Energy
A Little Good News for Chesapeake Energy (CHK, RRC, SWN, DVN)
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In a bit of good news this morning for Chesapeake Energy Corporation (NYSE:CHK), the Deutsche Bank analyst who downgraded Range Resources Corporation (NYSE:RRC), Southwestern Energy Company (NYSE:SWN), and Devon Energy Corporation (NYSE:DVN) maintained Chesapeake as one of four energy companies it still rates as a ‘buy’. As a little thank-you, Chesapeake announced its fourth-quarter dividend this morning.
All told, Chesapeake will pay out about $50 million in dividends, whichis not all that much for a company with a market cap of about $9.5billion. Still, given all Chesapeake’s recent cash flow troubles, it doesn’tmake an awful lot of sense to send more money out the door.
Of course, the market sees it differently. Chesapeake’s share price is down over 2% on the news.
Paul Ausick
December 15, 2008
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