Chesapeake Energy, Transocean, Apache News Today

Chesapeake Energy Corporation (CHK), Transocean LTD (RIG), and Apache Corporation (APA) are making headlines today

Feb 23, 2017 at 9:52 AM

U.S. stocks are higher, as traders digest comments of "very significant" tax reform. Among specific equities in focus today are oil-and-gas stocks Chesapeake Energy Corporation (NYSE:CHK), Transocean LTD (NYSE:RIG), and Apache Corporation (NYSE:APA). Here's a quick look at what's driving CHK, RIG, and APA shares.

Chesapeake Energy Pops On Rig Count Expectations

CHK is up 2.5% at $6.07, after the energy company announced quarterly earnings within expectations, and said it expects to see climbing rig counts in 2017. CHK has climbed more than 125% year-over-year, though recent rally attempts have stalled near the $8 mark, which is about a 26.3% Fibonacci retracement of CHK's 2014 highs to 2016 lows. Chesapeake Energy Corporation options bulls are likely celebrating today's jump, with CHK's 10-day call/put volume ratio International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sitting in the 95th percentile of its annual range, with 8.46 calls bought to open for every put option.

Transocean Lifted After Earnings Beat

RIG is up 5.1% at $13.96, after Transocean Ltd delivered earnings that came in ahead of expectations. RIG is up 53% from its early November lows, and is poised to topple its 20-day moving average for the first time in more than a month. Near-term option players have been more call-skewed than usual toward the shares, with RIG's Schaeffer's put/call open interest ratio (SOIR) of 0.85 sitting in the bottom 10% of its annual range.

Apache to Raise Spending

APA is down 4.4% at $52.54, after the company reported a steeper-than-expected quarterly loss, and said it plans to increase spending more than 60% in 2017, to take advantage of current oil prices. APA is down 23.8% from its December highs, and is set to close its mid-September bull gap. Options players were betting on more upside for the shares, with Apache Corporation's 10-day ISE/CBOE/PHLX call/put volume ratio showing 3.66 calls bought to open for every put, a reading that sits just 9 percentage points from an annual peak.

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