Here’s Why Shares of Chesapeake Energy are Up 7%
Shares of Chesapeake Energy (NYSE:CHK) are gushing ~7% higher on big news today. Investor Carl Icahn raised his ownership stake from 2.5% to 5.8%.
Recently, Icahn bought power plant company, Dynergy (NYSE:DYN), on December 15th. Icahn is planning big moves in the energy sector now. Icahn has said he is in talks with Chesapeake management to help boost the share price and unlock more value for shareholders.
The second-largest producer of natural gas has been down most of the year due to a drop in natural gas prices. Last month, Wall St. Cheat Sheet staff writer Eric McWhinnie penned the earnings cheat sheet article, “Will Chesapeake’s Share Price Ever Recover.” At the time, shares were trading at $22.31 per share. Today, shares are at $24.94 per share, a solid recovery back to levels not seen since early Summer above the 50-day and 200-day moving averages. Research shares of CHK with our new high tech research tools >>
Disclosure: No positions.
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