Chesapeake Utilities (NYSE:CPK) Coverage Initiated by Analysts at Barclays

Barclays started coverage on shares of Chesapeake Utilities (NYSE:CPKFree Report) in a report issued on Thursday, Marketbeat Ratings reports. The firm issued an equal weight rating and a $111.00 price target on the utilities provider’s stock.

Several other equities research analysts also recently commented on CPK. StockNews.com downgraded shares of Chesapeake Utilities from a hold rating to a sell rating in a research report on Thursday, February 29th. Royal Bank of Canada lifted their target price on shares of Chesapeake Utilities from $123.00 to $124.00 and gave the stock an outperform rating in a research report on Friday, March 1st. Finally, Wells Fargo & Company lifted their target price on shares of Chesapeake Utilities from $105.00 to $115.00 and gave the stock an equal weight rating in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $109.80.

Get Our Latest Research Report on CPK

Chesapeake Utilities Trading Up 1.5 %

CPK opened at $108.52 on Thursday. The company’s 50 day moving average is $106.91 and its 200-day moving average is $103.45. Chesapeake Utilities has a 1-year low of $83.79 and a 1-year high of $132.91. The company has a current ratio of 0.46, a quick ratio of 0.38 and a debt-to-equity ratio of 0.93. The company has a market cap of $2.42 billion, a P/E ratio of 22.80 and a beta of 0.60.

Chesapeake Utilities (NYSE:CPKGet Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The utilities provider reported $2.10 earnings per share for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.04). Chesapeake Utilities had a net margin of 13.90% and a return on equity of 10.17%. The company had revenue of $245.70 million during the quarter, compared to analyst estimates of $260.16 million. During the same quarter in the previous year, the business posted $2.04 earnings per share. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. Equities research analysts predict that Chesapeake Utilities will post 5.41 earnings per share for the current fiscal year.

Chesapeake Utilities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Friday, June 14th will be given a $0.64 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.36%. This is an increase from Chesapeake Utilities’s previous quarterly dividend of $0.59. Chesapeake Utilities’s payout ratio is 49.58%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Asset Management One Co. Ltd. acquired a new position in shares of Chesapeake Utilities in the 4th quarter worth approximately $1,060,000. Strs Ohio increased its stake in shares of Chesapeake Utilities by 83.7% in the 4th quarter. Strs Ohio now owns 81,200 shares of the utilities provider’s stock valued at $8,577,000 after acquiring an additional 37,000 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Chesapeake Utilities in the 4th quarter valued at $35,265,000. Cornercap Investment Counsel Inc. bought a new stake in shares of Chesapeake Utilities in the 4th quarter valued at $1,078,000. Finally, Tributary Capital Management LLC increased its stake in shares of Chesapeake Utilities by 11.7% in the 4th quarter. Tributary Capital Management LLC now owns 122,322 shares of the utilities provider’s stock valued at $12,921,000 after acquiring an additional 12,764 shares in the last quarter. Institutional investors and hedge funds own 83.11% of the company’s stock.

Chesapeake Utilities Company Profile

(Get Free Report)

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

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