Chesapeake Energy Trades Below $3 Per Share For The First Time Since 2000

Shares of Chesapeake Energy Corporation (NYSE: CHK) fell to a new 52-week low of $2.69 before rebounding and trading in positive territory after the stock was halted on a circuit breaker various times throughout the day.

The last time shares of Chesapeake Energy traded below $3 per share was back in 2000.

"The market is not very kind to the whole group and especially to companies with high debt and very limited financial flexibility," Fadel Gheit, managing director at Oppenheimer & Co. said on Tuesday.

Subash Chandra, also a director of Guggenheim Securities also added that "Chesapeake tends to move more than others because of their financial leverage."

Shares of Chesapeake traded recently at $3.42, up 11 percent on the day.