chief operating officer now directly owns 27,504 shares of the company’s stock, valued at approximately $2,068,025.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Domenic J. Dell’osso, Jr. bought 3,000 shares of the stock in a transaction on Friday, June 24th. The stock was purchased 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 $2,944,497.64. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 9,150 shares of company stock valued at $752,048. 0.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CHK. Zacks Investment Management acquired a new position in shares of Chesapeake Energy during the fourth quarter valued at about $2,451,000. Teacher Retirement System of Texas increased its holdings in Chesapeake Energy by 7.6% during the 1st quarter. Teacher Retirement System of Texas now owns 15,819 shares of the company’s stock worth $1,376,000 after purchasing an additional 1,115 shares in the last quarter. Credit Suisse AG raised its stake in shares of Chesapeake Energy by 38.0% in the fourth quarter. Credit Suisse AG now owns 73,585 shares of the company’s stock worth $4,747,000 after purchasing an additional 20,267 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Chesapeake Energy by 8.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 776,910 shares of the company’s stock worth $50,127,000 after purchasing an additional 59,527 shares during the last quarter. Finally, Abacus Planning Group Inc. bought a new position in shares of Chesapeake Energy in the first quarter valued at approximately $209,000.

Chesapeake Energy Trading Up 1.7 %

Shares of NASDAQ:CHK traded up $1.64 during mid-day trading on Tuesday, hitting $97.00. The company had a trading volume of 3,389,846 shares, compared to its average volume of 2,099,564. The company has a market capitalization of $11.72 billion, a PE ratio of 10.14, a price-to-earnings-growth ratio of 1.04 and a beta of 0.76. Chesapeake Energy has a one year low of $50.71 and a one year high of $105.00. The firm has a fifty day moving average price of $90.44 and a 200 day moving average price of $89.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.47 and a quick ratio of 0.47.

Chesapeake Energy announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 22nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 20.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Chesapeake Energy Cuts Dividend

The business also recently disclosed a None dividend, which will be paid on Thursday, September 1st. Stockholders of record on Wednesday, August 17th will be issued a dividend of $2.32 per share. The ex-dividend date is Tuesday, August 16th. This represents a dividend yield of 10.5%. Chesapeake Energy’s dividend payout ratio is currently 20.90%.

Analysts Set New Price Targets

CHK has been the topic of a number of research reports. TheStreet raised shares of Chesapeake Energy from a “d” rating to a “c-” rating in a report on Wednesday, August 3rd. Scotiabank assumed coverage on shares of Chesapeake Energy in a research note on Wednesday, August 3rd. They issued a “sector perform” rating and a $111.00 price objective on the stock. Credit Suisse Group initiated coverage on Chesapeake Energy in a research report on Tuesday, June 14th. They set an “outperform” rating and a $115.00 target price for the company. Wells Fargo & Company upped their price target on Chesapeake Energy from $102.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, July 11th. Finally, The Goldman Sachs Group assumed coverage on Chesapeake Energy in a research note on Monday, July 18th. They issued a “buy” rating and a $106.00 price target for the company. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $102.23.

About Chesapeake Energy

(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.

Further Reading

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