NEW YORK (TheStreet) -- Shares of Chesapeake Energy Corp. (CHK) were sliding, down 0.59% to $11.05 late morning trading, as both WTI and Brent crude prices slip to trade in the red, according to Bloomberg.
At last check, WTI crude oil for August delivery was down 1.29% to $58.93 a barrel, while Brent crude oil for August delivery was down 1.01% to $62.56 a barrel as of 11:18 a.m. ET today.
Oil prices were down as investors await the outcome of the ongoing Iranian nuclear talks, which could lead to a bump in Iranian crude exports, according to Reuters.
Oklahoma City-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."