Ameriprise Financial Inc. Lowers Stock Position in Chesapeake Utilities Co. (NYSE:CPK)

Ameriprise Financial Inc. reduced its stake in Chesapeake Utilities Co. (NYSE:CPK) by 6.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,736 shares of the utilities provider’s stock after selling 3,624 shares during the quarter. Ameriprise Financial Inc. owned about 0.22% of Chesapeake Utilities worth $6,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Federated Hermes Inc. grew its position in Chesapeake Utilities by 587.1% during the fourth quarter. Federated Hermes Inc. now owns 213 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 182 shares during the last quarter. Quantbot Technologies LP bought a new position in Chesapeake Utilities during the fourth quarter valued at approximately $50,000. Sterling Capital Management LLC grew its position in Chesapeake Utilities by 805.2% during the fourth quarter. Sterling Capital Management LLC now owns 697 shares of the utilities provider’s stock valued at $85,000 after acquiring an additional 620 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Chesapeake Utilities by 159.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 876 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 539 shares during the last quarter. Finally, KBC Group NV grew its position in Chesapeake Utilities by 46.2% during the fourth quarter. KBC Group NV now owns 1,048 shares of the utilities provider’s stock valued at $127,000 after acquiring an additional 331 shares during the last quarter. 83.11% of the stock is owned by hedge funds and other institutional investors.

Chesapeake Utilities Price Performance

CPK opened at $122.11 on Friday. The stock has a 50-day moving average price of $128.39 and a 200-day moving average price of $126.03. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.38 and a quick ratio of 0.32. The firm has a market cap of $2.85 billion, a PE ratio of 24.77 and a beta of 0.71. Chesapeake Utilities Co. has a 1 year low of $102.64 and a 1 year high of $136.73.

Chesapeake Utilities (NYSE:CPK) last posted its quarterly earnings results on Wednesday, May 7th. The utilities provider reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.28 by ($0.06). The company had revenue of $298.70 million during the quarter, compared to analysts’ expectations of $248.45 million. Chesapeake Utilities had a return on equity of 9.08% and a net margin of 14.16%. Chesapeake Utilities’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.10 EPS. Sell-side analysts predict that Chesapeake Utilities Co. will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 7th. Stockholders of record on Monday, June 16th will be given a $0.685 dividend. This represents a $2.74 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Monday, June 16th. This is a positive change from Chesapeake Utilities’s previous quarterly dividend of $0.64. Chesapeake Utilities’s payout ratio is currently 50.65%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Barclays dropped their price target on Chesapeake Utilities from $125.00 to $124.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 29th. Wall Street Zen lowered Chesapeake Utilities from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, LADENBURG THALM/SH SH raised Chesapeake Utilities to a “strong-buy” rating in a research report on Friday, May 9th.

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.