In a report published on Thursday, Sterne Agee analyst Tim Rezvan upgraded Chesapeake Energy CHK from Underperform to Neutral and removed the price target on the company.
In the report, Sterne Agee stated, "We upgrade CHK shares to Neutral from Underperform and remove our $20 PT on the heels of strong operating results, fading near-term liquidity risks and new hedges that provide CF visibility through 2014. While we continue to see some risks to 2014 growth, given the need for additional asset sales, new CEO Lawler is showing early success on capital efficiency initiatives, evidenced by strong earnings growth with lower capital intensity."
Chesapeake Energy closed on Wednesday at $23.30.
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