Chesapeake Energy (CHK) Looks To Heat Up Q3 Results
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Chesapeake Energy Corp. (NYSE: CHK) are trading lower this afternoon before the company releases its third quarter earnings after the market closes on Monday, November 2, 2009. Shares of Chesapeake are down about 5.75% to $24.54.
Chesapeake is expected to report an EPS of $0.65 on revenues of $1.90 billion for the third quarter. Chesapeake posted adjusted EPS of $0.62 for Q209 on revs of $1.67 billion. For Q308, Chesapeake reported EPS of $0.85, and revenues of $7.49 billion. The consensus revenue estimate for the period was $2.57 billion.
Chesapeake Energy shares are up about 4.8% since their second quarter earnings release and up about 51% since the start of 2009. As a comparison, the Energy sector is up 20% YTD.
Data from Bloomberg has 24 analysts giving a Buy rating to Chesapeake, 5 analysts rate it a Hold, and 1 has a Sell rating on the company. The analyst consensus is $34.22. The "Street high" is $49, and the low is $24.
FBR reiterated their Outperform rating and set a price target of $35, up from their previous target of $30. The firm stated that Chesapeake has positive working capital through Q110, but looks for further asset sales to meet the divestment target of $3.5 billion to $4.8 billion by year-end 2010.
Oppenheimer started their coverage of Chesapeake with an Outperform rating.
Goldman Sachs also recently raised their price target on Chesapeake to $34 from $27, and has a Buy rating on the company. They are keeping their FY09 EPS estimate of $2.49. The firm sees resource upside and drilling efficiencies in several shale plays. Goldman states some risks as commodity prices, drilling results, cost pressures, and government procurements.
Wells Fargo maintains their Outperform rating, and sets a price target from $33 - $35. Wells states that Chesapeake will be able to recover lost reserves based on strip pricing. The company reported above Wells billions of cubic feet equivalent (Bcfe) estimates. Some risks are sustained material weakness in commodities, as well as the risk of a rising cost structure due to the company's aggressive acquisition strategy.
Chesapeake will issue its Q309 results via press release at approximately 4PM (EDT) Monday, November 2, 2009. Stay tuned to StreetInsider.com's <=http://www.streetinsider.com/earnings>Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
Chesapeake is expected to report an EPS of $0.65 on revenues of $1.90 billion for the third quarter. Chesapeake posted adjusted EPS of $0.62 for Q209 on revs of $1.67 billion. For Q308, Chesapeake reported EPS of $0.85, and revenues of $7.49 billion. The consensus revenue estimate for the period was $2.57 billion.
Chesapeake Energy shares are up about 4.8% since their second quarter earnings release and up about 51% since the start of 2009. As a comparison, the Energy sector is up 20% YTD.
Data from Bloomberg has 24 analysts giving a Buy rating to Chesapeake, 5 analysts rate it a Hold, and 1 has a Sell rating on the company. The analyst consensus is $34.22. The "Street high" is $49, and the low is $24.
FBR reiterated their Outperform rating and set a price target of $35, up from their previous target of $30. The firm stated that Chesapeake has positive working capital through Q110, but looks for further asset sales to meet the divestment target of $3.5 billion to $4.8 billion by year-end 2010.
Oppenheimer started their coverage of Chesapeake with an Outperform rating.
Goldman Sachs also recently raised their price target on Chesapeake to $34 from $27, and has a Buy rating on the company. They are keeping their FY09 EPS estimate of $2.49. The firm sees resource upside and drilling efficiencies in several shale plays. Goldman states some risks as commodity prices, drilling results, cost pressures, and government procurements.
Wells Fargo maintains their Outperform rating, and sets a price target from $33 - $35. Wells states that Chesapeake will be able to recover lost reserves based on strip pricing. The company reported above Wells billions of cubic feet equivalent (Bcfe) estimates. Some risks are sustained material weakness in commodities, as well as the risk of a rising cost structure due to the company's aggressive acquisition strategy.
Chesapeake will issue its Q309 results via press release at approximately 4PM (EDT) Monday, November 2, 2009. Stay tuned to StreetInsider.com's <=http://www.streetinsider.com/earnings>Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
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