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Despite the overhang and negative sentiment, billionaire investor Carl Icahn says don’t sell Chesapeake.
Icahn believes in the long-term the price of nat gas will bounce and he fully believes Chesapeake is poised to benefit.“Aubrey (McClendon) is a very bright guy and he’s put a lot of great assets together,” says Icahn on CNBC's Fast Money. “The problem was they gambled too much in buying them and they have a cash gap. Now, they have to cut expenses but I think they can.”
And Icahn feels good about the corporate governance.“There’s a new board – I put on a director. I can tell you, the shareholders control the company now.”All told, Icahn sees opportunity.“I think natural gas in the next few years will go quite a bit higher and Chesapeake will be there to take advantage of it – I would not sell Chesapeake. I would be against selling this stock.”Trader Pete Najarian shares the enthusiasm. He thinks all the downside in the wake of the SEC scrutiny has passed. “And with Carl involved, this thing has upside,” says Najarian.
Posted by CNBC's Lee Brodie
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