NEW YORK (TheStreet) -- Shares of Chesapeake Energy Corp (CHK) were retreating, down 3.91% to $13.03 in afternoon trading Thursday, as oil prices fall to trade in negative territory ahead of the Organization of the Petroleum Exporting Countries meeting tomorrow.
July Brent crude was down 2.59% to $62.15 a barrel as of 1:27 p.m. ET today, while U.S. crude for July delivery was falling by 2.58% to $58.10 a barrel.
On Friday, ministers from the OPEC are expected to meet in Vienna to decide on production policy for the next half of the year.
The group is expected maintain its output target of 30 million barrels per day.
Oklahoma City, Okla.-based Chesapeake produces natural gas and liquids.
Its exploration and production segment is responsible for finding and producing natural gas, oil and natural gas liquids.
The company owns interests in approximately 47,400 natural gas and oil wells with positions in the resource plays including the Eagle Ford Shale, and the Utica Shale, according to Reuters.
Separately, TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHESAPEAKE ENERGY CORP (CHK) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."