Truist analyst Bertrand Donnes lowered the firm’s price target on Chesapeake to $96 from $108 and keeps a Buy rating on the shares as part of a broader research note on E&P names. Well results and maintenance programs in the sector remain on track, but the firm is adjusting its model with a “more appropriate commodity price deck”, driving price targets lower, the analyst tells investors in a research note. Many investors also continue to have a negative oil bias, causing leverage to remain a primary focus the remainder of the year and into 2025, though the firm believes that WTI will likely find support at $65 per barrel while natural gas prices could have a difficult time holding $3/m until mid-2025 given ample incremental supply and notable incremental demand taking slightly longer than anticipated to materialize, Truist added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CHK:
- Wynn Resorts upgraded, HP Inc. downgraded: Wall Street’s top analyst calls
- Chesapeake initiated with a Buy at Roth MKM
- Ensign Group to replace Southwestern Energy in S&P 400 at open on 10/1
- Chesapeake, Southwestern Energy announce expiration of HSR Act waiting period
- Chesapeake price target lowered to $105 from $111 at Mizuho