Chesapeake Energy Corporation (NYSE:CHK) announced today that Luke R. Corbett has been appointed to the Board of Directors, effective as of December 14, 2016. Corbett will serve as a member of the Audit Committee and the Nominating, Governance and Social Responsibility Committee and will stand for re-election at the 2017 annual meeting of shareholders on May 19, 2017.
Chesapeake Chairman R. Brad Martin commented, “Luke’s industry experience and commitment to operational and financial excellence and best governance practices are fully aligned with Chesapeake, and we are pleased to welcome him to the Board.”
Corbett currently is the Lead Independent Director for OGE Energy Corporation (NYSE: OGE) and serves as Chair of the Executive Committee and as a member of the Compensation Committee. Corbett previously served in various managerial and leadership roles at Kerr-McGee Corporation for more than 17 years, including Chairman and Chief Executive Officer from 1997 until his retirement in 2006. Prior to joining Kerr-McGee, Corbett held various managerial roles at Aminoil, Inc., Mitchell Energy Company and Amoco Corporation. Corbett is a graduate of the University of Georgia.
Corbett commented, “I respect the progress and values of Chesapeake and its leadership, and I look forward to contributing to the company’s continued growth.” (Original Source)
Shares of Chesapeake Energy are currently rising 0.42% to $7.11, or up $0.03 in pre-market trading Thursday. CHK has a 1-year high of $8.20 and a 1-year low of $1.50. The stock’s 50-day moving average is $6.33 and its 200-day moving average is $5.77.
On the ratings front, Chesapeake Energy has been the subject of a number of recent research reports. In a report issued on December 5, FBR analyst Joseph Allman reiterated a Sell rating on CHK. Separately, on November 15, Credit Suisse’s Mark Lear maintained a Hold rating on the stock and has a price target of $7.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Allman and Mark Lear have a yearly average loss of -6.2% and a return of 18.5% respectively. Allman has a success rate of 37% and is ranked #4000 out of 4274 analysts, while Lear has a success rate of 71% and is ranked #120.
Sentiment on the street is mostly neutral on CHK stock. Out of 13 analysts who cover the stock, 9 suggest a Hold rating , 3 suggest a Sell and one recommends to Buy the stock. The 12-month average price target assigned to the stock is $6.10, which implies a downside of 14% from current levels.
Chesapeake Energy Corp. engages as a natural gas and oil exploration and production company. It operates through the Exploration and Production; Marketing, Gathering and Compression segments. The Exploration and Production segment focuses on finding and producing natural gas, oil and natural gas liquids. The Marketing, Gathering, and Compression segment deals with the marketing, gathering, and compression of natural gas, oil, and natural gas liquids primarily from Chesapeake-operated wells.