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Jun 11, 2020

The one energy stock rallying is driller on brink of bankruptcy

Shale pioneer Chesapeake to declare bankruptcy: Bloomberg


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Chesapeake Energy Corp. shares saw renewed volatility Thursday with circuit-breakers tripped within the first hour of trading.

After earlier dropping as much as 16 per cent amid a broader market selloff, the stock then rose as high as 37 per cent, the only energy stock to pose a sustained rally.

That marks a continuation of a recent wild ride for the troubled Oklahoma City-based company -- its shares more than doubled on June 8 for the biggest one-day advance in company history -- only to plunge the next day after people familiar with the matter said the shale explorer was preparing for a potential bankruptcy filing.

Chesapeake’s momentum and volatility may be tied to recent interest among retail investors trading on platforms like Robinhood, where accounts holding shares of the stock surged to 216,915 users in mid-April, according to data from Robintrack.