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Chesapeake (CHK) Beats on Q4 Earnings Estimate, Stock Jumps

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Earnings: Headquartered in Oklahoma, Chesapeake Energy Corporation (CHK - Free Report) reported adjusted fourth-quarter 2017 profit of 30 cents per share, beating the Zacks Consensus Estimate of 25 cents.

Estimate Revision Trend & Surprise History:Investors should note that the Zacks Consensus Estimate for the quarter has been unchanged in the last seven days.

Nonetheless, Chesapeake have an impressive earnings surprise history. Before posting the earnings beat in Q4, the company delivered positive surprises in all prior four quarters, the positive earnings surprise being 21.6%.

Revenue: Revenues of $1,258 million came above the Zacks Consensus Estimate of $1,234 million.   

Price Change: The stock surged more than 8% in pre-market trading following better-than-expected fourth quarter results.

Key Stats: Chesapeake’s production for the reported quarter was approximately 55 million barrels of oil equivalent (MMBoe), reflecting a year-over-year increase of 4%. Production consisted of approximately 9 million barrels (MMbbls) of oil (up 12% year-over-year), 239 billion cubic feet (bcf) of natural gas (up 1.3% year-over-year) and 5 MMbbls of NGL (in line year-over-year).

Oil equivalent realized price – including realized gains (losses) on derivatives – in the reported quarter was $ 24.41 per barrel of oil equivalent compared with $20.30 a year ago.

Zacks Rank: Currently, Chesapeake carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

Check back later for our full write up on this Chesapeake earnings report later!

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