State of Alaska Department of Revenue Cuts Position in Chesapeake Utilities Corporation (NYSE:CPK)

State of Alaska Department of Revenue decreased its position in shares of Chesapeake Utilities Corporation (NYSE:CPK) by 2.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,623 shares of the utilities provider’s stock after selling 324 shares during the period. State of Alaska Department of Revenue owned approximately 0.05% of Chesapeake Utilities worth $1,621,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its position in shares of Chesapeake Utilities by 10.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 59,921 shares of the utilities provider’s stock valued at $7,696,000 after purchasing an additional 5,585 shares during the last quarter. Byrne Asset Management LLC grew its position in 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 acquiring an additional 144 shares during the last quarter. Albert D Mason Inc. raised its stake in shares of Chesapeake Utilities by 1.8% during the first quarter. Albert D Mason Inc. now owns 12,804 shares of the utilities provider’s stock worth $1,644,000 after acquiring an additional 228 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Chesapeake Utilities by 28.8% in the 1st quarter. Fifth Third Bancorp now owns 864 shares of the utilities provider’s stock worth $111,000 after acquiring an additional 193 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Chesapeake Utilities in the 1st quarter valued at $512,000. Institutional investors own 83.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wall Street Zen downgraded shares of Chesapeake Utilities from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Barclays lowered their target price 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. Finally, LADENBURG THALM/SH SH upgraded Chesapeake Utilities to a “strong-buy” rating in a research report on Friday, May 9th.

Chesapeake Utilities Trading Down 0.2%

NYSE:CPK opened at $124.16 on Wednesday. The firm has a market capitalization of $2.90 billion, a P/E ratio of 22.95 and a beta of 0.66. The company has a quick ratio of 0.40, a current ratio of 0.46 and a debt-to-equity ratio of 0.87. The company has a fifty day moving average of $125.30 and a 200 day moving average of $124.77. Chesapeake Utilities Corporation has a 52 week low of $103.74 and a 52 week high of $136.73.

Chesapeake Utilities (NYSE:CPK) last issued its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $2.22 EPS for the quarter, missing the consensus estimate of $2.28 by ($0.06). The firm had revenue of $298.70 million for the quarter, compared to the consensus estimate of $248.45 million. Chesapeake Utilities had a net margin of 14.69% and a return on equity of 9.19%. The business’s revenue was up 21.6% on a year-over-year basis. During the same period last year, the company posted $2.10 earnings per share. On average, research analysts predict that Chesapeake Utilities Corporation will post 5.39 earnings per share for the current year.

Chesapeake Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 7th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.685 per share. The ex-dividend date of this dividend is Monday, June 16th. This is a boost from Chesapeake Utilities’s previous quarterly dividend of $0.64. This represents a $2.74 annualized dividend and a dividend yield of 2.21%. Chesapeake Utilities’s payout ratio is 50.65%.

Chesapeake Utilities Company Profile

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.