“Chesapeake Energy Shares Halted By NYSE Amid Reports of Chapter 11 Bankruptcy Plans Shale gas pioneer Chesapeake Energy, once worth $37.5 billion, has warned of a possible Chapter 11 bankruptcy filing in order to restructure some $9 billion in debts.”
Chesapeake Energy Corporation (CHK) stock is surging today
At 3:42 Pm, ET today June 5, 2020, Chesapeake Energy Corporation (CHK) stock is rallying having a stock price of 22.01+7.96 (+56.66%). The Chesapeake stock had earlier gains over 60% and is among today’s stock movers and stock gainers. Energy stocks are gaining today as oil prices continue moving higher, with the Energy sector being the best performing sector today.
“Shares of Chesapeake Energy Corp. CHK, 61.57% rocketed 50.3% in active afternoon trading Friday, boosted by a surge in crude oil prices ahead of a weekend meeting of major oil producers. Volume swelled to 5.5 million shares, compared with the full-day average of about 2.5 million shares. The oil and gas company’s stock, has now more than doubled (up 142.4%) since it closed at a split-adjusted record low of $8.71 on May 14. The debt-laden company had enacted a 1-for-200 reverse stock split on April 15. Crude oil futures CL00, 5.16% rallied 5.8% Friday, and have shot up 41.9% since May 14. But year to date, Chesapeake’s stock was still down 87.2%, while crude oil futures have lost 35.2% and the S&P 500 SPX, 2.58% has slipped 1.0%.”
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