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Chesapeake Energy plunges to two-year low after flat production outlook [Seeking Alpha]

CHESAPEAKE ENERGY (CHK)  More Company Research Source: Seeking Alpha
Last chesapeake energy earnings: 5/2 07:00 am Check Earnings Report
US:NYSE Investor Relations: chk.com/investors
PDF Chesapeake Energy plunges to two-year low after flat production outlookChesapeake Energy (CHK-7.5%) sinks to its lowest in two years after itsQ4 production update disappoints investors.CHK says Q4 production reached 593M boe vs. consensus of 565M boe, but expects 2018 volumes to come in roughly flat vs. last year’s ~525M boe pro-forma base, below the comparable consensus of 541M boe after adjusting for 23M boe from assets that have been divested.The update prompts Credit Suisse analyst William Featherston tocut his forecasts for CHK's production for 2018 and 2019 to a respective 533M boe and 547M boe; the firm maintains its Underperform rating and $3 price target in the stock.CHK also announced three separate sales of Oklahoma wells and leases for ~$500M, at a price Featherston thinks a fair 7x cash flow, plus ~4.3M shares of fracking services provider FTS International (FTSI-4.5%) for $78M; CHK still holds ~22M shares in the company.See all stocks on the move »Now read:Chesapeake Ene [Read more]

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