According to Jefferies, Chesapeake Energy CHK Buy rating is maintained.
Jefferies said that dropdown of Marcellus gathering assets is a minor step in bridging the expected 2012 funding gap. “Progress along this front should result in the stock reflecting more of the upside embedded in CHK's asset base. An update on the Utica JV should be imminent.”
Chesapeake Energy closed yesterday at $22.66.
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