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NEW YORK (
Chesapeake Energy(CHK - Get Report) was the best-performing stock in the
S&P 500 on Monday morning.
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.