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Wells Fargo downgrades Chesapeake Energy after updating NAV methodology
The Fly

Wells Fargo downgrades Chesapeake Energy after updating NAV methodology

Wells Fargo analyst Roger Read downgraded Chesapeake to Equal Weight from Overweight with a price target of $87, down from $117. The firm said that the downgrade comes after it updated its NAV methodology for the company following the two oily asset divestitures. Wells Fargo added that NAV discount is more consistent with natural gas peers following the divestitures, and that the company’s 2023 cash returns are likely more resilient than peers as reflected in lesser NAV discount.

Published first on TheFly

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