Envestnet Asset Management Inc. Purchases 3,901 Shares of Chesapeake Utilities Corporation (NYSE:CPK)

Envestnet Asset Management Inc. grew its position in Chesapeake Utilities Corporation (NYSE:CPK) by 3.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 113,374 shares of the utilities provider’s stock after acquiring an additional 3,901 shares during the period. Envestnet Asset Management Inc. owned 0.49% of Chesapeake Utilities worth $14,561,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Federated Hermes Inc. raised 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 acquiring an additional 182 shares during the last quarter. Spire Wealth Management bought a new position in shares of Chesapeake Utilities in the first quarter valued at approximately $26,000. NBC Securities Inc. acquired a new stake in shares of Chesapeake Utilities in the first quarter valued at approximately $30,000. Byrne Asset Management LLC raised its position in Chesapeake Utilities by 114.3% in the 1st quarter. Byrne Asset Management LLC now owns 270 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 144 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position 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 purchasing an additional 106 shares during the last quarter. Institutional investors own 83.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CPK shares. LADENBURG THALM/SH SH upgraded shares of Chesapeake Utilities to a “strong-buy” rating in a research report on Friday, May 9th. Barclays dropped their price objective on shares of Chesapeake Utilities from $125.00 to $124.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 29th. Finally, Wall Street Zen cut shares of Chesapeake Utilities from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st.

Chesapeake Utilities Stock Performance

CPK stock opened at $122.04 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.46 and a quick ratio of 0.40. The company has a 50 day moving average price of $121.49 and a 200 day moving average price of $124.63. Chesapeake Utilities Corporation has a fifty-two week low of $111.00 and a fifty-two week high of $136.73. The stock has a market capitalization of $2.85 billion, a PE ratio of 22.56 and a beta of 0.65.

Chesapeake Utilities (NYSE:CPK) last released its earnings results on Wednesday, May 7th. The utilities provider reported $2.22 EPS for the quarter, missing analysts’ consensus estimates of $2.28 by ($0.06). Chesapeake Utilities had a return on equity of 9.19% and a net margin of 14.69%. The business had revenue of $298.70 million for the quarter, compared to analyst estimates of $248.45 million. During the same period in the prior year, the firm posted $2.10 EPS. Chesapeake Utilities’s revenue was up 21.6% on a year-over-year basis. Analysts forecast that Chesapeake Utilities Corporation will post 5.39 EPS for the current year.

Chesapeake Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 16th were issued a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was 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%.

Chesapeake Utilities 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.