NEW YORK (TheStreet) -- Chesapeake Energy (CHK) - Get Report stock is rising 11.13% to $2.85 in afternoon trading on Friday after announcing earlier this week that it will pay down the remainder of its $500 billion debt due in March through asset sales. 

Chesapeake will divest assets worth $700 million, more than double its previous target for asset divestitures between $200 million and $300 million.

Stocks within the energy sector are receiving a boost from higher oil prices today as well.

"One thing that is absolutely clear is the oil complex is all moving up because oil has moved up," TheStreet's Jim Cramer says in the above video. "You think you can't miss on these. Be careful."

He points out that despite the recent uptick in shares, natural gas prices have nonetheless plunged to $1.76 after hitting 17-year lows yesterday.

Chesapeake is a natural gas producer based in Oklahoma City.

Cramer notes that one speculative play here is WPX Energy (WPX). As Real Money'sCarleton English writes in an article this morning, WPX Energy CFO Kevin Vann said on a conference call that debt reduction was "priority number one" for the company. 

WPX Energy has repurchased $28 million of its 2017 notes at a discount which reduces $400 million maturity by $96 million, English adds. The company should receive $1.2 billion in cash during the first half of 2016 from the sale of its Piceance subsidiary and its San Juan Basin gathering system.

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

Chesapeake Energy's weaknesses include its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: CHK

Recently, 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 article's author. 

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