Here’s what Chesapeake Energy got right that sent its stock up 25%

Chesapeake Energy Inc. stock rallied more than 25% on Thursday after the energy company reported quarterly earnings that handily beat Wall Street expectations and called for more production this year.

Chesapeake CHK, +0.00% shares traded as high as $3.33, setting them on track to close at their best level since Feb. 1 and notching their largest percentage increase since April 2016. It was the most active stock and best performing stock on the S&P 500 index SPX, +1.60% on Thursday.

The stock has a lot to make up for, however, since it’s down 95% from its record closing high of $65.64 in July 2008, and down 48% from its 52-week high of $6.32 in April 2017.

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