Icahn raises his stake in CHK

Article Excerpt

CHESAPEAKE ENERGY $16.96 (New York symbol CHK; TSINetwork Rating: Extra Risk) (405-848-8000; www.chkenergy.com; Shares outstanding: 664.7 million; Market cap: $11.3 billion; Dividend yield: 2.1%) reports that activist investor Carl Icahn has increased his stake in the company to 8.98% from 7.5%. Icahn, who has a long history of pushing companies to make changes that increase shareholder value, acquired his original 7.5% interest in May 2012. He continues to push for cost-cutting measures and a more conservative approach to spending. The company is also selling assets to pay down its debt and focus on properties with strong growth potential. Chesapeake is a buy for aggressive investors. investors…