Chesapeake Energy Rises 7% After Icahn Takes Stake

Activist investor Carl Icahn disclosed on Friday after the market close that he has taken a 7.56% stake in reeling Chesapeake Energy

. In a letter to the company, Icahn said that he thinks Chesapeake has valuable energy assets but that the stock has been hurt by "an ever changing business strategy, enormous capital funding gap, poor governance, and unchecked risk taking." During Tuesday's trading session, CHK shares have risen around 7% to $16.89 in the early going. The stock has lost 24% year-to-date. Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Chesapeake is engaged in the exploration, development and acquisition of properties for the production of natural gas and oil from underground reservoirs.