Carl Icahn has roiled Chesapeake Energy ((NYSE:CHK) shares by halving its holding in the Oklahoma oil company. Yesterday, CHK lost 7.35% to $6.81 per share with likely losses ahead, even though some analysts believe its fundamentals have not changed at all.

CHK was trading flat this morning at $6.81 per share. As of yesterday, its shares were up over 50% year to date.

Writing in Seeking Alpha, Brendon Dempster asserts that Icahn’s decision to lower his stake to 4.6% - from 9.4% - was only to save taxes.

The panic selling “makes really no sense to me as the fundamental situation has not changed. If anything, over the past few months it's only improved and allowed the company some breathing room in their credit profile. I believe it's an overreaction,” Dempster wrote.

In a statement, Icahn Capital LP said it was cutting its stake in natural gas and oil company "to recognize a capital loss for tax planning purposes," the Fly reports. Icahn Capital now holds 35.34 million common shares of CHK. Earlier, the fund owned 73.05 million shares.

Icahn also credited Chesapeake CEO Doug Lawler with doing an "admirable" job amid falling oil.

Still, 32 analysts who cover the stock collectively rate it a “sell.” Only four brokerages consider CHK a “buy” and seven expect it to “underperform.”

TheStreet rated it a "sell" with a ratings score of E+, citing weak operating cash flow and disappointing historical performance of the stock. Also, FBR & Co initiated coverage on CHK earlier this month, rating it an “underperform,” setting a price target of $5, suggesting further room for the stock to slide.

SunTrust Robinson Humphrey’s is a notable exception. Its analysts, Neal Dingmann and Raymond Leong, recently placed a 40% upside to the stock to $11, from $8.

The controversial Icahn, famous for his bearish stance on Apple stock, has in recent months called for the break-up of insurer AIG.