Chesapeake upgraded, stock climbs
Chesapeake Energy Corp. received its strongest bit of good news in two weeks on Monday when it’s stock received an upgrade.
BMO Capital Markets analysts Dan McSpirit upgraded the stock to “outperform.”
Chesapeake has drawn scrutiny from Wall Street over the past two weeks after revelations that CEO Aubrey McClendon used his personal stake in Chesapeake wells as collateral for personal loans without fully disclosing the information.
Despite the potential conflicts of interest, McSpirit said Chesapeake “is a company with a deep and wide asset base, and one that has fundamental value, in our opinion.”
Chesapeake’s stock price has tumbled 48 percent since August largely because of falling natural gas prices. McSpirit said the stock price is too low.
Chesapeake “presents an attractive opportunity for investors looking to venture out on this risk curve,” he said.
The stock price jumped after the upgrade, closing up 72 cents, or 4 percent, to $18.44 on the Nasdaq.
Message Sent Successfully
Be Sure to Check Out Our Top Headlines
- 17441Oklahoma storms: Profile of Life: Megan and Case Futrell
- 13900OKC Central: Architectural "Worsts"
- 11725'Firehouse' in Oklahoma City's Deep Deuce is set to become new home
- 11253Norman man threatens Oklahoma Gov. Fallin's 'child' and local sheriff in emails
- 8882Was Special Treatment Given in Oklahoma Vice Mayor DUI Traffic Stop?
- 7879Police shoot, kill man holding child hostage in Midwest City
- 7323Live blog: "The Voice" Season 4 live finale
- 7059Brad Lund granted two-year lease to Taft Stadium for soccer team
- 7006Red meat might be delicious, but not as nutritious
- 6837Live blog: "The Voice" Season 4 live finale - performance episode
Back to share with a friend form.
Add More Recipients