Chesapeake Energy Stock Drops on Earnings Miss

Shares of Chesapeake Energy (CHK) - Get Report were dropping Thursday after posting top- and bottom-line misses for the second quarter. The petroleum and natural gas exploration and production company reported a loss of $0.14 a share, which was four cents wider than analysts' estimates. Revenue of $1.62 billion also fell short of Wall Street's forecast. But the debt-laden Chesapeake Energy raised its asset sales target and production forecast for the year, while keeping its capital budget unchanged. Its asset sales target was increased to more than $2 billion, up from a range of $1.2 billion to $1.7 billion.