Natural Gas Stocks – Analyst lowers rating on Chesapeake Energy
Category Business | Tuesday, March 16th, 2010
chesapeake energy
A Morgan Stanley analyst lowered his rating Monday on Chesapeake Energy Corp., saying it is on track to deliver production growth but there are few “company-specific catalysts” that could move the stock price.
In a research note to clients, analyst Stephen Richardson downgraded Chesapeake to “equal-weight” from “overweight.”
Chesapeake is on track to increase production by 8 percent to 10 percent this year, he said.
“The company is highly levered to the natural gas strip and the Big 6 shale plays remain the primary growth drivers for (Chesapeake) going forward,” Richardson said.