Why Chesapeake Energy Stock Tumbled 20% in August
Shares of Chesapeake Energy (NYSE: CHK) plunged 20.4% in August, according to data provided by S&P Global Market Intelligence. Not only did oil prices slump, but the energy company also reported a wider-than-expected second-quarter loss.
Chesapeake Energy posted a mixed bag of numbers during the second quarter. On the one hand, some metrics impressed, including its record oil output, improved cost-savings estimate, and progress on pushing out its debt maturities. However, the company's net loss came in at $0.10 per share, which was $0.02 per share worse than analysts expected due largely to lower oil and gas prices. The company's production, meanwhile, declined 6% year over year because of asset sales.
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Source Fool.com
