Here's Why Chesapeake Energy Stock Got Crushed Today
Shares of Chesapeake Energy (NYSE: CHK) finished down almost 30% on Nov. 6. Today's sell-off is a continuation of yesterday's drop, following the release of the Chesapeake's third-quarter results before the market opened.
Yesterday the company reported that it lost almost $190 million on an adjusted basis, or an $0.11 loss per share. That was even bigger than the estimates, and it reflected a combination of Chesapeake's ongoing struggles with low oil and natural gas prices and a decline in volumes after having sold off some assets over the past year -- yet another example of how oil and gas producers are one of the most difficult investments in the energy industry to get right.
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Source Fool.com
