2.43%XLF 15.10 
10.30%QQQQ 31.32 0.63%
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NEW YORK - Shares of natural gas and oil producer Chesapeake Energy Corp. hit a 52-week high Thursday, before retreating later in the day, on investor optimism about the overall oil exploration and production sector.
| CHK | 16.52 |  -1.19 |
Chesapeake shares initially rose $2.16, or 3.3 percent, to $68.10 and passing its previous high of $66.08, before tumbling to $64.47 in afternoon trading.
Brian Singer of Goldman Sachs raised his forecast for West Texas Intermediate crude oil through 2012 and said he now sees a 25 percent upside to exploration and production stocks.
"Rising oil prices combined with recent relative underperformance further strengthen our bullishness on large-cap exploration and production stocks," Singer wrote in a note to investors.
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