CHK’s stock reaction
Following Chesapeake Energy’s (CHK) Haynesville divestiture news, its stock rose ~3.5%. In the two weeks since November 21, 2016, its stock has risen 17.6%. During this timeframe, CHK stock tracked natural gas prices (UNG), which rose ~24% during the same period.
Toward the end of this timeframe, Chesapeake Energy outperformed the broader energy industry, represented by the Energy Select Sector SPDR ETF (XLE), as well as the broader market, represented by the S&P 500 SPDR ETF (SPY).
Chesapeake Energy (CHK) has been one of the top-performing energy stocks in the last couple of weeks. Rising natural gas prices, strong 3Q16 earnings, and its recent asset divestiture announcement as a way to reduce debt have aided the company’s performance.
You can read more about the company in Why Is Chesapeake Energy Currently a Market Favorite?