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Chesapeake’s stock extends surge in active trade, but credit outlook remains messy

Bloomberg
Chesapeake Energy’s stock keeps surging, but credit outlook is still pretty messy.

Shares of Chesapeake Energy Corp. surged to a 3½-month high in very active trade Tuesday, but some debt analysts remain downbeat on the oil-and-gas exploration and production company’s credit outlook.

The stock CHK, +6.08% ran up 6.1% to close at the highest level since May 2. Volume of 64.3 million shares was 33% more than the full-day average, and enough for third on the day’s most actively traded list.

The stock has now climbed 29% since it said before the Aug. 15 opening that it was buying back up to $1 billion worth of debt, and has rocketed more than four-fold since it closed at a 17-year low of $1.59 on Feb. 12. It has now advanced 44% year to date, while the SPDR Energy Select Sector exchange-traded fund XLE, +0.70% has gained 16%, and the S&P 500 SPX, +0.20% has tacked on 7%.

Among other recent moves Chesapeake has made to...


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