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Sterne Agee is out with a harsh criticism of Chesapeake Energy Corporation (NYSE: CHK) Thursday morning, while downgrading the company to Underperform with a $9 price target on the $14 stock.
Sterne's analysts said that the company has "questionable capital allocation" and a free cash flow deficit that "concerns us." All of this seems to be a hangover from prior management, which the analysts blamed for "sub-optimal capital allocation." The analysts cut their estimates in the belief that the rest of Wall Street will follow them lower.
Chesapeake Energy shares have dropped by 28 percent year-to-date as of Wednesday's close; however, Sterne noted that shares continue to trade at a "premium."
The analysts, who acknowledged being "late on this call," said that Chesapeake shares are still overvalued.
The stock was indicated down more than 3 percent in pre-market trading to $13.68.
Latest Ratings for CHK
Date | Firm | Action | From | To |
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Mar 2015 | Sterne Agee | Downgrades | Neutral | Underperform | Mar 2015 | Global Hunter | Downgrades | Accumulate | Sell | Mar 2015 | Barclays | Maintains | | Underweight |
View More Analyst Ratings for CHK
View the Latest Analyst Ratings
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Chesapeake Energy Corporation
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EN DÉVELOPPEMENT |
CODE : CHK |
ISIN : US1651671075 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Chesapeake Energy est une société de production minière basée aux Etats-Unis D'Amerique. Chesapeake Energy est en développement de projets de gaz et de pétrole en USA. Son principal projet en développement est DEEP BOSSIER en USA. Chesapeake Energy est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 79,3 milliards US$ (74,5 milliards €). La valeur de son action a atteint son plus bas niveau récent le 13 mars 2020 à 0,12 US$, et son plus haut niveau récent le 18 novembre 2022 à 99,94 US$. Chesapeake Energy possède 909 242 558 actions en circulation. |