Chesapeake cut to market perform at Bernstein
6/13/12 2:13 PM ET (MarketWatch)
NEW YORK (MarketWatch) -- Chesapeake Energy Corp. on Wednesday drew a downgrade to market perform from outperform at Sanford Bernstein. Analysts said the company is moving to resolve its corporate governance problems, but low natural gas prices continue to pressure the stock. Chesapeake's second-quarter earnings update in July "is potentially a headwind to the stock" as the company attempts to ramp up oil production to counteract low natural gas prices, analysts said. Shares of Chesapeake Energy fell 1.6% in recent trades. Bernstein analysts said they "see value elsewhere" with shares of EOG Resources , Noble Energy and Apache Corp. .