Chesapeake Utilities (CPK) Downgraded by Zacks Investment Research to Hold
Chesapeake Utilities (NYSE:CPK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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 equities research analysts have also commented on the stock. Sidoti assumed coverage on shares of Chesapeake Utilities in a research note on Wednesday, October 18th. They set a “neutral” rating and a $85.00 price objective on the stock. BidaskClub raised shares of Chesapeake Utilities from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 26th.
A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Chesapeake Utilities by 2.4% in the second quarter. Vanguard Group Inc. now owns 859,001 shares of the utilities provider’s stock worth $64,383,000 after buying an additional 20,470 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Chesapeake Utilities by 1.3% in the third quarter. Dimensional Fund Advisors LP now owns 531,966 shares of the utilities provider’s stock worth $41,627,000 after buying an additional 6,981 shares during the last quarter. Energy Income Partners LLC purchased a new position in Chesapeake Utilities in the fourth quarter worth about $34,466,000. Finally, Bank of New York Mellon Corp raised its holdings in Chesapeake Utilities by 10.9% in the first quarter. Bank of New York Mellon Corp now owns 493,710 shares of the utilities provider’s stock worth $34,165,000 after buying an additional 48,578 shares during the last quarter. 62.16% of the stock is owned by institutional investors and hedge funds.
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About Chesapeake Utilities
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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