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- Stephens & Co analyst Mike Scialla initiated coverage on Chesapeake Energy Corp (NASDAQ:CHK) at Equal-Weight with a price target of $91.
- The analyst sees that, since emerging from bankruptcy in February 2021, CHK has focused on creating its deep, high-quality Marcellus and Haynesville natural gas assets and returning cash to stockholders.
- The analyst notes that CHK's last year payout of 91% of FCF was the second highest in the natural gas peer group.
- Scialla believes the company is well positioned to pay off its revolving credit debt facility ($1.05 billion at YE22) post divestiture of non-core Eagle Ford assets (with combined net proceeds of $1.7 billion).
- The analyst sees a potential downside to 2023 and 2024 natural gas prices, despite well-hedged 2023 gas production, and prefers CHK's peers having natural gas liquids exposure.
- Scialla sees a significant decline in near-term natural gas demand and prices weighing on cash flow and EBITDA, as a matter of concern.
- The analyst expects EPS of $5.82 for FY23, $6.16 for FY24 and $9.50 for FY25.
- Price Action: CHK shares are trading lower by 3.00% at $80.00 on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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