Chesapeake Utilities Co. (NYSE:CPK) Sees Significant Decrease in Short Interest

Chesapeake Utilities Co. (NYSE:CPK) was the recipient of a significant decline in short interest in October. As of October 15th, there was short interest totalling 373,200 shares, a decline of 34.9% from the September 30th total of 573,700 shares. Based on an average trading volume of 94,100 shares, the days-to-cover ratio is currently 4.0 days.

Chesapeake Utilities Stock Up 0.4 %

NYSE CPK traded up $0.44 on Friday, reaching $120.65. The company had a trading volume of 72,339 shares, compared to its average volume of 114,266. The stock has a market capitalization of $2.69 billion, a P/E ratio of 25.35 and a beta of 0.61. The company’s fifty day moving average is $119.98 and its 200 day moving average is $113.38. Chesapeake Utilities has a 52-week low of $83.79 and a 52-week high of $125.34. The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.91.

Chesapeake Utilities (NYSE:CPK) last announced its earnings results on Thursday, August 8th. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.02). Chesapeake Utilities had a net margin of 13.61% and a return on equity of 9.51%. The business had revenue of $166.30 million for the quarter, compared to analysts’ expectations of $194.70 million. During the same period in the prior year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was up 22.6% compared to the same quarter last year. Sell-side analysts anticipate that Chesapeake Utilities will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were paid a $0.64 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.56 annualized dividend and a yield of 2.12%. Chesapeake Utilities’s dividend payout ratio is currently 53.78%.

Analyst Upgrades and Downgrades

Separately, Barclays increased their price target on Chesapeake Utilities from $118.00 to $124.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th.

Insiders Place Their Bets

In other Chesapeake Utilities news, Director Paul L. Maddock, Jr. sold 9,634 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $113.56, for a total transaction of $1,094,037.04. Following the completion of the transaction, the director now owns 8,363 shares of the company’s stock, valued at approximately $949,702.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CPK. GAMMA Investing LLC boosted its position in shares of Chesapeake Utilities by 180.1% during the 2nd quarter. GAMMA Investing LLC now owns 633 shares of the utilities provider’s stock valued at $67,000 after acquiring an additional 407 shares during the last quarter. Fifth Third Bancorp increased its stake in Chesapeake Utilities by 17.7% in the 2nd quarter. Fifth Third Bancorp now owns 765 shares of the utilities provider’s stock worth $81,000 after purchasing an additional 115 shares during the period. nVerses Capital LLC purchased a new position in Chesapeake Utilities in the 3rd quarter worth approximately $99,000. Spirit of America Management Corp NY increased its stake in Chesapeake Utilities by 81.8% in the 2nd quarter. Spirit of America Management Corp NY now owns 1,000 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 450 shares during the period. Finally, Tradewinds Capital Management LLC increased its stake in shares of Chesapeake Utilities by 10.2% during the first quarter. Tradewinds Capital Management LLC now owns 1,084 shares of the utilities provider’s stock valued at $116,000 after buying an additional 100 shares during the period. Institutional investors own 83.11% of the company’s stock.

Chesapeake Utilities Company Profile

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.