CHESAPEAKE ENERGY $21.75 (New York symbol CHK; TSINetwork Rating: Extra Risk) (405-848- 8000; www.chkenergy.com; Shares outstanding: 666.5 million; Market cap: $14.5 billion; Dividend yield: 1.6%) is the second-largest natural gas producer in the U.S.
Chesapeake continues to sell assets to meet its debt-reduction targets—it’s now selling properties in the Eagle Ford and Haynesville shale formations to Exco Resources for $1 billion.
With this deal, Chesapeake has now sold $3.6 billion of properties this year. By the end of 2013, it aims to raise that to $6 billion to $7 billion. These sales, plus its cash flow from production, will let it pay for its planned 2013 exploration and development spending of $7.6 billion.
The company will also be able to lower its debt. On March 31, 2013, Chesapeake’s long-term debt was $13.4 billion, or a high 96% of its market cap.
Natural gas prices are up over 80% since early 2012, but shares of many producers, including Chesapeake, have not kept pace. The stock trades at just 3.0 times the company’s forecast 2013 cash flow per share.
Chesapeake Energy is a buy for aggressive investors.
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The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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