Five Very Cheap Energy Stocks That Hedge Funds Are Piling On

3. Chesapeake Energy Corporation (NYSE:CHK)

Investors with Long Positions (as of June 30): 33

Aggregate Value of Investors’ Holdings (as of June 30): $1.74 Billion

Chesapeake Energy Corporation (NYSE:CHK) also failed to convince the hedge funds tracked by Insider Monkey to invest in its stock. The number of top money managers with positions in the second-largest U.S. producer of natural gas decreased by four during the second quarter. These hedge funds owned 23.40% of the company’s shares on June 30. The shares of Chesapeake declined slightly more than 34% during the third quarter and are now 61% in the red year-to-date. The company’s weak balance sheet and high exposure to the low-priced natural gas have put serious weight on the stock this year. Chesapeake Energy Corporation is set to release its third-quarter earnings report on November 4, which will surely shed some light on its ability to endure the current energy environment. Carl Icahn of Icahn Capital LP owns 73.05 million shares of Chesapeake Energy Corporation (NYSE:CHK) as of June 30.