Chesapeake Utilities Corp. (NYSE:CPK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
According to Zacks, “Chesapeake Utilities Corporation is a utility company engaged in natural gas distribution and transmission, propane distribution and marketing, advanced information services and other related businesses.Chesapeake’s three natural gas distribution divisions serve residential, commercial and industrial customers in southern Delaware, Maryland’s Eastern Shore and Florida. The Company’s natural gas transmission subsidiary operates an interstate pipeline system that transports gas from various points in Pennsylvania to Delaware and Maryland distribution divisions. “
Separately, Janney Montgomery Scott upgraded Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and upped their price target for the company from $59.00 to $71.00 in a research report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $70.33.
Chesapeake Utilities Corp. (NYSE:CPK) traded up 0.52% during trading on Monday, hitting $67.25. 33,983 shares of the company traded hands. The stock has a 50 day moving average price of $62.36 and a 200 day moving average price of $62.40. The company has a market capitalization of $1.10 billion, a P/E ratio of 24.89 and a beta of 0.19. Chesapeake Utilities Corp. has a 12-month low of $51.44 and a 12-month high of $67.88.
Chesapeake Utilities Corp. (NYSE:CPK) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.11. Chesapeake Utilities Corp. had a net margin of 8.98% and a return on equity of 11.34%. The company had revenue of $108.35 million for the quarter, compared to the consensus estimate of $100.70 million. During the same quarter in the prior year, the company earned $0.33 earnings per share. The company’s quarterly revenue was up 17.5% on a year-over-year basis. On average, equities analysts anticipate that Chesapeake Utilities Corp. will post $2.87 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 5th. Stockholders of record on Thursday, December 15th will be issued a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Tuesday, December 13th. Chesapeake Utilities Corp.’s payout ratio is 45.19%.
In other news, insider John R. Schimkaitis sold 500 shares of the business’s stock in a transaction dated Monday, September 26th. The stock was sold at an average price of $62.62, for a total transaction of $31,310.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.36% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Prudential Financial Inc. raised its position in shares of Chesapeake Utilities Corp. by 28.2% in the second quarter. Prudential Financial Inc. now owns 29,989 shares of the company’s stock valued at $1,985,000 after buying an additional 6,600 shares during the last quarter. Moody Aldrich Partners LLC raised its position in shares of Chesapeake Utilities Corp. by 222.4% in the second quarter. Moody Aldrich Partners LLC now owns 19,750 shares of the company’s stock valued at $1,307,000 after buying an additional 13,625 shares during the last quarter. BlackRock Group LTD raised its position in shares of Chesapeake Utilities Corp. by 19.9% in the first quarter. BlackRock Group LTD now owns 11,990 shares of the company’s stock valued at $755,000 after buying an additional 1,989 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new position in shares of Chesapeake Utilities Corp. during the second quarter valued at approximately $847,000. Finally, M&T Bank Corp raised its position in shares of Chesapeake Utilities Corp. by 1.6% in the second quarter. M&T Bank Corp now owns 14,562 shares of the company’s stock valued at $964,000 after buying an additional 232 shares during the last quarter. 57.15% of the stock is owned by institutional investors.
About Chesapeake Utilities Corp.
Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company, through its operating divisions and subsidiaries, is engaged in regulated and unregulated energy businesses. It provides natural gas distribution and transmission, natural gas supply, gathering and processing, electric distribution and propane distribution service.