Lagging the bunch, Solazyme plummeted 15.4% to $8.76, while Halcon Resources plunged 9.2% to $4.64, SandRidge dropped 7.9% to $5.99 and Chesapeake shed 5.8% to $26.50.
Chesapeake, which reported earnings before the bell Wednesday, plummeted after CEO Doug Lawler projected fourth-quarter oil production to fall around 9,000 barrels a day, due to asset sales and weather interference.
Despite the disappointing forecast, the Houston-based company reported better-than-expected third-quarter revenue of $4.87 billion, $1.38 billion higher than analysts surveyed by Yahoo! Finance had expected, and 64% higher than a year earlier. Earnings of 43 cents a share was in line with Wall Street forecasts.
TheStreet Ratings team rates Chesapeake Energy as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate Chesapeake Energy (CHK) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk."