Chesapeake Energy: Can Its Stock Continue to Make New Highs?

Chesapeake Energy Corp. CHK has embarked on a quest for new multi-year highs this week, after last night announcing a deal with CNOOC Ltd. CEO. More specifically, the China-based firm said it will buy into several of Chesapeake's shale and oil gas leases in the U.S. for $570 million in cash, prompting no fewer than two price-target boosts for CHK yesterday. From a broader sentiment standpoint, though, there's still plenty of room on CHK's bullish bandwagon. According to Zacks, less than half of the 38 analysts following the stock consider it worthy of a “buy” or better endorsement. Plus, Thomson Reuters deems the consensus 12-month price target on the security at only $30.27, representing a discount to the equity's new two-year peak of $30.63. Continue reading the article.