Chesapeake Energy Largest Share Holder Sells More Stock
Subsidiaries of private-equity firm NGP Energy Capital Management sold 568,464 Chesapeake shares on March 26 for $1.85 million, an average of $3.25 each. According to a form NGP filed with the Securities and Exchange Commission, the firm now owns 310.8 million Chesapeake shares, a 19.0% stake based on 1.63 billion shares issued and outstanding as of Feb. 1. NGP remains Chesapeake’s top shareholder.
Barron’s reported earlier this week that NGP subsidiaries sold 5.9 million Chesapeake shares on March 20 and 21 for a total of $19.5 million. That sale had cut NGP’s investment to 311.4 million Chesapeake shares, a 19.3% stake.
Chesapeake and NGP didn’t respond to requests for comment.
Chesapeake stock lost about half of its market value last year, but was trading at $3.11 on Friday. It sports a 52% year-to-date gain for 2019.