Chesapeake Energy (CHK) PT Cut to $22 at KLR Group

KLR Group analyst John Gerdes lowered his price target on Chesapeake Energy (NYSE: CHK) to $22.00 (from $24.00) but maintained a Buy rating.

Gerdes commented, "We are decreasing our target price $2 to $22 per share due to ~$250 million per annum reduction in forward capital spending. Our ’15 production expectation of ~655 Mboepd is ~2% above company guidance (635-645 Mboepd). Notably, Chesapeake’s Barnett VPP should roll off in August of this year and contribute ~150 Mmcfpd of incremental gas production."

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 $14.26 yesterday.

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