NEW YORK (TheStreet) -- Shares of Chesapeake Energy Corp (CHK) were sliding, down 3.27% to $12.12 late afternoon trading Wednesday, as WTI crude prices fall to trade in the red following the release of data by the U.S. Energy Information Administration, according to Reuters.
Government data showed U.S. crude stockpiles dropped for a seventh straight week, but gasoline stocks and distillate inventories increased.
EIA data showed that U.S. gasoline inventories rose unexpectedly and stocks at Cushing increased for the first time since April.
Investors were expecting gasoline stocks to drop due to the strong demand ahead of the summer driving season, Reuters noted.
U.S. crude for July delivery was down 0.15% to $59.88 a barrel today as of 3:19 p.m. ET, while Brent crude for August delivery was up 0.14% to $63.79 a barrel.
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.
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."