Chesapeake Utilities Corp. (NYSE:CPK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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 raised Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and raised their price target for the company from $59.00 to $71.00 in a report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Chesapeake Utilities Corp. presently has a consensus rating of “Hold” and a consensus target price of $70.33.
Chesapeake Utilities Corp. (NYSE:CPK) traded up 0.52% on Monday, hitting $67.25. 33,983 shares of the stock were exchanged. The company has a market cap of $1.10 billion, a PE ratio of 24.89 and a beta of 0.19. The company’s 50-day moving average is $62.36 and its 200-day moving average is $62.40. Chesapeake Utilities Corp. has a 52 week low of $51.44 and a 52 week high of $67.88.
Chesapeake Utilities Corp. (NYSE:CPK) last issued its quarterly earnings results on Thursday, November 3rd. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by $0.11. The business had revenue of $108.35 million for the quarter, compared to analyst estimates of $100.70 million. Chesapeake Utilities Corp. had a net margin of 8.98% and a return on equity of 11.34%. Chesapeake Utilities Corp.’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the business posted $0.33 earnings per share. On average, analysts predict that Chesapeake Utilities Corp. will post $2.87 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 5th. Investors of record on Thursday, December 15th will be paid a dividend of $0.305 per share. The ex-dividend date is Tuesday, December 13th. This represents a $1.22 annualized dividend and a yield of 1.82%. Chesapeake Utilities Corp.’s dividend payout ratio is currently 45.19%.
In related news, insider John R. Schimkaitis sold 500 shares of the firm’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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.36% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CPK. Price T Rowe Associates Inc. MD raised its position in Chesapeake Utilities Corp. by 6.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,343,612 shares of the company’s stock worth $82,041,000 after buying an additional 84,740 shares during the period. Dimensional Fund Advisors LP raised its position in Chesapeake Utilities Corp. by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 498,901 shares of the company’s stock worth $33,016,000 after buying an additional 7,278 shares during the period. Bank of New York Mellon Corp raised its position in Chesapeake Utilities Corp. by 7.6% in the second quarter. Bank of New York Mellon Corp now owns 446,259 shares of the company’s stock worth $29,533,000 after buying an additional 31,665 shares during the period. BlackRock Fund Advisors raised its position in Chesapeake Utilities Corp. by 7.0% in the third quarter. BlackRock Fund Advisors now owns 377,999 shares of the company’s stock worth $23,081,000 after buying an additional 24,582 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its position in Chesapeake Utilities Corp. by 536.8% in the third quarter. Adage Capital Partners GP L.L.C. now owns 296,575 shares of the company’s stock worth $18,109,000 after buying an additional 250,000 shares during the period. 57.15% of the stock is owned by institutional investors and hedge funds.
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.