The S&P 500 was falling about 13.5 points to 1,339.
Shares of Chesapeake rose 8.68% to $16.09. The Oklahoma City-based energy exploration and production company said Friday it received a $3 billion loan from Goldman Sachs (GS) and Jefferies Group (JEF), giving the oil and gas company more time to lower its debt.
Chesapeake trades at an estimated price-to-earnings ratio for next year of 8 times; the average for exploration and production companies is 15.6. For comparison, Williams Partners (WPZ) has a higher forward P/E of 16.92.Eighteen of the 37 analysts who cover Chesapeake rated it hold. Sixteen analysts gave the stock a buy rating and three rated it sell. The stock has fallen 27.79% year to date.
>To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: email@example.com. >To follow the writer on Twitter, go to Alexandra Zendrian.