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News Breaks | | | | January 30, 2013 | | 10:14 EDT |  | CHK | Chesapeake rallies after CEO McClendon announces retirement
Chesapeake's (CHK) stock is surging after the energy exploration company announced last night that its CEO, Aubrey McClendon, would retire on April 1. McClendon's personal financial dealings have been harshly criticized by many investors. Specifically, the CEO's personal investments in the wells that his company was drilling caused a great deal of controversy, and the SEC opened a probe into the matter last year. Chesapeake's board, however, announced that its review of McClendon's finances hadn't yet uncovered any improper conduct by him. The company's investigation is expected to conclude on February 21. In a note to investors earlier this morning, Stifel Nicolaus analyst Amir Arif responded to the company's announcement by upgrading his rating on the stock to Buy from Hold. McClendon's departure may lead to the company putting itself up for sale, or at least selling more of its assets, causing the company's value to increase, the analyst wrote. Furthermore, more investors are likely to buy Chesapeake's shares in the wake of McClendon's retirement, contends Arif, who now has a $25 price target on the shares. However, Reuters reported last night that Chesapeake’s chairman Archie Dunham said the company was not for sale in a letter to employees. In early trading, Chesapeake jumped $1.47, or 7.75%, to $20.44. | |
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News For CHK From The Last 14 Days Check below for free stories on CHK the last two weeks. |
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| June 19, 2013 | | 07:58 EDT |  | CHK | Al Petrie Investor & Media Relations to hold a conference
 Subscribe for More Information | | | June 17, 2013 | | 16:02 EDT | | CHK | Chesapeake names Chief Compliance Officer
Subscribe for More Information | | | June 14, 2013 | | 12:12 EDT | | CHK | Chesapeake says shareholders reject board declassification proposal
Subscribe for More Information | | | June 10, 2013 | | 05:57 EDT |  | CHK | McClendon wants large slice of his new energy company, WSJ reports
Former Chesapeake Energy CEO Aubrey McClendon is pitching Wall Street on his new energy company, American Energy Partners LP, and he wants to raise between $2B and $3B of "initial equity capital" for the exploration-and-production company. But this time It isn't clear he will get what he wants, reports the Wall Street Journal. Reference Link | |
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