NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK) were jumping 6.4% to $5.65 in pre-market trading on Thursday after the company posted an unexpected adjusted profit for the 2016 third quarter.
Before the opening bell, the Oklahoma City-based natural gas company reported adjusted earnings of 9 cents per share, while analysts were forecasting a loss of 3 cents per share.
Total revenue for the quarter was $2.28 billion, above analysts' estimates of $2.18 billion. Oil and gas revenue came in at $1.18 billion, which beat the FactSet consensus of $1.02 billion.
"We continue to make progress in reducing leverage, decreasing total cash costs and improving future midstream expenses," CEO Doug Lawler said in a statement.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of E+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CHK