Chesapeake Energy Co. (CHK) Position Trimmed by Westpac Banking Corp

Westpac Banking Corp decreased its holdings in shares of Chesapeake Energy Co. (NYSE:CHK) by 21.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 500,980 shares of the oil and gas exploration company’s stock after selling 132,800 shares during the quarter. Westpac Banking Corp owned about 0.05% of Chesapeake Energy worth $2,249,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. LMR Partners LLP bought a new position in shares of Chesapeake Energy during the 2nd quarter worth approximately $123,000. American Century Companies Inc. bought a new position in shares of Chesapeake Energy during the 2nd quarter worth approximately $128,000. Smart Money Group LLC bought a new position in shares of Chesapeake Energy during the 3rd quarter worth approximately $129,000. WESPAC Advisors SoCal LLC bought a new position in shares of Chesapeake Energy during the 2nd quarter worth approximately $131,000. Finally, Virtu Financial LLC bought a new position in shares of Chesapeake Energy during the 2nd quarter worth approximately $135,000. Hedge funds and other institutional investors own 58.71% of the company’s stock.

CHK has been the subject of several analyst reports. Zacks Investment Research upgraded Chesapeake Energy from a “hold” rating to a “buy” rating and set a $4.50 target price for the company in a research report on Thursday, October 25th. Morgan Stanley restated a “hold” rating and set a $6.00 target price (up previously from $5.00) on shares of Chesapeake Energy in a research report on Friday, October 12th. ValuEngine downgraded Chesapeake Energy from a “sell” rating to a “strong sell” rating in a research report on Friday, September 21st. TheStreet raised Chesapeake Energy from a “d+” rating to a “c-” rating in a report on Wednesday, October 31st. Finally, Imperial Capital dropped their price target on Chesapeake Energy from $6.00 to $5.00 and set a “hold” rating for the company in a report on Wednesday, October 31st. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $4.90.

In other Chesapeake Energy news, EVP James R. Webb purchased 50,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The stock was purchased at an average cost of $3.54 per share, with a total value of $177,000.00. Following the acquisition, the executive vice president now directly owns 871,548 shares of the company’s stock, valued at approximately $3,085,279.92. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.70% of the company’s stock.

CHK stock opened at $2.92 on Monday. Chesapeake Energy Co. has a fifty-two week low of $2.53 and a fifty-two week high of $5.60. The firm has a market cap of $2.67 billion, a P/E ratio of 3.56, a price-to-earnings-growth ratio of 0.36 and a beta of 1.93.

Chesapeake Energy (NYSE:CHK) last released its quarterly earnings results on Tuesday, October 30th. The oil and gas exploration company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.04. Chesapeake Energy had a negative return on equity of 54.07% and a net margin of 6.91%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the firm posted $0.12 EPS. The business’s revenue was up 22.5% on a year-over-year basis. Equities analysts anticipate that Chesapeake Energy Co. will post 0.85 earnings per share for the current fiscal year.

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Chesapeake Energy Profile

Chesapeake Energy Corporation engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids (NGL) from underground reservoirs in the United States. The company holds interests in natural gas resource plays, including the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin in Pennsylvania.

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Institutional Ownership by Quarter for Chesapeake Energy (NYSE:CHK)

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