Chesapeake Follows Best Week Ever With Another 13 Percent Gain

Evercore's Altman: McClendon Leader of Shale Revolution

Chesapeake Energy Corp. picked up where it left off after last week’s record gain, surging 13 percent.

Shares rose for a fifth day, jumping to the highest intraday level since Nov. 18, and were at $5.51 as of 10:51 a.m. in New York. Chesapeake surged 88 percent last week, and has more than tripled since falling to a record low $1.59 on Feb. 12.

The company’s former chief executive officer, Aubrey McClendon, died in a car crash last week, a day after being charged with rigging bids for drilling leases in Oklahoma. Chesapeake said the company was cooperating in the federal prosecution and received immunity under the Department of Justice’s leniency program, which protects companies that first report antitrust violations.

The short interest as a percentage of shares outstanding or the shares that investors have sold short but not yet covered or closed out, for the stock fell to 28.8 percent today, the lowest level since Oct. 23 from 30 percent on February 29.

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