UPDATE: Sterne Agee Believes Chesapeake Energy is on Course Towards 2013 Asset Sales Target - Chesapeake Energy (NASDAQ:CHK)

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In a report published on Wednesday, Sterne Agee analyst Tim Rezvan reiterated an Underperform rating and $20.00 price target on

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Chesapeake Energy

(NYSE: CHK), and said that the company is approaching $4 billion asset sale target with minimal effect on production. In the report, Sterne Agee noted, "CHK's announcement of a $1 billion print for the long-awaited sell-down of their Eagle Ford Shale footprint is a key step toward the company's stated $4 billion asset sale target. While it represents yet another underwhelming sale print, the takeaway from this news is that the company is executing toward its 2013 asset sale target with minimal cannibalization of its production stream (production being sold equals 3.8% of 1Q13 production)."Chesapeake Energy closed on Tuesday at $20.93.