Short Interest in Chesapeake Energy Co. (NASDAQ:CHK) Declines By 5.4%
Chesapeake Energy Co. (NASDAQ:CHK – Get Free Report) was the target of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 13,450,000 shares, a drop of 5.4% from the October 31st total of 14,220,000 shares. Based on an average daily trading volume, of 1,490,000 shares, the days-to-cover ratio is currently 9.0 days. Currently, 12.3% of the company’s stock are sold short.
Chesapeake Energy Stock Performance
Shares of NASDAQ CHK traded up $0.29 during midday trading on Friday, hitting $80.60. 1,247,000 shares of the company’s stock traded hands, compared to its average volume of 1,472,324. Chesapeake Energy has a 1 year low of $69.68 and a 1 year high of $104.32. The stock has a market capitalization of $10.56 billion, a price-to-earnings ratio of 2.19 and a beta of 0.54. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a fifty day moving average of $84.64 and a 200 day moving average of $83.78.
Chesapeake Energy (NASDAQ:CHK – Get Free Report) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.52. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.47 billion. Chesapeake Energy had a return on equity of 11.33% and a net margin of 49.82%. The firm’s revenue was down 52.2% on a year-over-year basis. During the same period in the previous year, the company posted $5.06 EPS. On average, analysts forecast that Chesapeake Energy will post 4.67 earnings per share for the current year.
Chesapeake Energy Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 6th. Shareholders of record on Thursday, November 16th will be paid a $0.575 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $2.30 annualized dividend and a yield of 2.85%. Chesapeake Energy’s payout ratio is 6.25%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHK. Prelude Capital Management LLC boosted its stake in Chesapeake Energy by 100.2% in the 1st quarter. Prelude Capital Management LLC now owns 10,014 shares of the company’s stock worth $871,000 after purchasing an additional 6,175,883 shares during the period. Vanguard Group Inc. boosted its position in shares of Chesapeake Energy by 15.7% during the 1st quarter. Vanguard Group Inc. now owns 11,196,852 shares of the company’s stock valued at $974,127,000 after acquiring an additional 1,517,281 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Chesapeake Energy by 3,273.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,462,502 shares of the company’s stock valued at $138,016,000 after acquiring an additional 1,419,143 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Chesapeake Energy by 4,616.7% during the 1st quarter. Clearbridge Investments LLC now owns 1,396,744 shares of the company’s stock valued at $121,517,000 after acquiring an additional 1,367,131 shares during the last quarter. Finally, Thrivent Financial for Lutherans bought a new position in shares of Chesapeake Energy during the 2nd quarter valued at approximately $101,464,000. 97.93% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
CHK has been the subject of several analyst reports. UBS Group raised their price target on Chesapeake Energy from $102.00 to $106.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Wells Fargo & Company dropped their price target on shares of Chesapeake Energy from $89.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 22nd. JPMorgan Chase & Co. cut shares of Chesapeake Energy from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $97.00 to $96.00 in a research note on Wednesday, August 16th. Truist Financial upped their price target on shares of Chesapeake Energy from $110.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, November 3rd. Finally, Bank of America upped their price target on shares of Chesapeake Energy from $144.00 to $147.00 in a research note on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $109.73.
View Our Latest Research Report on CHK
About Chesapeake Energy (Get Free Report)
Chesapeake Energy Corporation, an independent exploration and production company, engages in the acquisition, exploration, and development of properties to produce 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.
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Original: MarketBeat News Feed: Short Interest in Chesapeake Energy Co. (NASDAQ:CHK) Declines By 5.4%