Barclays Cuts Chesapeake Utilities (NYSE:CPK) Price Target to $124.00

Chesapeake Utilities (NYSE:CPK) had its target price lowered by Barclays from $125.00 to $124.00 in a report released on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

Several other research firms also recently issued reports on CPK. StockNews.com downgraded shares of Chesapeake Utilities from a “hold” rating to a “sell” rating in a report on Tuesday, April 22nd. LADENBURG THALM/SH SH upgraded shares of Chesapeake Utilities to a “strong-buy” rating in a report on Tuesday, April 22nd. One equities research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $122.67.

Chesapeake Utilities Price Performance

NYSE CPK opened at $132.14 on Tuesday. The company has a 50 day moving average price of $128.99 and a two-hundred day moving average price of $125.48. Chesapeake Utilities has a 12-month low of $102.64 and a 12-month high of $136.73. The stock has a market capitalization of $3.04 billion, a PE ratio of 26.80 and a beta of 0.66. The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.87.

Chesapeake Utilities (NYSE:CPK) last issued its quarterly earnings data on Wednesday, February 26th. The utilities provider reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.67 by ($0.04). Chesapeake Utilities had a return on equity of 9.08% and a net margin of 14.16%. The business had revenue of $215.00 million during the quarter, compared to the consensus estimate of $237.84 million. During the same quarter in the prior year, the company posted $1.64 earnings per share. As a group, equities analysts predict that Chesapeake Utilities will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Friday, March 14th. Chesapeake Utilities’s payout ratio is currently 48.58%.

Institutional Trading of Chesapeake Utilities

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Federated Hermes Inc. lifted its stake in shares of Chesapeake Utilities by 587.1% in the fourth quarter. Federated Hermes Inc. now owns 213 shares of the utilities provider’s stock valued at $26,000 after buying an additional 182 shares during the period. Spire Wealth Management bought a new stake in shares of Chesapeake Utilities in the 1st quarter worth approximately $26,000. Versant Capital Management Inc lifted its position in shares of Chesapeake Utilities by 2,018.2% in the 4th quarter. Versant Capital Management Inc now owns 233 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 222 shares during the period. NBC Securities Inc. acquired a new stake in shares of Chesapeake Utilities during the 1st quarter worth approximately $30,000. Finally, Byrne Asset Management LLC increased its position in shares of Chesapeake Utilities by 114.3% during the first quarter. Byrne Asset Management LLC now owns 270 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 144 shares during the period. 83.11% of the stock is currently owned by institutional investors and hedge funds.

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.