Poor Q1 Sales Dooms Chesapeake Energy

shares were trading lower by $0.80 (5 percent) at $15.06 in Wednesday's session. Earlier, the company announced a Q1 adjusted EPS beat ($0.11 vs. $0.04 estimates), but sales came up well short of estimates ($2.76 billion vs. $3.68 billion estimates). See Also:

At first, the issue rallied on the news, reaching $16.54 off the open before reversing course. That is just shy of the trio of highs from Friday ($16.75), Monday ($16.98) and Tuesday ($16.70). So far, the decline has taken the issue to $15.01, which is its lowest level since it bottomed on April 30 at $14.75. It should be noted, the issue had not really responded to the recent $17 plus rally in crude oil, only moving up from $13.38 to the recent high at $16.98.