Chesapeake Energy Corporation (NYSE:CHK) shares up by 2.12%

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Dallas, Texas 08/06/2013 (Financialstrend) – In the recently announced financial performance results for the second quarter of fiscal year 2013, Chesapeake Energy Corporation (NYSE:CHK) had managed to top the estimates of analysts with revenues at $4.89 billion and earnings at 51 cents per basic and diluted share. On the other hand, the analysts’ estimates were at a consensus of $3.21 billion of revenues and 39 cents of earnings per share for the quarter. Further, it is worth noting that the adjusted net income of the company for the same quarter of previous year was just at 6 cents per share.

It had reported that the energy company had made an increase of 44% in the production of oil to touch 116,000 barrels per day and the total daily production had also been reported to have increased by 7% over the same quarter of previous year to touch 4.1 billion cubic feet equivalent per day. In line with such efficient results posted for the second quarter, the company had increased its guidance for oil production for the full fiscal year 2013 to be in the range of 38 to 40 billion barrels, which is around 22% to 28% higher over the previous fiscal year. Shares of Chesapeake Energy Corporation (NYSE:CHK) had been gaining heavily for the past two days of trading.

Chesapeake Energy Corporation (NYSE:CHK) had closed at $25.48 per share on Monday, a gain of 2.12% over the previous close. The stock witnessed a trading volume of 10.88 million shares on the day moving between low price of $24.79 and high price of $25.64 per share. The 52 week low for the stock is at $16.23 per share and 52 week high is at $25.64 per share. Average volume of trading is 9.88 million shares per day and there are 667 million shares in the market institutional holdings of 80% of total capital.