Sterne Agee Maintains Buy Rating on Chesapeake
According to Sterne Agee, Chesapeake Energy (NYSE: 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.
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