5 Energy Stocks to Buy According to Joe Huber’s Huber Capital Management

4. Chesapeake Energy Corporation (NASDAQ:CHK)

Huber Capital Management’s Stake Value: $4,441,000

Percentage of Huber Capital Management’s 13F Portfolio: 1.14%

Number of Hedge Fund Holders: 44

Huber Capital Management owns 72,100 Chesapeake Energy Corporation (NASDAQ:CHK) shares as of Q3 2021, worth $4.44 million, representing 1.14% of the fund’s 13F portfolio. Chesapeake Energy Corporation (NASDAQ:CHK) is an Oklahoma-based company engaged in hydrocarbon expansion, known primarily for supplying petroleum and natural gas. 

On January 25, Chesapeake Energy Corporation (NASDAQ:CHK) agreed to acquire Chief E&D Holdings and associated non-operating interests for $2 billion in cash and approximately 9.44 million common shares, confirming earlier speculation. The company also announced that it would sell its Powder River Basin assets in Wyoming to Continental Resources, Inc. (NYSE:CLR) for roughly $450 million in cash.

MKM Partners analyst John Gerdes raised the price target on Chesapeake Energy Corporation (NASDAQ:CHK) to $98 from $95 and kept a Buy rating on the shares. The analyst updated his model to reflect the company’s announced acquisition of northern Pennsylvania Marcellus assets from Chief E&D Holdings, along with divesting its Powder River Basin assets. 

Among the hedge funds tracked by Insider Monkey, Oaktree Capital Management is the biggest Chesapeake Energy Corporation (NASDAQ:CHK) stakeholder, with roughly 12 million shares worth $735.3 million. Overall, 44 hedge funds were bullish on Chesapeake Energy Corporation (NASDAQ:CHK) in Q3 2021, with stakes totalling $2.1 billion.