Teachers Retirement System of The State of Kentucky Decreases Holdings in Chesapeake Energy Co. (NASDAQ:CHK)

Teachers Retirement System of The State of Kentucky trimmed its holdings in shares of Chesapeake Energy Co. (NASDAQ:CHKGet Rating) by 11.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,377 shares of the company’s stock after selling 4,798 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Chesapeake Energy were worth $3,252,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Private Ocean LLC bought a new position in Chesapeake Energy during the 1st quarter valued at about $26,000. Salem Investment Counselors Inc. bought a new position in Chesapeake Energy during the 1st quarter valued at about $32,000. Covestor Ltd grew its holdings in Chesapeake Energy by 292.0% during the 1st quarter. Covestor Ltd now owns 439 shares of the company’s stock valued at $38,000 after purchasing an additional 327 shares during the last quarter. Ahrens Investment Partners LLC bought a new position in Chesapeake Energy during the 1st quarter valued at about $48,000. Finally, Quadrant Capital Group LLC grew its holdings in Chesapeake Energy by 11,840.0% during the 1st quarter. Quadrant Capital Group LLC now owns 597 shares of the company’s stock valued at $52,000 after purchasing an additional 592 shares during the last quarter.

Chesapeake Energy Trading Up 1.7 %

NASDAQ:CHK opened at $102.26 on Tuesday. Chesapeake Energy Co. has a 52 week low of $56.75 and a 52 week high of $105.93. The firm has a 50 day moving average of $96.95 and a 200 day moving average of $91.63. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 0.91 and a beta of 0.69.

Chesapeake Energy (NASDAQ:CHKGet Rating) last posted its earnings results on Tuesday, August 2nd. The company reported $4.87 EPS for the quarter, beating analysts’ consensus estimates of $3.74 by $1.13. Chesapeake Energy had a net margin of 18.53% and a return on equity of 35.01%. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $1.71 billion. As a group, sell-side analysts anticipate that Chesapeake Energy Co. will post 17.59 earnings per share for the current fiscal year.

Chesapeake Energy declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 22nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 20.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Chesapeake Energy Cuts Dividend

The company also recently announced a None dividend, which was paid on Thursday, September 1st. Investors of record on Wednesday, August 17th were given a dividend of $2.32 per share. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a yield of 10.5%. Chesapeake Energy’s payout ratio is 22.99%.

Insiders Place Their Bets

In related news, Chairman Michael Wichterich purchased 2,000 shares of the firm’s stock in a transaction on Monday, June 27th. The stock was acquired at an average price of $85.65 per share, with a total value of $171,300.00. Following the completion of the acquisition, the chairman now owns 25,318 shares in the company, valued at approximately $2,168,486.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Chairman Michael Wichterich purchased 2,000 shares of the firm’s stock in a transaction on Monday, June 27th. The stock was acquired at an average price of $85.65 per share, with a total value of $171,300.00. Following the completion of the acquisition, the chairman now owns 25,318 shares in the company, valued at approximately $2,168,486.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Joshua J. Viets purchased 1,700 shares of the firm’s stock in a transaction on Thursday, June 23rd. The stock was bought at an average cost of $75.19 per share, with a total value of $127,823.00. Following the acquisition, the chief operating officer now owns 27,504 shares of the company’s stock, valued at approximately $2,068,025.76. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 6,700 shares of company stock valued at $545,243. Insiders own 0.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CHK. Wells Fargo & Company upped their target price on shares of Chesapeake Energy from $102.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, July 11th. Credit Suisse Group began coverage on shares of Chesapeake Energy in a research note on Tuesday, June 14th. They issued an “outperform” rating and a $115.00 target price on the stock. Scotiabank began coverage on shares of Chesapeake Energy in a research note on Wednesday, August 3rd. They issued a “sector perform” rating and a $111.00 target price on the stock. Benchmark began coverage on shares of Chesapeake Energy in a research note on Tuesday, August 2nd. They issued a “buy” rating and a $137.00 target price on the stock. Finally, The Goldman Sachs Group upped their target price on shares of Chesapeake Energy from $106.00 to $117.00 and gave the stock a “buy” rating in a research note on Monday, August 22nd. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $105.83.

Chesapeake Energy Company Profile

(Get Rating)

Chesapeake Energy Corporation, an independent exploration and production company, engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids from underground reservoirs in the United States. 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; and the liquids-rich resource play in the Eagle Ford Shale in South Texas.

Further Reading

Want to see what other hedge funds are holding CHK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chesapeake Energy Co. (NASDAQ:CHKGet Rating).

Institutional Ownership by Quarter for Chesapeake Energy (NASDAQ:CHK)

Receive News & Ratings for Chesapeake Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chesapeake Energy and related companies with MarketBeat.com's FREE daily email newsletter.