Chesapeake, Avon: S&P Gainers
The S&P 500 fell 15.04 points, or 1.11%, on Monday to close at 1,338.35 as worries about the stability of the eurozone sapped Wall Street's risk appetite
Shares of Chesapeake Energy rose 4.79% to $15.52. The energy exploration and production company said on Friday that it received a $3 billion loan from Goldman Sachs(GS) and Jefferies Group(JEF) , giving the oil and gas company more time to lower its debt. Carl Icahn has also reportedly taken a stake in the embattled company/
Chesapeake's stock currently trades at an estimated price-to-earnings ratio for next year of 7.97X; the average for energy exploration and production companies is 15.74X.Eighteen of the 37 analysts who cover Chesapeake Energy rate it at hold. Sixteen analysts give the stock a buy rating and three rate it at sell.
The stock has fallen 30.37% year to date.
Avon Products' shares increased 3.81% to $20.96. The personal products company said Sunday that it plans to consider an improved buyout offer from Coty.
The stock currently trades at a forward P/E is 17.41X; the average for personal products companies is 15.59X. For comparison, Estee Lauder(EL) has a higher forward P/E of 22.02X.
Twelve of the 16 analysts who cover Avon Products rate it at hold. Three analysts give the stock a buy rating and one rates it at sell.
The stock has risen 19.98% year to date.
--Written by Alexandra Zendrian in New York.
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