Although T Boone Pickens admits that he’s moved money out of Chesapeake, he's still a fan of the company and beleaguered CEO Aubrey McClendon.
“Yes, McClendon has taken some leeway,” he said on CNBC’s Fast Money Halftime Report, “but that doesn’t affect the value of Chesapeake assets.”
Chesapeake has come under scrutiny in recent months due to questions about its corporate governance, however Pickens tells us, “Don’t bet against Aubrey. The board has changed – things will clear up.”
Pickens thinks as soon as the price of nat gas turns higher, Chesapeake will win. “You get nat gas a few dollars higher, Aubrey will be a home run hitter again.”
Of course, that begs the question where Pickens suggests putting money to work here and now. The billionaire investor tells us he likes two stocks, Continental Resources and Pioneer Natural Resources.
“They’re both oil plays,” he explains. And both he says, benefit from the vast oil discovery in North Dakota.
“This is great for our country – to have these resources show up in our nation at this critical time is Devine intervention.”
Read More:
What else you can learn from Wall Street Whales such as T. Boone Pickens and the way he thinks about money and investing? Click here to go to Simple Strategies Behind Supersized Successes.
Posted by CNBC's Lee Brodie
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Trader disclosure: On June 12, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long SBUX; Joe Terranova is long WMB; Joe Terranova is long SJM; Joe Terranova is long UPL; Joe Terranova is long WFM; Joe Terranova is long SNDK; Joe Terranova is long IBM; Joe Terranova is long HYG; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is long LPX; Joe Terranova is long CNX; Jon Najarian is long SPPI
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