First energy company down. Many more to go.

  • Chesapeake Energy was issued a rare “strong sell” rating and slapped with a $0 price target in an analyst note from CFRA Research on Tuesday.
  • Analyst Paige Meyer said the company has a negative tangible net worth and viewed a bankruptcy filing in 2020 as likely.
  • Chesapeake Energy has seen its market value fall more than 99% from $10.1 billion in 2015 to $125 million today as energy prices collapsed, according to data from YCharts.

Chesapeake Energy was downgraded from “sell” to “strong sell” and slapped with a $0 price target in a Tuesday morning analyst note issued by CFRA Research’s Paige Meyer.

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The note comes following a collapse in energy prices that saw oil prices briefly turn negative in April.

Meyer said that the Oklahoma City-based energy company will likely file for bankruptcy in 2020, as it has a negative tangible net worth due to its recent $8.4 billion impairment on a slew of different energy assets.

Chesapeake Energy has seen its market value fall more than 99% from $10.1 billion in 2015 to $125 million today, according to data from YCharts.

markets.businessinsider.com/news/stocks/chesapeake-energy-slapped-with-zero-price-target-strong-sell-rating-2020-5-1029193964