Chesapeake Utilities (NYSE:CPK) Reaches New 52-Week High at $121.42

Chesapeake Utilities Co. (NYSE:CPK)’s stock price reached a new 52-week high on Friday . The company traded as high as $121.42 and last traded at $120.74, with a volume of 1771 shares trading hands. The stock had previously closed at $120.57.

Analyst Upgrades and Downgrades

Separately, Barclays raised their target price on shares of Chesapeake Utilities from $111.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $111.20.

Chesapeake Utilities Stock Up 2.1 %

The company has a 50 day moving average price of $115.95 and a 200-day moving average price of $109.59. The stock has a market capitalization of $2.76 billion, a PE ratio of 25.31 and a beta of 0.60. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.38 and a quick ratio of 0.32.

Chesapeake Utilities (NYSE:CPK) last issued its quarterly earnings data on Thursday, August 8th. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). The company had revenue of $166.30 million for the quarter, compared to analysts’ expectations of $194.70 million. Chesapeake Utilities had a net margin of 13.61% and a return on equity of 9.51%. The firm’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. As a group, analysts forecast that Chesapeake Utilities Co. will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be given a dividend of $0.64 per share. The ex-dividend date is Monday, September 16th. This represents a $2.56 annualized dividend and a yield of 2.08%. Chesapeake Utilities’s payout ratio is 53.78%.

Insiders Place Their Bets

In related news, Director Paul L. Maddock, Jr. sold 9,634 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $113.56, for a total value of $1,094,037.04. Following the completion of the transaction, the director now directly owns 8,363 shares in the company, valued at approximately $949,702.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its stake in shares of Chesapeake Utilities by 13.5% in the fourth quarter. Victory Capital Management Inc. now owns 9,915 shares of the utilities provider’s stock worth $1,047,000 after acquiring an additional 1,183 shares during the last quarter. Swiss National Bank grew its position in Chesapeake Utilities by 9.2% during the 4th quarter. Swiss National Bank now owns 42,750 shares of the utilities provider’s stock valued at $4,516,000 after purchasing an additional 3,600 shares during the last quarter. Amalgamated Bank increased its stake in Chesapeake Utilities by 17.6% during the 4th quarter. Amalgamated Bank now owns 8,819 shares of the utilities provider’s stock valued at $932,000 after purchasing an additional 1,321 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Chesapeake Utilities by 19.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 230,444 shares of the utilities provider’s stock worth $24,342,000 after buying an additional 36,823 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in shares of Chesapeake Utilities in the fourth quarter worth approximately $41,000. Institutional investors own 83.11% of the company’s stock.

About Chesapeake Utilities

Chesapeake Utilities Corporation operates as an energy delivery company. The company operates through two segments, Regulated Energy and Unregulated Energy. The Regulated Energy segment natural gas distribution operations in central and southern Delaware, Maryland's eastern shore, and Florida; regulated natural gas transmission in the Delmarva Peninsula, Ohio, and Florida; and regulated electric distribution in northeast and northwest Florida.