Chesapeake Utilities (NYSE:CPK) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Chesapeake Utilities Corporation (NYSE:CPK) saw an uptick in trading volume on Friday . Approximately 352,884 shares changed hands during mid-day trading, an increase of 137% from the previous session’s volume of 149,032 shares.The stock last traded at $128.3950 and had previously closed at $127.91.

Analyst Upgrades and Downgrades

A number of analysts have commented on CPK shares. Wells Fargo & Company started coverage on Chesapeake Utilities in a research report on Tuesday, May 12th. They issued an “equal weight” rating and a $132.00 price objective for the company. Wall Street Zen upgraded Chesapeake Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Weiss Ratings downgraded shares of Chesapeake Utilities from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, June 12th. Finally, Barclays set a $142.00 price objective on shares of Chesapeake Utilities and gave the company an “equal weight” rating in a research note on Monday, April 20th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $137.00.

Chesapeake Utilities Trading Up 0.8%

The company’s fifty day moving average price is $124.25 and its two-hundred day moving average price is $126.91. The company has a quick ratio of 0.39, a current ratio of 0.43 and a debt-to-equity ratio of 0.80. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 20.66 and a beta of 0.69.

Chesapeake Utilities (NYSE:CPK) last released its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.09. Chesapeake Utilities had a return on equity of 9.53% and a net margin of 15.11%.The firm had revenue of $353.10 million during the quarter, compared to analysts’ expectations of $339.86 million. During the same period last year, the firm posted $2.22 EPS. The business’s revenue was up 18.2% on a year-over-year basis. Chesapeake Utilities has set its FY 2028 guidance at 7.750-8.00 EPS. Research analysts expect that Chesapeake Utilities Corporation will post 6.46 earnings per share for the current year.

Chesapeake Utilities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Monday, June 15th were issued a $0.735 dividend. 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 2.3%. The ex-dividend date of this dividend was Monday, June 15th. Chesapeake Utilities’s dividend payout ratio (DPR) is 47.12%.

Insiders Place Their Bets

In other news, SVP Kevin J. Webber sold 2,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $127.37, for a total transaction of $254,740.00. Following the transaction, the senior vice president owned 12,652 shares of the company’s stock, valued at $1,611,485.24. This represents a 13.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffry M. Householder sold 10,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $126.12, for a total transaction of $1,261,200.00. Following the transaction, the chief executive officer owned 63,001 shares in the company, valued at approximately $7,945,686.12. The trade was a 13.70% 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 currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CPK. Byrne Asset Management LLC grew its stake in shares of Chesapeake Utilities by 11.4% during the second quarter. Byrne Asset Management LLC now owns 1,176 shares of the utilities provider’s stock worth $144,000 after purchasing an additional 120 shares during the period. Versant Capital Management Inc lifted its stake in Chesapeake Utilities by 38.8% in the second quarter. Versant Capital Management Inc now owns 304 shares of the utilities provider’s stock valued at $37,000 after buying an additional 85 shares during the period. Empowered Funds LLC boosted its holdings in Chesapeake Utilities by 19.0% during the first quarter. Empowered Funds LLC now owns 5,183 shares of the utilities provider’s stock worth $655,000 after buying an additional 826 shares during the last quarter. Glenmede Trust Co. NA grew its position in shares of Chesapeake Utilities by 14.0% during the 1st quarter. Glenmede Trust Co. NA now owns 14,272 shares of the utilities provider’s stock worth $1,804,000 after buying an additional 1,758 shares during the period. Finally, Argent Capital Management LLC grew its position in shares of Chesapeake Utilities by 54.5% during the 1st quarter. Argent Capital Management LLC now owns 9,664 shares of the utilities provider’s stock worth $1,221,000 after buying an additional 3,408 shares during the period. 83.11% of the stock is currently owned by institutional investors.

Chesapeake Utilities Company Profile

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.