Natural-gas concern Chesapeake Energy (CHK: sentiment, chart, options) was cut from "buy" to "underperform" at Calyon Securities this morning, with the brokerage firm expressing concerns about a shelf registration. Last Friday, CHK filed a shelf registration allowing it to issue 50 million new shares, and Calyon believes the energy company may have done so in order to renegotiate land leases. The analysts also hacked their price target on the shares from $41 to $15.

Despite the negative note, CHK is clinging close to the breakeven mark as we head toward midday. The shares have slumped consistently since early July, guided lower by resistance from their 10-day and 40-day moving averages.

As the stock trades near the 14 level, it looks vulnerable to additional price-target cuts. According to Thomson Financial, the average 12-month price target on CHK is $44.70, a premium of 214% to the equity's closing price on Tuesday. Any new bearish notes from analysts could draw a fresh wave of selling pressure to the shares.