UPDATE: Sterne Agee Lowers PT to $35 on Chesapeake Energy

A report from Sterne Agee reiterates its Buy rating and lowers its price target from $40 to $35 on Chesapeake Energy

. The report states, “We noticed in this week's 10-Q that Total (TOT, $50.34, Not Covered) settled the drilling carries on its Barnett Shale joint venture (JV) with Chesapeake last month by prepaying its outstanding drilling carries. Total received a 9% reduction for the prepayment. We estimate the company paid $429 million to settle $471 million in carries it owed." CHK closed yesterday at $25.54.