KLR Group Raises Price Target on Chesapeake Energy (CHK) to $10; Reiterates Buy
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KLR Group reiterated a Buy rating on Chesapeake Energy (NYSE: CHK), and raised the price target to $10.00 (from $9.00). Next year, Chesapeake plans to conduct a four-rig program in the Anadarko Basin, three-rig programs respectively in the Eagle Ford and Haynesville, and a two-rig program in the Utica. Year-to-date, Chesapeake has generated almost $1 billion of net asset divestiture proceeds and plans to achieve up to $2 billion of net asset sale proceeds by year end.
Analyst John Gerdes commented, "We are increasing our CHK target price $1 to $10 per share due to an approximate 4% higher oil composition given greater development emphasis in the Anadarko Basin. Our ’17 production expectation of ~569 Mboepd (~551 Mboepd net of Haynesville/Devonian divestitures) is in the upper half of pro forma company guidance (532-562 Mboepd)."
Shares of Chesapeake Energy closed at $6.36 yesterday.
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