Zacks Investment Research Upgrades Chesapeake Utilities Corporation (CPK) to Hold
Chesapeake Utilities Corporation (NYSE:CPK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday.
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. “
A number of other equities research analysts have also recently issued reports on CPK. BidaskClub upgraded shares of Chesapeake Utilities Corporation from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 26th. Sidoti started coverage on shares of Chesapeake Utilities Corporation in a research report on Wednesday, October 18th. They set a “neutral” rating and a $85.00 target price for the company. Six analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. Chesapeake Utilities Corporation presently has a consensus rating of “Hold” and a consensus target price of $73.00.
Shares of Chesapeake Utilities Corporation (NYSE:CPK) traded down 0.49% during midday trading on Monday, hitting $80.75. 25,271 shares of the company were exchanged. Chesapeake Utilities Corporation has a one year low of $58.00 and a one year high of $82.15. The stock’s 50-day moving average is $79.61 and its 200-day moving average is $76.25. The stock has a market cap of $1.32 billion, a PE ratio of 31.40 and a beta of 0.27.
Chesapeake Utilities Corporation (NYSE:CPK) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.18). Chesapeake Utilities Corporation had a net margin of 7.40% and a return on equity of 9.18%. The business had revenue of $125.08 million during the quarter, compared to analyst estimates of $116.50 million. During the same quarter in the prior year, the company posted $0.52 EPS. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. Equities research analysts anticipate that Chesapeake Utilities Corporation will post $2.85 EPS for the current year.
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Large investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. grew its holdings in Chesapeake Utilities Corporation by 11.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,388 shares of the utilities provider’s stock worth $104,000 after acquiring an additional 148 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Chesapeake Utilities Corporation by 36.7% during the 1st quarter. Victory Capital Management Inc. now owns 2,265 shares of the utilities provider’s stock worth $157,000 after acquiring an additional 608 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Chesapeake Utilities Corporation by 1.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,812 shares of the utilities provider’s stock worth $194,000 after acquiring an additional 46 shares during the last quarter. Advisory Services Network LLC grew its holdings in Chesapeake Utilities Corporation by 1.2% during the 2nd quarter. Advisory Services Network LLC now owns 2,985 shares of the utilities provider’s stock worth $224,000 after acquiring an additional 34 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in Chesapeake Utilities Corporation by 26.4% during the 1st quarter. Sei Investments Co. now owns 3,247 shares of the utilities provider’s stock worth $225,000 after acquiring an additional 679 shares during the last quarter. 61.33% of the stock is currently owned by hedge funds and other institutional investors.
Chesapeake Utilities Corporation Company Profile
Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company operates through two segments: Regulated Energy and Unregulated Energy. The Company provides natural gas distribution and transmission; natural gas supply, gathering, processing and marketing; electric distribution and generation; propane distribution; propane and crude oil wholesale marketing; steam generation, and other energy-related services.
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