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How Far Can Chesapeake Stock Fall?

It seems that not a week goes by unless we see Chesapeake Energy Corp. (NYSE: CHK) post another new low. The last time the shares traded at around $5.30 was in 2002. By July of 2008, the stock had reached an all-time high over $65 a share. By the end of that year, shares traded down around $11. And while the stock price has bounced above $30 a couple of times since then, the decline that began in the middle of last year has been steady.

Some of the share price drop is due to lower commodity prices. In the third quarter, Chesapeake posted an average realized price per barrel of oil of $62.68, down more than $5 a barrel sequentially, and down more than $22.00 a barrel compared with the price a year ago. Oil accounts...