Canaccord Genuity Maintains a 'Buy' on Chesapeake Energy (CHK); Divestitures Positive for Liquidity
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Price: $20.27 +1.91%
Rating Summary:
8 Buy, 21 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
8 Buy, 21 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade CHK Now!
Canaccord Genuity maintains a 'Buy' on Chesapeake Energy (NYSE: CHK) price target of $28.00 (from $26.00).
Analyst, John Gerdes, said, "We are increasing our price target due to lower midstream capital spending. Chesapeake announced it plans midstream sales for cash proceeds of more than $4 billion. The company plans to reduce midstream capital spending by $3 billion over the next three years, which we see positively from a value and liquidity standpoint."
"Looking to ’13, Chesapeake should outspend cash flow by ~$6 billion, less than our prior ~$6.5 billion estimate. Through identified asset sales, Chesapeake could pre-fund $1-4 billion of the ’13E shortfall."
For an analyst ratings summary and ratings history on Chesapeake Energy click here. For more ratings news on Chesapeake Energy click here.
Shares of Chesapeake Energy closed at $17.61 yesterday, with a 52 week range of $13.32-$35.75.
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Analyst, John Gerdes, said, "We are increasing our price target due to lower midstream capital spending. Chesapeake announced it plans midstream sales for cash proceeds of more than $4 billion. The company plans to reduce midstream capital spending by $3 billion over the next three years, which we see positively from a value and liquidity standpoint."
"Looking to ’13, Chesapeake should outspend cash flow by ~$6 billion, less than our prior ~$6.5 billion estimate. Through identified asset sales, Chesapeake could pre-fund $1-4 billion of the ’13E shortfall."
For an analyst ratings summary and ratings history on Chesapeake Energy click here. For more ratings news on Chesapeake Energy click here.
Shares of Chesapeake Energy closed at $17.61 yesterday, with a 52 week range of $13.32-$35.75.
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