Bank of New York Mellon Corp Sells 239,278 Shares of Chesapeake Energy Co. (NASDAQ:CHK)

Bank of New York Mellon Corp reduced its stake in Chesapeake Energy Co. (NASDAQ:CHK - Free Report) by 9.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,361,417 shares of the company's stock after selling 239,278 shares during the period. Bank of New York Mellon Corp owned 1.80% of Chesapeake Energy worth $194,085,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Signaturefd LLC raised its stake in Chesapeake Energy by 16.5% during the fourth quarter. Signaturefd LLC now owns 1,250 shares of the company's stock worth $96,000 after acquiring an additional 177 shares in the last quarter. GAMMA Investing LLC bought a new position in Chesapeake Energy during the 4th quarter valued at $40,000. Russell Investments Group Ltd. increased its position in shares of Chesapeake Energy by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 71,812 shares of the company's stock valued at $5,526,000 after purchasing an additional 10,133 shares during the last quarter. Retirement Systems of Alabama increased its holdings in Chesapeake Energy by 3.9% in the 4th quarter. Retirement Systems of Alabama now owns 263,236 shares of the company's stock worth $20,253,000 after acquiring an additional 9,765 shares during the last quarter. Finally, Cannell & Co. increased its holdings in Chesapeake Energy by 7.6% in the 4th quarter. Cannell & Co. now owns 824,782 shares of the company's stock worth $63,459,000 after acquiring an additional 58,253 shares during the last quarter. Institutional investors own 97.93% of the company's stock.

Chesapeake Energy Stock Performance

NASDAQ CHK traded up $0.45 on Monday, reaching $73.89. The stock had a trading volume of 1,769,600 shares, compared to its average volume of 1,873,923. The stock has a market cap of $9.68 billion, a P/E ratio of 9.96 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.33 and a current ratio of 2.16. The business's 50-day moving average price is $78.67 and its 200 day moving average price is $83.73. Chesapeake Energy Co. has a 12-month low of $69.42 and a 12-month high of $93.58.

Chesapeake Energy (NASDAQ:CHK - Get Free Report) last posted its earnings results on Monday, July 29th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). Chesapeake Energy had a net margin of 8.68% and a return on equity of 4.00%. The firm had revenue of $505.00 million during the quarter, compared to analyst estimates of $822.54 million. During the same period last year, the company posted $0.64 EPS. The firm's revenue for the quarter was down 73.3% on a year-over-year basis. As a group, equities analysts expect that Chesapeake Energy Co. will post 1.34 earnings per share for the current year.

Chesapeake Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th will be paid a dividend of $0.575 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.30 annualized dividend and a yield of 3.11%. Chesapeake Energy's dividend payout ratio is presently 31.00%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CHK shares. Stephens boosted their target price on Chesapeake Energy from $117.00 to $118.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 30th. Truist Financial dropped their price objective on Chesapeake Energy from $112.00 to $108.00 and set a "buy" rating on the stock in a research report on Monday, July 22nd. StockNews.com raised Chesapeake Energy to a "sell" rating in a research report on Wednesday, August 14th. Mizuho lifted their target price on Chesapeake Energy from $101.00 to $111.00 and gave the company a "buy" rating in a research note on Monday, May 13th. Finally, KeyCorp began coverage on Chesapeake Energy in a report on Thursday, June 27th. They set a "sector weight" rating for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Chesapeake Energy currently has an average rating of "Hold" and a consensus price target of $107.17.

Chesapeake Energy Profile

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.