Chesapeake Utilities Corp. (CPK) Stock Rating Lowered by 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 to investors 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. “
Several other brokerages have also commented on CPK. Janney Montgomery Scott upgraded Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and upped their target price for the company from $59.00 to $71.00 in a research report on Monday, August 8th. Hilliard Lyons upgraded Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Friday, June 24th. Finally, BB&T Corp. began coverage on Chesapeake Utilities Corp. in a report on Wednesday, June 22nd. They issued a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Chesapeake Utilities Corp. currently has an average rating of “Hold” and a consensus target price of $70.33.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/chesapeake-utilities-corp-cpk-stock-rating-lowered-by-zacks-investment-research.html
Chesapeake Utilities Corp. (NYSE:CPK) traded up 1.49% on Thursday, hitting $61.25. The company had a trading volume of 108,417 shares. The stock has a 50 day moving average of $61.97 and a 200-day moving average of $61.99. Chesapeake Utilities Corp. has a one year low of $49.50 and a one year high of $67.88. The stock has a market capitalization of $938.53 million, a PE ratio of 22.26 and a beta of 0.24.
Chesapeake Utilities Corp. (NYSE:CPK) last announced its earnings results on Thursday, August 4th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.49 by $0.03. Chesapeake Utilities Corp. had a return on equity of 12.19% and a net margin of 9.47%. The company had revenue of $102.30 million for the quarter, compared to analyst estimates of $98.90 million. The business’s revenue was up 10.4% on a year-over-year basis. Equities analysts anticipate that Chesapeake Utilities Corp. will post $2.95 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 5th. Shareholders of record on Thursday, September 15th were issued a $0.305 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.22 annualized dividend and a yield of 1.99%. Chesapeake Utilities Corp.’s payout ratio is currently 44.53%.
In other Chesapeake Utilities Corp. news, insider John R. Schimkaitis sold 500 shares of the stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $62.62, for a total value of $31,310.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.36% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Archford Capital Strategies LLC raised 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 last quarter. Teacher Retirement System of Texas raised 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 last quarter. Bank of Montreal Can purchased a new position in shares of Chesapeake Utilities Corp. during the second quarter valued at about $144,000. Huntington National Bank purchased a new position in shares of Chesapeake Utilities Corp. during the second quarter valued at about $151,000. Finally, Advisory Services Network LLC purchased a new position in shares of Chesapeake Utilities Corp. during the second quarter valued at about $194,000. Institutional investors and hedge funds own 53.29% of the company’s stock.
Chesapeake Utilities Corp. Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chesapeake Utilities Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chesapeake Utilities Corp. and related companies with MarketBeat.com's FREE daily email newsletter.