Natural Gas Stocks Up, Chesapeake too | Green Arkansas

Tuesday, October 14, 2008

Natural Gas Stocks Up, Chesapeake too

Posted By on Tue, Oct 14, 2008 at 12:31 PM

Chesapeake and XTO Energy had their biggest gains since 2000 yesterday.  This comes after a bit of a rocky road for Chesapeake and others.  The FWST reports, 

Chesapeake shares (ticker: CHK) rose $3.68, or 22.3 percent, to $20.20. XTO shares (XTO) rose $5.13, or 18.3 percent, to $33.18.

Aubrey McClendon, chief executive of Chesapeake, on Friday involuntarily sold 94 percent of his holdings in the Oklahoma City company. Bob Simpson, CEO of Fort Worth-based XTO, was forced to sell a third of his holdings for $100 million.

"It’s definitely a forced sell at a bad time," said David Tameron of Wachovia Capital Markets Llc. in Denver, who rates both stocks "outperform" and doesn’t own shares. "I see some upward pressure on natural gas prices...."

Shares of Devon Energy (DVN), Petrohawk Energy (HK), Anadarko Petroleum (APC), Ultrapetrol (ULTR) and Range Resources (RRC) gained more than 10 percent Monday.

Get the full article here.



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