Chesapeake Utilities Corp. (NYSE:CPK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $68.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 13.03% from the stock’s previous close.
According to Zacks, “Chesapeake Utilities Corporation is a utility company engaged in natural gas distribution and transmission, propane distribution and marketing, advanced information services and other related businesses.Chesapeake’s three natural gas distribution divisions serve residential, commercial and industrial customers in southern Delaware, Maryland’s Eastern Shore and Florida. The Company’s natural gas transmission subsidiary operates an interstate pipeline system that transports gas from various points in Pennsylvania to Delaware and Maryland distribution divisions. “
A number of other brokerages have also commented on CPK. Janney Montgomery Scott upgraded Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and upped their price target for the stock from $59.00 to $71.00 in a report on Monday, August 8th. BB&T Corp. began coverage on Chesapeake Utilities Corp. in a research note on Wednesday, June 22nd. They issued a “hold” rating for the company. Finally, Hilliard Lyons upgraded Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Friday, June 24th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $70.33.
Shares of Chesapeake Utilities Corp. (NYSE:CPK) opened at 60.16 on Friday. The company’s 50 day moving average is $63.16 and its 200-day moving average is $62.07. The company has a market capitalization of $921.83 million, a PE ratio of 21.87 and a beta of 0.24. Chesapeake Utilities Corp. has a 52 week low of $49.50 and a 52 week high of $67.88.
Chesapeake Utilities Corp. (NYSE:CPK) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. Chesapeake Utilities Corp. had a return on equity of 12.19% and a net margin of 9.47%. The company earned $102.30 million during the quarter, compared to analyst estimates of $98.90 million. Chesapeake Utilities Corp.’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, analysts expect that Chesapeake Utilities Corp. will post $2.95 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 5th. Shareholders of record on Thursday, September 15th will be given a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Tuesday, September 13th. Chesapeake Utilities Corp.’s dividend payout ratio (DPR) is 44.53%.
In other Chesapeake Utilities Corp. news, insider John R. Schimkaitis sold 500 shares of the company’s stock in a transaction on Monday, September 26th. The stock was sold at an average price of $62.62, for a total value of $31,310.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.36% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in CPK. Dimensional Fund Advisors LP boosted its stake in shares of Chesapeake Utilities Corp. by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 498,901 shares of the company’s stock worth $33,016,000 after buying an additional 7,278 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Chesapeake Utilities Corp. by 7.6% in the second quarter. Bank of New York Mellon Corp now owns 446,259 shares of the company’s stock valued at $29,533,000 after buying an additional 31,665 shares during the last quarter. Energy Income Partners LLC boosted its stake in shares of Chesapeake Utilities Corp. by 87.4% in the first quarter. Energy Income Partners LLC now owns 431,779 shares of the company’s stock valued at $27,189,000 after buying an additional 201,414 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Chesapeake Utilities Corp. by 1.5% in the first quarter. Renaissance Technologies LLC now owns 262,450 shares of the company’s stock valued at $16,526,000 after buying an additional 3,950 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in shares of Chesapeake Utilities Corp. by 12.6% in the second quarter. Glenmede Trust Co. NA now owns 216,638 shares of the company’s stock valued at $14,336,000 after buying an additional 24,205 shares during the last quarter. Hedge funds and other institutional investors own 56.72% of the company’s stock.
About Chesapeake Utilities Corp.
Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company, through its operating divisions and subsidiaries, is engaged in regulated and unregulated energy businesses. It provides natural gas distribution and transmission, natural gas supply, gathering and processing, electric distribution and propane distribution service.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chesapeake Utilities Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chesapeake Utilities Corp. and related companies with MarketBeat.com's FREE daily email newsletter.