UBS Maintains a 'Neutral' on Chesapeake Energy (CHK); Chopping Estimates After Q1 Miss

UBS maintains a 'Neutral' on Chesapeake Energy (NYSE: CHK) price target raises from $23 to $20.

Analyst, William A. Featherson, said, "Q1 clean EPS of $0.18/$0.73 was well below UBSe $0.29/$1.00 and consensus of $0.29/$1.09 on a gassier volume mix, lower than expected liquids realizations & higher per unit costs. EBITDX of $750MM was 18% below UBSe. 1Q highlights: 18% YoY rise in production (4% above forecast), 33% decline in price realizations (7% below UBSe), & 13% rise in per-unit costs to $3.39/Mcfe (3% above UBSe)."

UBS chops FY12 EPS estimate from $3.55 to $2.15 and FY13 from $6.20 to $4.45.

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 $19.60 yesterday.

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