Analyst Update: Chesapeake Energy Corporation, InnerWorkings, Inc., and JPMorgan Chase & Co.

Analysts revised their ratings and price targets on Chesapeake Energy Corporation (CHK), InnerWorkings, Inc. (INWK), and JPMorgan Chase & Co. (JPM)

Aug 16, 2016 at 2:48 PM
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Analysts are weighing in on oil-and-gas stock Chesapeake Energy Corporation (NYSE:CHK), marketing firm InnerWorkings, Inc. (NASDAQ:INWK), and blue-chip bank JPMorgan Chase & Co. (NYSE:JPM). Here's a quick roundup of today's brokerage notes on CHK, INWK, and JPM.

  • CHK has jumped 5.8% to trade at $5.82, after Capital One raised its rating to "equal weight" from "underweight," citing the company's "significantly improved financial outlook." Likewise, Barclays boosted its price target on the stock to $3 from $1, while more generally, BofA-Merrill Lynch upgraded its opinion on the U.S. energy sector to "overweight" from "market weight." The upward revisions are well-deserved, considering Chesapeake Energy Corporation's 29% year-to-date gain. Options traders have been betting on blue skies ahead, too. Specifically, CHK's 10-day call/put volume ratio of 7.68 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks just 1 percentage point from an annual high.
  • An earnings beat has sent INWK to its biggest intraday percentage gain in over two years, with the shares 10.3% higher at $9.33. Adding fuel to the fire, Craig-Hallum lifted its price target to $11 from $10 -- territory not charted in roughly three years. Earlier, in fact, InnerWorkings, Inc. hit a two-year high of $10.08, potentially putting short sellers on the defensive. While less than 5% of the stock's float is sold short, it would take about four weeks for these bears to cover their positions, based on INWK's average daily volumes.
  • JPM saw its rating reduced to "market perform" from "outperform" at Bernstein. However, the stock has barely budged, up 0.1% at $65.80, still slightly lower on a year-to-date basis. If options traders have their druthers, JPMorgan Chase & Co. will move further south. During the last two weeks at the ISE, CBOE, and PHLX, speculators have bought to open 1.21 puts for every call. The corresponding put/call volume ratio ranks in the bearishly skewed 84th percentile of its annual range.
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