Oppenheimer Maintains Outperform on Chesapeake Energy (CHK)

Oppenheimer is out with its report on Chesapeake Energy (NYSE: CHK), maintaining Outperform.In a note to clients, Oppenheimer writes, "We believe that CHK's upside potential is greater than the downside risk of sharply lower natural gas prices. CHK has one of the most attractive asset portfolios of any E&P company and is the largest, or second-largest, leaseholder in the top US onshore shale gas plays, including the Marcellus, Haynesville, Barnett, and Woodford. CHK has recently shifted its business strategy to reduce debt and slow production growth to create shareholders' value. CHK is currently trading at very attractive valuation levels, and is the cheapest on P/E, P/CF and EV/EBITDA, compared to its peer group."Oppenheimer maintains a $28 PT on CHK.At the time of posting, shares of CHK were trading at $32.29, up 0.87% from Tuesday's close.