Why Chesapeake Energy Stock Plummeted Once Again Today
Shares of Chesapeake Energy (NYSE: CHK) continued plunging today. As of 10:45 a.m. EDT on Wednesday, the energy company's stock was down 34.7%. The main driver was a one-for-200 reverse stock split the company completed today, though lower oil prices didn't help matters either.
Chesapeake Energy completed its reverse stock split today, boosting its share price to roughly $15 a share. That enabled the company to regain compliance and stay listed on the New York Stock Exchange, which requires shares to trade above $1 apiece.
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Source Fool.com
