Oil prices are rising as OPEC considers cutting its members' oil production by 5%, the Wall Street Journal reports. The global oversupply of oil has weighed on oil prices during the last year.
Russian Energy Minister Alexander Novak told a state-run news outlet on Thursday that the country would be willing to discuss the cut with OPEC members, according to the Journal.
"The longer prices are at these very low levels, the more pain OPEC and non-OPEC producers are feeling, but I think it would still be a very difficult negotiating act to get all of the parties to commit to a cut and then follow through with it," Richard Mallinson, oil analyst at Energy Aspects, told the Journal.
Crude oil (WTI) is increasing by 2.76% to $33.19 per barrel and Brent oil is up by 2.93% to $34.07 per barrel this afternoon, according to the CNBC.com index.
Based in Oklahoma City, Chesapeake is a producer of natural gas, oil and natural gas liquids (NGL).
Separately, recently, TheStreet Ratings rated this stock with a "sell" rating and a letter grade of D. The company's return on equity has greatly decreased when compared to its ROE from the same quarter one year prior and the stock has fallen by 75.89% in the last year. Compared to other companies in the Oil, Gas & Consumable Fuels industry and the overall market, Chesapeake's return on equity significantly trails that of both the industry average and the S&P 500.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CHK