4 Energy Stock Stories Served Up for the Weekend
Chesapeake Energy Corp. (NYSE: CHK): Closing price $26.44
Analyst Amir Arif at Stifel has downgraded the rating on Chesapeake shares from Buy to Hold, and removed the $26 price target. In a report, Stifel noted in part that “We are downgrading CHK from a Buy to a Hold on fair valuation, expectations for no production growth heading into 2014, and a view that ongoing efficiency improvements and additional potential noncore asset sales will not add enough meaningful upside potential to the stock to offset EBITDA multiple and production growth concerns. We believe that investors will begin to shift their investment focus from P/NAV discounts to EBITDA multiples and growth outlook for CHK and as that shift happens, this name looks fairly valued on an absolute basis and will relatively underperform its peers.” However, shares closed up by 0.23 percent Friday at $26.47.