Chesapeake Energy Corporation (NYSE:CHK)
On Thursday, Shares of Chesapeake Energy Corporation (NYSE:CHK), dropped -8.67% and is at $5.48 in the Real-Time trading session. The firm opened its current trade at $5.50. The total volume traded for the day is 30.60M shares, as compared to its average daily volume of 18.96M shares. The stock is floating in a range of $5.28 - $5.64. The stocks hold the market capitalization of $3.64B.
The U.S. Energy Information Administration (EIA) stated Thursday morning that U.S. natural gas stocks raised by 15 billion cubic feet for the week ending November 13. Analysts were expecting a storage improvement of around 23 billion cubic feet. The five-year average for the week is an improvement of around 30 billion cubic feet, and last year’s addition for the week totaled 40 billion cubic feet, according to 247wallst
According to Reuters, Oil prices fell on Thursday, with U.S. crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel.
Brent crude futures LCOc1 were down 20 cents at $43.94 a barrel by 1411 GMT.
Rising U.S. stockpiles served as the most visible evidence of oversupply in oil markets.
Goldman Sachs said on Thursday there remained a downside risk to oil prices “as storage utilization continues to climb”. The bank added that “we don’t believe that current prices present an appealing entry point”.
U.S. crude inventories rose by 252,000 barrels last week to 487.3 million barrels, close to record highs, according to the Energy Information Administration, highlighting that more oil is being produced than is needed.
The mean estimate for the short term price target for Chesapeake Energy Corporation (NYSE:CHK), stands at $8.57 according to 27 Analysts. The higher price target estimate for the stock has been calculated at $13.00 while the lower price target estimate is at $5.00.
Analysts mean recommendation for the stock is 3.20. This number is based on a 1 to 5 scale where 1 indicates a Strong Buy recommendation while 5 represents a Strong Sell.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas. The company also holds interests in liquids-rich resource plays, such as the Eagle Ford Shale in South Texas; the Utica Shale in Ohio and Pennsylvania; the Granite Wash/Hogshooter, Cleveland, Tonkawa, and Mississippi Lime plays in the Anadarko Basin in northwestern Oklahoma and the Texas Panhandle; and the Niobrara Shale and Upper Cretaceous sands in the Powder River Basin in Wyoming.
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