Clear Harbor Asset Management LLC Raises Holdings in Chesapeake Energy Co. (NASDAQ:CHK)

Clear Harbor Asset Management LLC raised its position in Chesapeake Energy Co. (NASDAQ:CHK) by 3.5% during the third quarter, HoldingsChannel reports. The firm owned 14,380 shares of the company’s stock after purchasing an additional 485 shares during the period. Clear Harbor Asset Management LLC’s holdings in Chesapeake Energy were worth $1,183,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its position in Chesapeake Energy by 233.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,059,644 shares of the company’s stock worth $804,769,000 after buying an additional 6,338,963 shares in the last quarter. Kimmeridge Energy Management Company LLC raised its holdings in shares of Chesapeake Energy by 28.8% during the 2nd quarter. Kimmeridge Energy Management Company LLC now owns 3,694,879 shares of the company’s stock worth $303,682,000 after acquiring an additional 827,000 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Chesapeake Energy by 18.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,333,769 shares of the company’s stock valued at $274,005,000 after acquiring an additional 510,664 shares during the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Chesapeake Energy by 247.9% in the second quarter. 1832 Asset Management L.P. now owns 687,954 shares of the company’s stock valued at $56,543,000 after purchasing an additional 490,201 shares during the period. Finally, Lord Abbett & CO. LLC increased its position in Chesapeake Energy by 13.4% during the first quarter. Lord Abbett & CO. LLC now owns 2,599,352 shares of the company’s stock worth $230,900,000 after purchasing an additional 307,814 shares during the last quarter. Institutional investors and hedge funds own 97.93% of the company’s stock.

Chesapeake Energy Price Performance

CHK stock opened at $81.46 on Friday. Chesapeake Energy Co. has a 1 year low of $69.12 and a 1 year high of $93.58. The firm has a market capitalization of $10.68 billion, a P/E ratio of 10.98 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.16 and a quick ratio of 2.16. The business’s 50-day moving average is $76.64 and its two-hundred day moving average is $81.95.

Chesapeake Energy (NASDAQ:CHK) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). Chesapeake Energy had a return on equity of 4.00% and a net margin of 8.68%. The firm had revenue of $505.00 million during the quarter, compared to analysts’ expectations of $822.54 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The firm’s revenue was down 73.3% compared to the same quarter last year. Analysts anticipate that Chesapeake Energy Co. will post 1.43 earnings per share for the current fiscal year.

Chesapeake Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 15th were issued a $0.575 dividend. This represents a $2.30 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Thursday, August 15th. Chesapeake Energy’s payout ratio is currently 31.00%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CHK. Truist Financial dropped their price target on shares of Chesapeake Energy from $108.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Mizuho cut their target price on Chesapeake Energy from $111.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Roth Capital raised shares of Chesapeake Energy to a “strong-buy” rating in a research report on Friday, September 27th. Wells Fargo & Company boosted their price target on shares of Chesapeake Energy from $77.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Stephens increased their price objective on shares of Chesapeake Energy from $117.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.92.

About Chesapeake Energy

Chesapeake Energy Corporation operates as an independent exploration and production company in the United States. It engages in acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids from underground reservoirs. 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.