Morgan Stanley analyst Devin McDermott maintained a Buy rating on Chesapeake Energy (CHK) today and set a price target of $2.50. The company’s shares closed last Monday at $1.38, close to its 52-week low of $1.26.
According to TipRanks.com, McDermott is a 3-star analyst with an average return of 3.3% and a 42.0% success rate. McDermott covers the Basic Materials sector, focusing on stocks such as Cheniere Energy Partners LP, Occidental Petroleum, and Cheniere Energy Inc.
The word on The Street in general, suggests a Hold analyst consensus rating for Chesapeake Energy with a $1.67 average price target.
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Based on Chesapeake Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.11 billion and net profit of $98 million. In comparison, last year the company earned revenue of $2.55 billion and had a net profit of $83 million.
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Chesapeake Energy Corp. is an independent exploration and production company, which engages in acquisition, exploration and development of properties for the production of oil, natural gas and natural gas liquids from underground reservoirs. It focuses on projects located in Louisiana, Ohio, Oklahoma, Pennsylvania, Texas, and Wyoming.
