Chesapeake Energy drops after Truist cuts price target

Southwestern Energy Co

08/01/2024 16:32

** Shares of Chesapeake Energy  CHK.O  drops 1.5% to $78.04 on
Mon after Truist Securities cut its price target on the oil
producer to $106 from $112
  ** Stock, which fell as low as $76.73, is on track for the
biggest daily pct decline since Dec. 20
  ** New CHK PT is based on changes to valuation methodologies,
which includes 2025 EBIDTA estimate of $3.13 billion, enterprise
value to free cash flow yield assumption of 10, says Trusit
Securities analysts led by Neal Dingmann in an investor note
  ** CHK and peer Southwestern Energy  SWN.N  are nearing a
merger that could create a $17 billion natural gas company,
Reuters reported on Friday 
  ** Median PT of 20 analysts covering CHK is $96 and their
current recommendation is "buy", per LSEG data

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))