Chesapeake Energy Corp. fell to the lowest since April 2000, making it the worst-performing stock in the Standard & Poor’s 500 Index Tuesday, on investor concern that sinking oil prices would hurt the company’s ability to repay debt.
The stock fell 13.5 percent in New York, anchoring an average 4.4 percent decline on the Standard & Poor’s 500 Oil and Gas Exploration & Production Index. The $3 puts expiring Feb. 19 were the most-traded Chesapeake option Tuesday.
"The market is not very kind to the whole group and especially to companies with high debt and very limited financial flexibility," said Fadel Gheit, managing director at Oppenheimer & Co.
ConocoPhillips was the second-worst performing oil and natural gas producer in the S&P Tuesday, as its shares fell 7.5 percent to $36.40.Click here to read more of this article.
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