BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 7,982 Shares of Chesapeake Energy Co. (NASDAQ:CHK)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Chesapeake Energy Co. (NASDAQ:CHK) by 59.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,307 shares of the company’s stock after acquiring an additional 7,982 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Chesapeake Energy were worth $1,751,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its stake in shares of Chesapeake Energy by 705.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,229 shares of the company’s stock worth $2,402,000 after acquiring an additional 25,600 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Chesapeake Energy in the 1st quarter valued at $1,006,000. Russell Investments Group Ltd. grew its position in shares of Chesapeake Energy by 66.4% in the first quarter. Russell Investments Group Ltd. now owns 119,470 shares of the company’s stock valued at $10,612,000 after purchasing an additional 47,658 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Chesapeake Energy in the 1st quarter valued at about $37,000. Finally, Wedge Capital Management L L P NC lifted its position in shares of Chesapeake Energy by 16.2% in the second quarter. Wedge Capital Management L L P NC now owns 284,263 shares of the company’s stock valued at $23,364,000 after acquiring an additional 39,734 shares in the last quarter. Hedge funds and other institutional investors own 97.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CHK. StockNews.com raised shares of Chesapeake Energy to a “sell” rating in a research note on Wednesday, August 14th. Truist Financial cut their price objective on Chesapeake Energy from $112.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Scotiabank cut their target price on Chesapeake Energy from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 20th. Stephens increased their price target on shares of Chesapeake Energy from $117.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Finally, KeyCorp initiated coverage on Chesapeake Energy in a report on Thursday, June 27th. They issued a “sector weight” rating for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.33.

Chesapeake Energy Price Performance

Shares of CHK opened at $82.60 on Monday. Chesapeake Energy Co. has a 1-year low of $69.12 and a 1-year high of $93.58. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.16 and a quick ratio of 2.16. The stock has a market cap of $10.82 billion, a PE ratio of 11.13 and a beta of 0.46. The firm has a fifty day moving average price of $74.43 and a 200 day moving average price of $82.62.

Chesapeake Energy (NASDAQ:CHK) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The business had revenue of $505.00 million for the quarter, compared to analyst estimates of $822.54 million. Chesapeake Energy had a return on equity of 4.00% and a net margin of 8.68%. The firm’s revenue for the quarter was down 73.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 EPS. As a group, sell-side analysts anticipate that Chesapeake Energy Co. will post 1.43 EPS for the current year.

Chesapeake Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 15th were given a $0.575 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.30 dividend on an annualized basis and a yield of 2.78%. Chesapeake Energy’s dividend payout ratio (DPR) is 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.