HITE Hedge Asset Management LLC Acquires Shares of 70,615 Chesapeake Energy Co. (NASDAQ:CHK)

HITE Hedge Asset Management LLC bought a new position in shares of Chesapeake Energy Co. (NASDAQ:CHK) during the 2nd quarter, Holdings Channel reports. The firm bought 70,615 shares of the company’s stock, valued at approximately $5,804,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aurora Investment Counsel lifted its position in Chesapeake Energy by 1.1% during the 1st quarter. Aurora Investment Counsel now owns 11,930 shares of the company’s stock worth $1,060,000 after buying an additional 135 shares in the last quarter. Lindbrook Capital LLC raised its stake in shares of Chesapeake Energy by 90.8% in the first quarter. Lindbrook Capital LLC now owns 374 shares of the company’s stock worth $33,000 after acquiring an additional 178 shares during the last quarter. Clear Harbor Asset Management LLC lifted its position in shares of Chesapeake Energy by 1.3% during the second quarter. Clear Harbor Asset Management LLC now owns 13,895 shares of the company’s stock worth $1,142,000 after purchasing an additional 180 shares in the last quarter. Abich Financial Wealth Management LLC grew its stake in shares of Chesapeake Energy by 32.4% during the first quarter. Abich Financial Wealth Management LLC now owns 900 shares of the company’s stock valued at $80,000 after purchasing an additional 220 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Chesapeake Energy by 75.6% in the second quarter. GAMMA Investing LLC now owns 569 shares of the company’s stock valued at $47,000 after purchasing an additional 245 shares in the last quarter. 97.93% of the stock is currently owned by institutional investors and hedge funds.

Chesapeake Energy Trading Down 0.2 %

CHK opened at $80.09 on Wednesday. The firm’s fifty day moving average is $74.49 and its two-hundred day moving average is $82.70. The firm has a market cap of $10.50 billion, a PE ratio of 10.79 and a beta of 0.46. Chesapeake Energy Co. has a twelve month low of $69.12 and a twelve month high of $93.58. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.16 and a current ratio of 2.16.

Chesapeake Energy (NASDAQ:CHK) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.02 by ($0.01). Chesapeake Energy had a return on equity of 4.00% and a net margin of 8.68%. The business had revenue of $505.00 million for the quarter, compared to analyst estimates of $822.54 million. During the same period in the previous year, the business posted $0.64 EPS. The business’s quarterly revenue was down 73.3% compared to the same quarter last year. Equities research analysts anticipate that Chesapeake Energy Co. will post 1.32 EPS for the current year.

Chesapeake Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 15th were given a $0.575 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.30 annualized dividend and a dividend yield of 2.87%. Chesapeake Energy’s dividend payout ratio is presently 31.00%.

Wall Street Analyst Weigh In

CHK has been the topic of a number of recent research reports. Stephens increased their price objective on Chesapeake Energy from $117.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. KeyCorp started coverage on Chesapeake Energy in a report on Thursday, June 27th. They issued a “sector weight” rating on the stock. UBS Group dropped their price objective on Chesapeake Energy from $93.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Scotiabank reduced their target price on shares of Chesapeake Energy from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 20th. Finally, Mizuho dropped their price target on shares of Chesapeake Energy from $111.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $105.92.

Chesapeake Energy Company Profile

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.