Pinnacle Associates Ltd. Buys 813 Shares of Chesapeake Energy Co. (NASDAQ:CHK)

Pinnacle Associates Ltd. grew its stake in shares of Chesapeake Energy Co. (NASDAQ:CHK) by 1.6% during the third quarter, Holdings Channel reports. The institutional investor owned 52,363 shares of the company’s stock after purchasing an additional 813 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Chesapeake Energy were worth $4,029,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Asahi Life Asset Management CO. LTD. bought a new stake in shares of Chesapeake Energy in the third quarter worth about $356,000. Canoe Financial LP bought a new stake in shares of Chesapeake Energy in the third quarter worth about $10,498,000. State of Alaska Department of Revenue grew its stake in shares of Chesapeake Energy by 4.7% in the third quarter. State of Alaska Department of Revenue now owns 19,465 shares of the company’s stock worth $1,600,000 after purchasing an additional 875 shares during the last quarter. Clear Harbor Asset Management LLC grew its stake in shares of Chesapeake Energy by 3.5% in the third quarter. Clear Harbor Asset Management LLC now owns 14,380 shares of the company’s stock worth $1,183,000 after purchasing an additional 485 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. grew its stake in shares of Chesapeake Energy by 26.2% in the third quarter. Schwartz Investment Counsel Inc. now owns 382,720 shares of the company’s stock worth $31,479,000 after purchasing an additional 79,520 shares during the last quarter. 97.93% of the stock is owned by institutional investors.

Chesapeake Energy Stock Performance

NASDAQ:CHK opened at $81.46 on Friday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.19. Chesapeake Energy Co. has a 12 month low of $69.12 and a 12 month high of $93.58. The company has a 50 day simple moving average of $77.31 and a two-hundred day simple moving average of $81.73. The company has a market cap of $10.68 billion, a PE ratio of 10.98 and a beta of 0.47.

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

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Roth Mkm assumed coverage on shares of Chesapeake Energy in a report on Friday, September 27th. They issued a “buy” rating and a $92.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of Chesapeake Energy from $77.00 to $83.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Wolfe Research assumed coverage on shares of Chesapeake Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $110.00 price objective for the company. Roth Capital upgraded shares of Chesapeake Energy to a “strong-buy” rating in a report on Friday, September 27th. Finally, Scotiabank lowered their price objective on shares of Chesapeake Energy from $110.00 to $105.00 and set a “sector perform” rating for the company in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Chesapeake Energy has an average rating of “Moderate Buy” and a consensus target price of $99.92.

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.