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Chesapeake Energy Corporation stock price
Chesapeake Energy Corporation latest news:
Chesapeake Energy's stock surges toward biggest gain in over 5 1/2 months as crude prices rally
Shares of Chesapeake Energy Corp. shot up 7.1% in active afternoon trade Wednesday, putting them on track for their best performance since March 29, as upbeat government crude production data helped propel crude price to a third-straight gain. Trading volume in the oil and gas exploration company's stock climbed to 33.6 million shares, already above the full-day average of 32.6 million shares, and enough to make the stock the New York Stock Exchange's second-most actively traded. Crude oil futures rallied 2.2%, after the U.S. Energy Information Administration said domestic crude supplies increased 5.9 million barrels in the week ended Sept. 8, well below forecasts of a rise of 10.1 million barrels. The correlation coefficient between Chesapeake's stock and continuous crude oil futures was 0.903, where 1.000 means they move exactly a like. Chesapeake's stock, which closed at a 17-month low as recently as Aug. 30, has still tumbled 24% over the past three months. In comparison, the SPDR Energy Select Sector ETF has slipped 1.9% the past three months while the S&P 500 has gained 2.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Chesapeake Energy sees volume dip with Houston refineries offline
Chesapeake Energy Corp(CHK) said on Monday its production volumes will be restrained until refineries in Houston and the U.S. Gulf Coast come back online after Tropical Storm Harvey. The company shut down drilling and completion of new wells in the Eagle Ford shale region of Texas on Friday due to the storm.
Energy sector ETF tumbles into first bear market in 18 months
The SPDR Energy Select Sector exchange-traded fund fell 1.4% Thursday to close at a 16-month low, enough to kick off a new bear market. Many market participants define a bear market as a decline of 20% or more from a bull market peak. And the ETF tracking the energy sector (XLF), which is one of the S&P 500's 11 key sectors, has now lost 20.3% since closing at a bull-market peak of $77.83 on Dec. 13, 2016, which at the time was an 18-month high. Of the XLE's 32 components, 15 have tumbled more than 20% year to date, and 11 of lost more than 30%. The last bear market for the XLE had ended on March 7, 2016, when the XLE closed 20.5% above its previous bear market low of $51.77 on Jan. 20, 2016. On Thursday, 30 of the XLE's components closed lower, with shares of Marathon Oil Corp. down 3.3% to pace the decliners. Chesapeake Energy Corp.'s stock slumped 3.0%, and was the most active component with 36 million shares traded. The XLE's losses Thursday come a rally in oil prices, as September crude oil futures settled up 0.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Soros Fund Management dissolves share stake in Chesapeake, Honeywell
Soros Fund Management: * Dissolves share stake in Chesapeake Energy (CHK) - SEC filing. * Takes share stake in General Mills (GIS) of 365,493 shares. * Dissolves share stake in Honeywell International.
Chesapeake Energy's stock reverses lower as disappointing production offset profit beat
Shares of Chesapeake Energy Corp. erased earlier sharp gains to head toward a fourth-straight loss, as disappointing production data offset a profit and revenue beat. The stock was up as much as 3.5% in the opening minute, after the oil and gas exploration company reported second-quarter results, then pulled back to be down as much as 2.6% a little after 10 a.m. ET, before bouncing slightly to be down 1.2% in afternoon trade. Volume was 43.7 million shares, above the full-day average of about 32.2 million shares, and enough to make the stock the third-most active on major U.S. exchanged. Raymond James analyst John Freeman pointed out that reported production of about 528,000 barrels of oil equivalent (BOE) per day was below his forecast of 543,000 and the Wall Street consensus of 538,000. He also noted that production costs of $2.92 per BOE was above his estimate of $2.40 per BOE> Freeman reiterated his underperform rating, which has been in place since Jan. 4, 2016. The stock has plunged 35% year to date, while the SPDR Energy Select Sector ETF has lost 13.1% and the S&P 500 has gained 10.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Why Chesapeake Energy Earnings Keep Improving
Chesapeake Energy shares jump almost 4% after profit and revenue beats
Chesapeake Energy Corp. shares rose 3.9% in premarket trade Thursday, after the company topped profit and revenue estimates for the second quarter. Chesapeake said it had net income of $470 million, or 47 cents a share, in the quarter, up from $75 million, or 8 cents a share, in the year-earlier period. Adjusted per-share earnings came to 18 cents, ahead of the FactSet consensus of 14 cents. Revenue rose to $2.281 billion from $1.622 billion, as oil and gas revenue rose to $1.279 billion from $440 billion, and marketing revenue came to $1.002 billion, down from $1.182 billion. The FactSet consensus was for oil and gas revenue of $1.057 billion, and marketing revenue of $1.241 billion. "Our assets continue to deliver improving well results due to longer laterals and enhanced completion techniques, with a new record operated well in the Marcellus being a prime example of this," Chief Executive Doug Lawler said in a statement. "We expect our total production to move higher throughout the year, driven by large turn-in-line projects underway in the Eagle Ford, Utica and Powder River Basin operating areas." Shares have fallen 37% in 2017, while the S&P 500 has gained 10.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Is Bad News Coming from Chesapeake Energy Thursday Morning?
Chesapeake Energy stock options ready for a big post-earnings move
Shares of Chesapeake Energy slumped 2.8% in afternoon trade Wednesday, putting them on track for a third-straight loss, as investors position for the oil and natural gas exploration company's second-quarter results due out later this week. The company, which is scheduled to report results before Thursday's open, is expected to swing to an adjusted profit for the fourth straight quarter, with analysts surveyed by FactSet estimating earnings per share of 14 cents, on average. Revenue is expected to decline for the ninth time in the past 10 quarters to $1.06 billion, according to FactSet. Options traders are ready for a relatively large stock reaction to results. A volatility play known as a straddle is pricing in a 7.1% one-day post-earnings move in Chesapeake's stock in either direction, compared with the average one-day move of 6.0% after the past 20 quarterly reports. The stock has plunged 34% year to date, while the SPDR Energy Select Sector ETF has shed 12% and the S&P 500 has gained 10%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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