Chesapeake Utilities (NYSE:CPK) Hits New 1-Year High at $121.14

Chesapeake Utilities Co. (NYSE:CPK)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $121.14 and last traded at $120.51, with a volume of 8537 shares traded. The stock had previously closed at $119.57.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CPK. Wells Fargo & Company increased their price objective on Chesapeake Utilities from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Friday, May 10th. Barclays increased their target price on shares of Chesapeake Utilities from $111.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 13th. One 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $111.20.

Chesapeake Utilities Price Performance

The company has a debt-to-equity ratio of 0.91, a current ratio of 0.38 and a quick ratio of 0.32. The stock has a 50 day simple moving average of $114.95 and a two-hundred day simple moving average of $109.15. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 24.86 and a beta of 0.60.

Chesapeake Utilities (NYSE:CPK) last announced its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.86 earnings per share 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 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 firm posted $0.90 EPS. The company’s revenue was up 22.6% compared to the same quarter last year. On average, equities research analysts predict that Chesapeake Utilities Co. will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.64 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.16%. Chesapeake Utilities’s dividend payout ratio is currently 53.78%.

Insider Activity

In related news, Director Paul L. Maddock, Jr. sold 9,634 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was 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 $949,702.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.68% of the company’s stock.

Hedge Funds Weigh In On Chesapeake Utilities

Several large investors have recently modified their holdings of the business. Dana Investment Advisors Inc. raised its holdings in Chesapeake Utilities by 2.3% in the 2nd quarter. Dana Investment Advisors Inc. now owns 11,892 shares of the utilities provider’s stock valued at $1,263,000 after buying an additional 268 shares during the period. Algert Global LLC purchased a new stake in shares of Chesapeake Utilities in the 2nd quarter valued at approximately $238,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Chesapeake Utilities by 6.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,955 shares of the utilities provider’s stock worth $1,270,000 after acquiring an additional 677 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Chesapeake Utilities by 409.4% in the 2nd quarter. Squarepoint Ops LLC now owns 13,580 shares of the utilities provider’s stock worth $1,442,000 after acquiring an additional 10,914 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its position in shares of Chesapeake Utilities by 7.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 48,980 shares of the utilities provider’s stock worth $5,202,000 after purchasing an additional 3,403 shares during the period. Institutional investors and hedge funds 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.