Chesapeake Utilities Corporation $CPK Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp boosted its position in shares of Chesapeake Utilities Corporation (NYSE:CPK) by 4,456.2% in the first quarter, HoldingsChannel.com reports. The fund owned 16,129 shares of the utilities provider’s stock after purchasing an additional 15,775 shares during the period. Fifth Third Bancorp’s holdings in Chesapeake Utilities were worth $2,038,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CPK. Kestra Advisory Services LLC boosted its stake in shares of Chesapeake Utilities by 46.4% in the first quarter. Kestra Advisory Services LLC now owns 2,053 shares of the utilities provider’s stock valued at $259,000 after purchasing an additional 651 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Chesapeake Utilities during the 1st quarter worth approximately $824,000. IFM Investors Pty Ltd acquired a new stake in Chesapeake Utilities during the 1st quarter worth approximately $212,000. MQS Management LLC acquired a new stake in Chesapeake Utilities during the 1st quarter worth approximately $354,000. Finally, Folger Nolan Fleming Douglas Capital Management Inc. purchased a new position in Chesapeake Utilities in the 1st quarter valued at approximately $411,000. 83.11% of the stock is owned by institutional investors and hedge funds.

Chesapeake Utilities Stock Up 2.4%

Shares of NYSE:CPK opened at $135.05 on Thursday. Chesapeake Utilities Corporation has a fifty-two week low of $118.83 and a fifty-two week high of $140.59. The firm’s 50 day moving average price is $125.31 and its 200 day moving average price is $127.34. 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 stock has a market cap of $3.24 billion, a price-to-earnings ratio of 21.64 and a beta of 0.69.

Chesapeake Utilities (NYSE:CPK) last posted 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. Chesapeake Utilities had a net margin of 15.11% and a return on equity of 9.53%. The company had revenue of $353.10 million during the quarter, compared to analysts’ expectations of $339.86 million. During the same quarter in the previous year, the business posted $2.22 EPS. The firm’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. As a group, equities research analysts predict that Chesapeake Utilities Corporation will post 6.46 earnings per share for the current fiscal year.

Chesapeake Utilities Increases Dividend

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

Insider Buying and Selling at Chesapeake Utilities

In related news, CEO Jeffry M. Householder sold 10,000 shares of the business’s stock in a transaction on 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 completion of 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. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Kevin J. Webber sold 2,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $127.37, for a total value of $254,740.00. Following the completion of the transaction, the senior vice president directly owned 12,652 shares in the company, valued at $1,611,485.24. This trade represents a 13.65% decrease in their position. The SEC filing for this sale provides additional information. 1.36% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CPK has been the subject of several research reports. Wells Fargo & Company initiated coverage on shares of Chesapeake Utilities in a research note on Tuesday, May 12th. They issued an “equal weight” rating and a $132.00 price target for the company. Barclays set a $142.00 price objective on Chesapeake Utilities and gave the company an “equal weight” rating in a research note on Monday, April 20th. Finally, Weiss Ratings raised Chesapeake Utilities from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 10th. One research 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, the stock presently has a consensus rating of “Hold” and a consensus price target of $137.00.

Chesapeake Utilities 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.