Chesapeake Utilities (NYSE:CPK) Sets New 1-Year High – Here’s Why

Chesapeake Utilities Co. (NYSE:CPK) shares reached a new 52-week high on Wednesday . The company traded as high as $126.26 and last traded at $125.24, with a volume of 27967 shares changing hands. The stock had previously closed at $119.87.

Analysts Set New Price Targets

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

Chesapeake Utilities Stock Up 3.9 %

The firm has a 50 day moving average of $120.50 and a two-hundred day moving average of $114.35. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 25.62 and a beta of 0.61. 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 quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Chesapeake Utilities had a net margin of 13.61% and a return on equity of 9.51%. The firm had revenue of $166.30 million for the quarter, compared to analyst estimates of $194.70 million. During the same period in the previous year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up 22.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chesapeake Utilities Co. will post 5.39 EPS for the current fiscal year.

Chesapeake Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were issued a $0.64 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.56 dividend on an annualized basis and a yield of 2.05%. Chesapeake Utilities’s payout ratio is currently 54.70%.

Insiders Place Their Bets

In other news, Director Paul L. Maddock, Jr. sold 9,634 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $113.56, for a total transaction of $1,094,037.04. Following the completion of the sale, the director now directly owns 8,363 shares of the company’s stock, valued at $949,702.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in shares of Chesapeake Utilities by 180.1% in the second quarter. GAMMA Investing LLC now owns 633 shares of the utilities provider’s stock valued at $67,000 after purchasing an additional 407 shares during the period. Assetmark Inc. increased its holdings in Chesapeake Utilities by 19.2% during the 3rd quarter. Assetmark Inc. now owns 634 shares of the utilities provider’s stock worth $79,000 after acquiring an additional 102 shares during the period. Fifth Third Bancorp increased its holdings in Chesapeake Utilities by 17.7% during the 2nd quarter. Fifth Third Bancorp now owns 765 shares of the utilities provider’s stock worth $81,000 after acquiring an additional 115 shares during the period. nVerses Capital LLC bought a new stake in Chesapeake Utilities during the 3rd quarter worth approximately $99,000. Finally, Spirit of America Management Corp NY increased its holdings in shares of 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 buying an additional 450 shares during the last quarter. 83.11% of the stock is currently owned by hedge funds and other institutional investors.

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.