Why Chesapeake Energy Stock Is Sinking Again Today
Shares of Chesapeake Energy (NYSE: CHK) declined by as much as 12.5% by 10:45 a.m. EDT on Tuesday. A couple of factors weighed on the oil and gas producer's stock price.
Chesapeake Energy remains under intense pressure due to the dual weights of low oil prices and its debt-laden balance sheet. Those issues have pushed its stock price down more than 80% this year, causing shares to trade well below $1 apiece. Because of that, the company has been under the minimum price needed to remain listed on the New York Stock Exchange. The energy company took a step to address that issue yesterday as its board approved a one-for-200 reverse stock split.
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Source Fool.com
