Wedge Capital Management L L P NC Increases Holdings in Chesapeake Energy Co. (NASDAQ:CHK)

Wedge Capital Management L L P NC increased its position in shares of Chesapeake Energy Co. (NASDAQ:CHK) by 16.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 284,263 shares of the company’s stock after purchasing an additional 39,734 shares during the quarter. Wedge Capital Management L L P NC owned 0.22% of Chesapeake Energy worth $23,364,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CHK. Price T Rowe Associates Inc. MD boosted its holdings in shares of Chesapeake Energy by 233.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,059,644 shares of the company’s stock valued at $804,769,000 after acquiring an additional 6,338,963 shares during the last quarter. Scout Investments Inc. acquired a new position in shares of Chesapeake Energy in the fourth quarter worth about $32,079,000. Lord Abbett & CO. LLC boosted its stake in shares of Chesapeake Energy by 13.4% during the 1st quarter. Lord Abbett & CO. LLC now owns 2,599,352 shares of the company’s stock worth $230,900,000 after acquiring an additional 307,814 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Chesapeake Energy by 15.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,958,837 shares of the company’s stock valued at $150,723,000 after purchasing an additional 265,853 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Chesapeake Energy in the 1st quarter valued at about $19,639,000. Hedge funds and other institutional investors own 97.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Wolfe Research started coverage on Chesapeake Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $110.00 price objective on the stock. KeyCorp initiated coverage on shares of Chesapeake Energy in a research report on Thursday, June 27th. They set a “sector weight” rating for the company. Truist Financial decreased their price objective on shares of Chesapeake Energy from $112.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Stephens boosted their target price on shares of Chesapeake Energy from $117.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Benchmark decreased their price target on shares of Chesapeake Energy from $107.00 to $93.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Chesapeake Energy currently has an average rating of “Hold” and a consensus target price of $106.69.

Chesapeake Energy Trading Up 1.2 %

CHK stock traded up $0.89 during trading on Thursday, reaching $73.06. 1,155,856 shares of the stock were exchanged, compared to its average volume of 1,901,399. The business has a 50 day moving average price of $80.40 and a 200-day moving average price of $83.79. Chesapeake Energy Co. has a 1 year low of $69.42 and a 1 year high of $93.58. The company has a current ratio of 2.16, a quick ratio of 2.33 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of 9.85 and a beta of 0.47.

Chesapeake Energy (NASDAQ:CHK) last released its quarterly earnings results on Monday, July 29th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.02 by ($0.01). The firm had revenue of $505.00 million for the quarter, compared to analysts’ expectations of $822.54 million. Chesapeake Energy had a net margin of 8.68% and a return on equity of 4.00%. The firm’s quarterly revenue was down 73.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 EPS. On average, research analysts predict that Chesapeake Energy Co. will post 1.34 earnings per share for the current year.

Chesapeake Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 15th will be issued a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date is Thursday, August 15th. Chesapeake Energy’s dividend payout ratio is presently 31.00%.

About Chesapeake Energy

Chesapeake Energy Corporation operates as an independent exploration and production company in the United States. It engages in acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids from underground reservoirs. The company holds interests in natural gas resource plays in the Marcellus Shale in the northern Appalachian Basin in Pennsylvania and the Haynesville/Bossier Shales in northwestern Louisiana.