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Mon, Feb. 8, 5:41 PM
Mon, Feb. 8, 12:46 PM
Mon, Feb. 8, 11:26 AM
- Chesapeake Energy (CHK -50.6%) is halted as the company says it "has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders."
- Responding to an earlier report that has cut the share price in half today, CHK says Kirkland & Ellis has served as one of its counsel since 2010 and continues to advise the company as it seeks to further strengthen its balance sheet following its recent debt exchange.
Mon, Feb. 8, 9:55 AM
- Chesapeake Energy (CHK -40.3%) plunges ~40% at the open on a report that the company hired attorneys for restructuring, triggering a circuit breaker halt.
- The fall was triggered by a Debtwire report that CHK had retained Kirkland & Ellis to help restructure its $9.8B debt load.
- CHK shares have fallen 55% YTD and 90% over the past year.
Mon, Feb. 8, 9:19 AM
Wed, Feb. 3, 9:19 AM
Thu, Jan. 28, 9:23 AM
- Gainers: NEOS +59%. DNR +17%. BCEI +16%. UA +16%. FB +14%. INO +13%. ATHX +12%. PBR +12%. WLL +11%. MRO +10%. [[PBR-A]] +10%. TRXC +9%. CHK +9%. MLNX +9%. LINE +9%. MT +9%. SDRL +8%. HOG +8%. ETE +8%. STO +8%. CRUS 7%. KMI 7%. BBL 6%. HCA 6%. MJN 6%. CJES 6%. PYPL 6%.
- Losers: NOW -22%. OSIS -22%. EBAY -11%. INVN -10%. URI -10%. INCY -9%. JNPR -10%. OAS -7%.
Tue, Jan. 26, 9:22 AM
Mon, Jan. 25, 9:14 AM
Fri, Jan. 22, 9:21 AM
Fri, Jan. 22, 8:34 AM
- Chesapeake Energy (NYSE:CHK) +7.9% premarket after announcing the suspension of quarterly preferred stock dividends in an attempt to save cash.
- CHK says the move will save ~$170M/year and allow it to buy its own debt at significant discounts.
- "Given the current commodity price environment for oil, natural gas and natural gas liquids, we believe that redirecting this cash toward debt retirement provides better returns for the company," CHK says.
Thu, Jan. 21, 2:39 PM
- A new report from Sterne Agee CRT analyst Tim Rezvan suggests the situation for oil and gas E&P stocks is not as bad as the market fears for many companies.
- After studying liquidity positions of the E&P names under the firm's coverage, Rezvan concludes that only Chesapeake Energy (CHK +4%), Gastar Exploration (GST +13.2%) and Ultra Petroleum (UPL +25.7%) face potential credit issues prior to 2018.
- Conversely, Rezvan says Oasis Petroleum (OAS +8.5%) and Whiting Petroleum (WLL +11.3%) maintain strong liquidity despite sharp equity underperformance and can withstand the reduction in credit facilities expected this spring from lending banks feeling stress in their energy loan portfolios.
- The firm has Buy ratings on OAS and WLL, and Neutral ratings on CHK, GST and UPL.
Wed, Jan. 20, 3:48 PM
- Southwestern Energy (SWN +13.2%) reverses sharp early losses and power to strong gains, as gas-focused E&P companies may be seen as a safe haven for investors seeking energy stocks but are anxious to avoid exposure to crude oil prices near 13-year lows.
- "Gas is actually gives a bit of stability here,” Subash Chandra, managing director of Guggenheim Securities, tells Bloomberg, as gas producers already have adjusted to lower prices and are taking measures to stem a supply glut, similar to the one that crude oil is now navigating.
- Other notable gas-focused gainers today include Chesapeake Energy (CHK +5.8%), EQT Corp. (EQT +3.5%), Cabot Oil & Gas (COG +3.6%), and Range Resources (RRC +7.1%).
- "Gas has absolutely nothing to do with oil,” Oppenheimer's Fadel Gheit says, adding that the equities will advance if nat gas reaches $3.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, FCG, GASL, KOLD, UNL, DCNG
Wed, Jan. 20, 9:13 AM
Tue, Jan. 19, 2:56 PM
- Oil and gas companies such as Devon Energy (DVN -6.5%), Chesapeake Energy (CHK -15.2%) and Continental Resources (CLR -15.1%) will be “in a delevering phase for years," Guggenheim analysts say.
- Guggenheim says CLR CFO John Hart recently revealed a post-recovery spending plan that still appears within cash flows, confirming its bias that the E&P sector will be in a delevering phase for years, so activity levels will be slow to ramp and will remain subdued.
- For levered growth to return, the firm says the sector should first have resized land, equipment and personnel completely; while CHK believes it is sized to run 40 rigs instead of the 12 now active, the firm says it is a good sign the company hopes to delever first.
Mon, Jan. 4, 11:58 AM
- Chesapeake Energy (CHK +3.3%) is sharply higher despite a Raymond James downgrade to Underperform from Market Perform based on a "weak natural gas price forecast and balance sheet concerns."
- The outcome of CHK's recent effort to exchange notes coming due in 2017 and 2018 was "relatively weak," and the fact that the company had to resort to this measure at all is a sign of trouble, RJ's John Freeman says.
- Sterne Agee CRT's Tim Rezvan had written in November shortly before CHK announced its offering that "second-lien loans are perceived like scarlet letters," and shares fell 29% since the warning, so Freeman's note seems late to the game, according to TheStreet.com's Carleton English.
Chesapeake Energy Corp is a natural gas and oil exploration and production company. It explores, develops and acquires properties for the production of natural gas and crude oil from underground reservoirs and also provides marketing & midstream services.
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