Chesapeake Faces SEC Inquiry, As Does Chairman & CEO (CHK)
Chesapeake Energy Corporation (NYSE: CHK) has confirmed what many investors probably should have been expecting in relation to the recent CEO double-dip dealing of Aubrey McClendon. Chesapeake issued a notice that the company and Chairman and CEO, Aubrey K. McClendon,…
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Chesapeake did go on to note that this SEC inquiry “should not be construed as an indication that any violation of the federal securities laws has occurred. The company and Mr. McClendon intend to cooperate with the SEC in responding to its inquiry.”
This morning we saw three analyst calls on Chesapeake if you count a Canaccord Genuity drop of the price target down to $26 per share for its target. The stock closed up 2.7% at $17.19 today and the shares are fluctuating between being up and down in the after-hours.
Today’s news should have been expected, and it is safe to assume that more headline risk remains here. Chesapeake did hit a new 52-week low of $16.70 today and the 52-week range was previously $16.72 to $35.75.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.