Citi upgraded Chesapeake Engery to Buy from Neutral with a price target of $95, up from $82. The company is merging with Southwestern Energy (SWN) to create the largest pure-play domestic natural gas producer, the analyst tells investors in a research note. The firm favors the deal citing the value increasingly ascribed to both scale and operational efficiency across the producers and the “strong competitive positioning” the pro-forma company will have among peers, especially combined with Citi’s longer-term constructive view of the underlying commodity.
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Read More on CHK:
- M & A News: Chesapeake Energy (NASDAQ:CHK) Will Acquire Southwestern Energy for $7.4B
- Chesapeake, Southwestern Energy merge in $7.4B an all-stock transaction
- CHESAPEAKE ENERGY CORPORATION AND SOUTHWESTERN ENERGY TO COMBINE TO ACCELERATE AMERICA’S ENERGY REACH
- Chesapeake price target lowered to $106 from $112 at Truist
- M & A News: Chesapeake, Southwestern Near $17B Merger
