UPDATE: JPMorgan Upgrades Chesapeake (CHK) to Overweight; Cites Improving Financials

(Updated - January 9, 2013 3:30 PM EST)

Chesapeake Energy (NYSE: CHK) shares are higher following an afternoon upgrade by JPMorgan from Underweight to Overweight, a two-notch move, while its price target was raised from $15.50 up to $20. The firm cited improved financials on the call.

According to analyst Joseph Allman, Chesapeake might have another large asset sale "up its sleeve." The company might be looking to unload something in the Marcellus of Haynesville plays.

Should Chesapeake be able to keep spending in line, it might be able to avoid another "liquidity crunch" in the second-half of 2013.

Shares are now up 2 percent on the session.

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 $16.88 yesterday.

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