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Aug. 6, 2019, 7:36 a.m. EDT

Chesapeake Energy's stock bounces off 20-year low after revenue rises just above expectations

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By Tomi Kilgore

Shares of Chesapeake Energy Corp. /zigman2/quotes/201364537/composite CHK -4.03% surged 3.9% in premarket trading Tuesday, to bounce off a 20-year low in the previous session, after the oil and gas company reported a wider-than-expected loss but revenue that rose above analyst forecasts. The company swung to net income of $75 million, or 5 cents a share, from a loss of $272 million, or 30 cents a share, in the year-earlier period. Excluding non-recurring items, the adjusted loss was 10 cents a share, compared with the FactSet loss consensus of 6 cents a share. Total revenue rose to $2.39 billion from $2.29 billion, to top the FactSet consensus of $2.37 billion, as oil and gas revenue grew to $1.45 billion from $982 million to beat expectations of $1.24 billion. Average daily production declined to 496,000 barrels of oil equivalent (boe) from 530,000 boe. Chief Executive Doug Lawler said the company was raising the midpoint of its full-year oil production guidance by about 250,000 barrels. The stock, which closed Monday at the lowest level since April 1999, has tumbled 46.0% over the past three months, while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE -0.54% has lost 8.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.02% has declined 3.0%.

/zigman2/quotes/201364537/composite
US : U.S.: NYSE
$ 1.33
-0.06 -4.03%
Volume: 18.64M
Oct. 14, 2019 11:25a
P/E Ratio
2.55
Dividend Yield
N/A
Market Cap
$2.26 billion
Rev. per Employee
$4.37M
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/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 57.58
-0.31 -0.54%
Volume: 3.07M
Oct. 14, 2019 11:25a
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/zigman2/quotes/210599714/realtime
US : S&P US
2,969.61
-0.66 -0.02%
Volume: 375.42M
Oct. 14, 2019 11:25a
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