Sterne Agee Maintains Buy Rating on Chesapeake

According to Sterne Agee, Chesapeake Energy CHK Buy rating is maintained. Sterne Agee said that Chesapeake announced it was selling Appalachia Midstream Services (AMS), a wholly-owned subsidiary, to Chesapeake Midstream Partners (CHKM, $27.12, Not Covered) for $600 million in cash and $265 million of equity interests in CHKM. “The deal is scheduled to close on Friday, December 30th, providing CHK an additional cash infusion in advance of year-end.” Chesapeake Energy closed yesterday at $22.66.