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Stock Alert: Chesapeake Energy Up 80%

Chesapeake Energy Corp. (CHK) shares are surging on Monday morning trade as major producers agreed for a cut in output.

The stock was climbing on Friday as crude oil prices hit higher. The OPEC+ has agreed on Saturday to extend the deal to cut 10 percent of global output through the end of July.

The shares are currently at $44.80, up 80.36 percent from the previous close of $24.80.

The major gas and oil sector company was hit badly by the coronavirus pandemic and had filed Form 10-Q on May 11 and opted for a 1-for-200 reverse stock split on April 15. The shares were trading as low as $7.77 on May 14.

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