Chesapeake Energy beats profit estimates, to cut rig count

Paterniano Del Favero
Agosto 3, 2017

CHK says Q2 revenue rose 42% Y/Y to $2.28B from $1.62B, as oil and gas revenue almost tripled to $1.28B from $440M while marketing revenue fell to $1B from $1.18B; analyst consensus was for oil and gas revenue of $1.05B and marketing revenue of $1.24B. Capital spending is forecast at $2.1 billion to $2.5 billion, up from $1.9 billion to $2.3 billion at the end of the first quarter. If you are viewing this piece on another site, it was illegally copied and reposted in violation of US & global trademark & copyright legislation. The shares were purchased at an average cost of $5.00 per share, for a total transaction of $375,000.00. The stock was acquired at an average price of $5.26 per share, for a total transaction of $105,200.00.

In other news, Director R Brad Martin acquired 20,000 shares of Chesapeake Energy Corporation stock in a transaction that occurred on Friday, May 26th. Teacher Retirement System of Texas now owns 73,410 shares of the oil and gas exploration company's stock worth $365,000 after buying an additional 9,451 shares during the last quarter. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Amalgamated Bank increased its stake in Chesapeake Energy Corporation by 1.0% in the first quarter. Following the transaction, the director now directly owns 501,958 shares of the company's stock, valued at approximately $2,640,299.08. Following the purchase, the director now directly owns 440,355 shares in the company, valued at $2,201,775. Insiders purchased 115,400 shares of company stock worth $573,020 in the last 90 days.

A number of large investors have recently made changes to their positions in the company.

Chesapeake Energy Corp. shares rose 3.9% in premarket trade Thursday, after the company topped profit and revenue estimates for the second quarter. Wedbush Securities Inc. now owns 33,621 shares of the oil and gas exploration company's stock worth $167,000 after buying an additional 525 shares in the last quarter. It also owns an oil and natural gas marketing business. CIBC Asset Management Inc boosted its stake in shares of Chesapeake Energy Corporation by 0.6% in the second quarter. US Bancorp DE now owns 37,164 shares of the oil and gas exploration company's stock worth $221,000 after buying an additional 7,733 shares during the period. Flinton Capital Management LLC now owns 82,768 shares of the oil and gas exploration company's stock worth $492,000 after buying an additional 16,772 shares during the last quarter. Hedge funds and other institutional investors own 64.81% of the company's stock.

Chesapeake Energy Corporation produces natural gas, oil and natural gas liquids (NGL) in the United States.

Oil and gas producers in North America are actively trying to cut back on expenses as they try to save money as oil hovers around $50 per barrel. The marketing, gathering and compression segment is responsible for marketing, gathering and compression of oil, natural gas and NGL.

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