Chesapeake Utilities (NYSE:CPK) Sets New 52-Week High Following Analyst Upgrade

Chesapeake Utilities Co. (NYSE:CPK) shares reached a new 52-week high on Tuesday after Barclays raised their price target on the stock from $120.00 to $125.00. Barclays currently has an equal weight rating on the stock. Chesapeake Utilities traded as high as $136.73 and last traded at $136.25, with a volume of 36190 shares. The stock had previously closed at $133.69.

A number of other analysts also recently commented on CPK. LADENBURG THALM/SH SH upgraded shares of Chesapeake Utilities to a “strong-buy” rating in a report on Thursday, April 3rd. StockNews.com upgraded Chesapeake Utilities from a “sell” rating to a “hold” rating in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $123.00.

Institutional Investors Weigh In On Chesapeake Utilities

Several hedge funds have recently made changes to their positions in CPK. Louisiana State Employees Retirement System raised its stake in Chesapeake Utilities by 0.9% during the 4th quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the utilities provider’s stock valued at $1,335,000 after purchasing an additional 100 shares during the period. Oregon Public Employees Retirement Fund raised its position in Chesapeake Utilities by 1.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,350 shares of the utilities provider’s stock valued at $649,000 after buying an additional 100 shares during the period. Arizona State Retirement System raised its position in Chesapeake Utilities by 1.6% during the fourth quarter. Arizona State Retirement System now owns 6,516 shares of the utilities provider’s stock valued at $791,000 after buying an additional 103 shares during the period. Farther Finance Advisors LLC lifted its stake in Chesapeake Utilities by 50.7% in the 1st quarter. Farther Finance Advisors LLC now owns 315 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 106 shares in the last quarter. Finally, Summit Investment Advisors Inc. boosted its position in Chesapeake Utilities by 4.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,313 shares of the utilities provider’s stock worth $281,000 after acquiring an additional 109 shares during the period. Hedge funds and other institutional investors own 83.11% of the company’s stock.

Chesapeake Utilities Trading Up 1.0 %

The company has a market cap of $3.11 billion, a PE ratio of 27.40 and a beta of 0.66. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.32 and a current ratio of 0.38. The company has a 50 day simple moving average of $127.76 and a two-hundred day simple moving average of $124.83.

Chesapeake Utilities (NYSE:CPK) last announced its quarterly earnings data on Wednesday, February 26th. The utilities provider reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.67 by ($0.04). Chesapeake Utilities had a net margin of 14.16% and a return on equity of 9.08%. The company had revenue of $215.00 million for the quarter, compared to analysts’ expectations of $237.84 million. During the same period in the previous year, the firm posted $1.64 earnings per share. Sell-side analysts forecast that Chesapeake Utilities Co. will post 5.39 EPS for the current year.

Chesapeake Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were paid a $0.64 dividend. The ex-dividend date was Friday, March 14th. This represents a $2.56 dividend on an annualized basis and a yield of 1.90%. Chesapeake Utilities’s dividend payout ratio (DPR) is currently 48.58%.

About Chesapeake Utilities

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.