Chesapeake Utilities Corp. (CPK) Downgraded to “Hold” at Zacks Investment Research
Chesapeake Utilities Corp. (NYSE:CPK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Chesapeake Utilities Corporation is a utility company engaged in natural gas distribution and transmission, propane distribution and marketing, advanced information services and other related businesses.Chesapeake’s three natural gas distribution divisions serve residential, commercial and industrial customers in southern Delaware, Maryland’s Eastern Shore and Florida. The Company’s natural gas transmission subsidiary operates an interstate pipeline system that transports gas from various points in Pennsylvania to Delaware and Maryland distribution divisions. “
CPK has been the subject of a number of other research reports. Janney Montgomery Scott raised shares of Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and upped their price target for the stock from $59.00 to $71.00 in a research report on Monday, August 8th. Hilliard Lyons raised shares of Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Friday, June 24th. Finally, BB&T Corp. started coverage on shares of Chesapeake Utilities Corp. in a research report on Wednesday, June 22nd. They set a “hold” rating for the company. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $70.33.
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Chesapeake Utilities Corp. (NYSE:CPK) traded up 1.49% during midday trading on Thursday, hitting $61.25. 108,417 shares of the stock traded hands. The company has a market cap of $938.53 million, a PE ratio of 22.26 and a beta of 0.24. The company’s 50-day moving average is $61.97 and its 200-day moving average is $61.99. Chesapeake Utilities Corp. has a one year low of $49.50 and a one year high of $67.88.
Chesapeake Utilities Corp. (NYSE:CPK) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. The business earned $102.30 million during the quarter, compared to analyst estimates of $98.90 million. Chesapeake Utilities Corp. had a net margin of 9.47% and a return on equity of 12.19%. The business’s quarterly revenue was up 10.4% on a year-over-year basis. Equities research analysts expect that Chesapeake Utilities Corp. will post $2.95 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th were given a $0.305 dividend. This represents a $1.22 annualized dividend and a dividend yield of 1.99%. The ex-dividend date was Tuesday, September 13th. Chesapeake Utilities Corp.’s payout ratio is currently 44.53%.
In other news, insider John R. Schimkaitis sold 500 shares of the stock in a transaction on Monday, September 26th. The shares were sold at an average price of $62.62, for a total value of $31,310.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.36% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Archford Capital Strategies LLC increased its position in shares of Chesapeake Utilities Corp. by 1,480.0% in the second quarter. Archford Capital Strategies LLC now owns 1,975 shares of the company’s stock valued at $131,000 after buying an additional 1,850 shares during the period. Teacher Retirement System of Texas increased its position in shares of Chesapeake Utilities Corp. by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 2,140 shares of the company’s stock valued at $142,000 after buying an additional 263 shares during the period. Bank of Montreal Can purchased a new position in shares of Chesapeake Utilities Corp. during the second quarter valued at $144,000. Huntington National Bank purchased a new position in shares of Chesapeake Utilities Corp. during the second quarter valued at $151,000. Finally, Advisory Services Network LLC purchased a new position in shares of Chesapeake Utilities Corp. during the second quarter valued at $194,000. Institutional investors and hedge funds own 53.29% of the company’s stock.
About Chesapeake Utilities Corp.
Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company, through its operating divisions and subsidiaries, is engaged in regulated and unregulated energy businesses. It provides natural gas distribution and transmission, natural gas supply, gathering and processing, electric distribution and propane distribution service.
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