Bank of New York Mellon Corp Reduces Stock Holdings in Chesapeake Utilities Corporation $CPK

Bank of New York Mellon Corp lowered its holdings in Chesapeake Utilities Corporation (NYSE:CPK) by 13.5% during the first quarter, Holdings Channel reports. The fund owned 203,153 shares of the utilities provider’s stock after selling 31,584 shares during the quarter. Bank of New York Mellon Corp’s holdings in Chesapeake Utilities were worth $25,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its position in Chesapeake Utilities by 94.7% during the second quarter. EverSource Wealth Advisors LLC now owns 222 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Chesapeake Utilities by 292.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 164 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of Chesapeake Utilities by 66.1% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 274 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 109 shares during the period. Entrust Financial LLC acquired a new stake in shares of Chesapeake Utilities during the 4th quarter worth approximately $37,000. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Chesapeake Utilities by 133.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 487 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 278 shares during the period. 83.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CPK has been the subject of several analyst reports. Barclays set a $142.00 target price on shares of Chesapeake Utilities and gave the company an “equal weight” rating in a research note on Monday, April 20th. Wells Fargo & Company initiated coverage on shares of Chesapeake Utilities in a research report on Tuesday, May 12th. They set an “equal weight” rating and a $132.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Chesapeake Utilities from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 10th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $137.00.

Insider Transactions at Chesapeake Utilities

In related news, CEO Jeffry M. Householder sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $126.12, for a total value of $1,261,200.00. Following the transaction, the chief executive officer directly owned 63,001 shares of the company’s stock, valued at approximately $7,945,686.12. This trade represents a 13.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kevin J. Webber sold 2,000 shares of Chesapeake Utilities stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $127.37, for a total value of $254,740.00. Following the completion of the sale, the senior vice president owned 12,652 shares in the company, valued at approximately $1,611,485.24. The trade was a 13.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.36% of the stock is owned by insiders.

Chesapeake Utilities Trading Up 0.0%

Shares of NYSE:CPK opened at $135.81 on Tuesday. The business’s 50 day moving average price is $125.85 and its 200-day moving average price is $127.60. Chesapeake Utilities Corporation has a 1 year low of $118.83 and a 1 year high of $140.59. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 21.77 and a beta of 0.69. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.43 and a quick ratio of 0.39.

Chesapeake Utilities (NYSE:CPK) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $2.47 EPS for the quarter, topping the consensus estimate of $2.38 by $0.09. The company had revenue of $353.10 million during the quarter, compared to analyst estimates of $339.86 million. Chesapeake Utilities had a net margin of 15.11% and a return on equity of 9.53%. The firm’s revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.22 EPS. Chesapeake Utilities has set its FY 2028 guidance at 7.750-8.00 EPS. On average, equities research analysts forecast that Chesapeake Utilities Corporation will post 6.46 earnings per share for the current fiscal year.

Chesapeake Utilities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Monday, June 15th were paid a dividend of $0.735 per share. This is an increase from Chesapeake Utilities’s previous quarterly dividend of $0.69. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 15th. Chesapeake Utilities’s dividend payout ratio is presently 47.12%.

About Chesapeake Utilities

Chesapeake Utilities Corporation (NYSE: CPK) is a diversified energy services holding company headquartered in Dover, Delaware. Through its operating subsidiaries, the company engages in natural gas distribution, transmission and storage; propane distribution; wholesale propane supply; and contract compression and natural gas liquids processing. Its core mission is to provide safe, reliable and cost-effective energy solutions to residential, commercial and industrial customers across multiple U.S.