Chesapeake Energy (CHK): Viability Restored - Jefferies
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Jefferies analyst, Jonathan Wolff, reiterated his Underperform rating on shares of Chesapeake Energy (NYSE: CHK) but raised the price target to $5 from $4 after viability was restored to the company and details were outlined at the company's investment day.
CHK’s analyst day detailed an impressive reduction in total liabilities but also pointed to another year of deficit spending in 2017. The in-depth portfolio review showed dramatic capital productivity in CHK’s large Haynesville play, but new play tests are not tangible enough to model any real value.
The higher PT is based on higher EURs in Haynesville and PRB.
Shares of Chesapeake Energy closed at $6.91 yesterday.
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