State of Michigan Retirement System Buys 600 Shares of Chesapeake Energy Co. (NASDAQ:CHK)

State of Michigan Retirement System raised its stake in shares of Chesapeake Energy Co. (NASDAQ:CHK) by 1.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,200 shares of the company’s stock after purchasing an additional 600 shares during the quarter. State of Michigan Retirement System’s holdings in Chesapeake Energy were worth $2,860,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of CHK. Allspring Global Investments Holdings LLC bought a new stake in shares of Chesapeake Energy in the 1st quarter worth approximately $37,000. Romano Brothers AND Company bought a new stake in shares of Chesapeake Energy in the 1st quarter worth approximately $2,358,000. Signet Financial Management LLC lifted its holdings in shares of Chesapeake Energy by 38.7% in the 1st quarter. Signet Financial Management LLC now owns 4,290 shares of the company’s stock worth $381,000 after acquiring an additional 1,196 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Chesapeake Energy in the 1st quarter worth approximately $129,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Chesapeake Energy in the 1st quarter worth approximately $71,000. 97.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CHK shares. Mizuho lifted their target price on shares of Chesapeake Energy from $101.00 to $111.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Benchmark decreased their target price on shares of Chesapeake Energy from $107.00 to $93.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. UBS Group lifted their target price on shares of Chesapeake Energy from $92.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Stephens lifted their target price on shares of Chesapeake Energy from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 1st. Finally, Scotiabank lifted their target price on shares of Chesapeake Energy from $92.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Chesapeake Energy presently has an average rating of “Hold” and an average price target of $106.67.

Chesapeake Energy Stock Up 0.7 %

Shares of Chesapeake Energy stock opened at $83.63 on Thursday. The company has a current ratio of 2.33, a quick ratio of 2.33 and a debt-to-equity ratio of 0.19. The company’s fifty day simple moving average is $87.74 and its two-hundred day simple moving average is $83.79. The company has a market cap of $10.96 billion, a P/E ratio of 11.27 and a beta of 0.47. Chesapeake Energy Co. has a 12-month low of $72.84 and a 12-month high of $93.58.

Chesapeake Energy (NASDAQ:CHK) last announced its earnings results on Tuesday, April 30th. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.08). Chesapeake Energy had a net margin of 16.42% and a return on equity of 4.87%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $674.99 million. During the same quarter last year, the firm posted $1.87 EPS. Research analysts anticipate that Chesapeake Energy Co. will post 0.98 EPS for the current year.

Chesapeake Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Thursday, May 16th were issued a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date was Wednesday, May 15th. This is a boost from Chesapeake Energy’s previous quarterly dividend of $0.58. Chesapeake Energy’s payout ratio is 31.00%.

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.