Shell Asset Management Co. Reduces Holdings in Chesapeake Utilities Co. (NYSE:CPK)

Shell Asset Management Co. trimmed its position in shares of Chesapeake Utilities Co. (NYSE:CPK – Get Rating) by 13.0% in the 1st quarter, Holdings Channel reports. The firm owned 3,986 shares of the utilities provider’s stock after selling 595 shares during the period. Shell Asset Management Co.’s holdings in Chesapeake Utilities were worth $549,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. UMB Bank N A MO purchased a new stake in Chesapeake Utilities in the 4th quarter valued at $61,000. Tradewinds Capital Management LLC grew its holdings in Chesapeake Utilities by 15.0% in the 1st quarter. Tradewinds Capital Management LLC now owns 920 shares of the utilities provider’s stock valued at $127,000 after buying an additional 120 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in Chesapeake Utilities in the 4th quarter valued at $207,000. BRYN MAWR TRUST Co purchased a new stake in Chesapeake Utilities in the 4th quarter valued at $214,000. Finally, Belpointe Asset Management LLC grew its holdings in Chesapeake Utilities by 17.5% in the 1st quarter. Belpointe Asset Management LLC now owns 1,485 shares of the utilities provider’s stock valued at $205,000 after buying an additional 221 shares in the last quarter. 74.21% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider John R. Schimkaitis sold 2,500 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $129.75, for a total value of $324,375.00. Following the transaction, the insider now owns 85,516 shares of the company’s stock, valued at approximately $11,095,701. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.58% of the company’s stock.

Chesapeake Utilities Stock Performance

Shares of Chesapeake Utilities stock opened at $136.17 on Wednesday. Chesapeake Utilities Co. has a 52 week low of $117.43 and a 52 week high of $146.30. The business’s fifty day simple moving average is $128.51 and its 200-day simple moving average is $131.57. The firm has a market cap of $2.41 billion, a PE ratio of 28.08 and a beta of 0.56. The company has a quick ratio of 0.48, a current ratio of 0.55 and a debt-to-equity ratio of 0.74.

Chesapeake Utilities (NYSE:CPK – Get Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The utilities provider reported $2.08 EPS for the quarter, beating the consensus estimate of $2.06 by $0.02. Chesapeake Utilities had a return on equity of 11.19% and a net margin of 14.28%. The business had revenue of $222.88 million for the quarter, compared to analyst estimates of $189.80 million. During the same quarter in the prior year, the company posted $1.96 EPS. Equities analysts forecast that Chesapeake Utilities Co. will post 4.99 earnings per share for the current year.

Chesapeake Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Stockholders of record on Wednesday, June 15th were paid a $0.535 dividend. This represents a $2.14 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Tuesday, June 14th. This is a positive change from Chesapeake Utilities’s previous quarterly dividend of $0.48. Chesapeake Utilities’s dividend payout ratio is 44.12%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company upped their target price on Chesapeake Utilities from $120.00 to $128.00 in a report on Thursday, May 5th.

Chesapeake Utilities Profile

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Chesapeake Utilities Corporation operates as an energy delivery company. The company operates through two segments, Regulated Energy and Unregulated Energy. The Regulated Energy segment engages in the natural gas distribution operations in central and southern Delaware, Maryland's eastern shore, and Florida; regulated natural gas transmission in the Delmarva Peninsula and Florida; and regulated electric distribution in northeast and northwest Florida.