In a report published Thursday, Jefferies analyst Jonathan D. Wolff reiterated a Hold rating on Chesapeake Energy Corporation CHK, but lowered the price target from $18.00 to $16.00.
In the report, Jefferies noted, "CHK dropped a surprisingly weak outlook for volumes and price realizations with higher capex. CHK's adjustment to growth for Marcellus curtailments (+3 to 5%) does not foot fundamentally in our view as CHK has little incremental contracted takeaway capacity in the future. Headline volumes are guided to fall 7%-8% in 2015. We have lowered our PT from $18 to $16."
Cheasapeake Energy Corporation closed on Wednesday at $17.98.
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