NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK) are higher by 1.25% to $13.32 in mid-afternoon trading on Tuesday, as some oil and related energy stocks rise along with the price of the commodity.
Crude oil (WTI) is rising by 3.27% to $60.04 per barrel and Brent crude is advancing by 3.48% to $64.87 per barrel this afternoon, according to the CNBC.com index.
Oil prices are being driven higher due to the U.S Energy Information Administration's forecast that shale-oil production will decline this summer, The Wall Street Journal reports.
Late Monday the U.S Energy Information Administration's drilling productivity report was released. The report showed that oil production in the seven top shale regions is expected to fall by 91,000 barrels a day to 5.5 million barrels a day in July versus June, The Journal noted.
Chesapeake Energy is a producer of natural gas and liquids based in Oklahoma City, OK.
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 several weaknesses, 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."