Brokerages Anticipate Chesapeake Utilities Co. (NYSE:CPK) Will Post Quarterly Sales of $170.20 Million

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Analysts predict that Chesapeake Utilities Co. (NYSE:CPK) will report sales of $170.20 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Chesapeake Utilities’ earnings, with the lowest sales estimate coming in at $163.50 million and the highest estimate coming in at $176.90 million. Chesapeake Utilities reported sales of $140.28 million during the same quarter last year, which indicates a positive year over year growth rate of 21.3%. The firm is scheduled to issue its next earnings results on Thursday, November 14th.

On average, analysts expect that Chesapeake Utilities will report full-year sales of $757.73 million for the current year, with estimates ranging from $752.00 million to $764.10 million. For the next year, analysts forecast that the business will post sales of $852.90 million, with estimates ranging from $774.00 million to $949.20 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Chesapeake Utilities.

Chesapeake Utilities (NYSE:CPK) last posted its quarterly earnings data on Thursday, August 8th. The utilities provider reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.04). Chesapeake Utilities had a net margin of 8.62% and a return on equity of 11.30%. The firm had revenue of $130.90 million during the quarter, compared to analyst estimates of $169.40 million.

CPK has been the subject of a number of analyst reports. Maxim Group restated a “buy” rating and set a $110.00 price objective (up previously from $100.00) on shares of Chesapeake Utilities in a research report on Friday, August 9th. Zacks Investment Research raised shares of Chesapeake Utilities from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a report on Tuesday, August 13th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Chesapeake Utilities in a report on Monday, June 10th. Finally, ValuEngine raised shares of Chesapeake Utilities from a “hold” rating to a “buy” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $98.81.

In related news, insider John R. Schimkaitis sold 2,500 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $94.20, for a total transaction of $235,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 2,858 shares of company stock valued at $269,292. 4.18% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of CPK. Price T Rowe Associates Inc. MD raised its holdings in Chesapeake Utilities by 1.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,281,339 shares of the utilities provider’s stock valued at $216,773,000 after acquiring an additional 43,274 shares in the last quarter. BlackRock Inc. raised its position in Chesapeake Utilities by 2.4% in the 2nd quarter. BlackRock Inc. now owns 1,353,148 shares of the utilities provider’s stock worth $128,576,000 after purchasing an additional 31,273 shares during the period. Vanguard Group Inc. raised its position in Chesapeake Utilities by 5.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,038,030 shares of the utilities provider’s stock worth $98,633,000 after purchasing an additional 52,523 shares during the period. Northern Trust Corp increased its position in shares of Chesapeake Utilities by 1.8% in the second quarter. Northern Trust Corp now owns 214,292 shares of the utilities provider’s stock valued at $20,363,000 after acquiring an additional 3,813 shares during the period. Finally, BTIM Corp. increased its position in shares of Chesapeake Utilities by 0.7% in the second quarter. BTIM Corp. now owns 165,599 shares of the utilities provider’s stock valued at $15,735,000 after acquiring an additional 1,175 shares during the period. Hedge funds and other institutional investors own 65.54% of the company’s stock.

NYSE:CPK opened at $93.63 on Thursday. Chesapeake Utilities has a 12-month low of $77.20 and a 12-month high of $96.27. The firm has a market capitalization of $1.53 billion, a P/E ratio of 28.29, a P/E/G ratio of 3.59 and a beta of 0.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.24 and a quick ratio of 0.22. The business has a 50 day simple moving average of $93.53 and a 200 day simple moving average of $92.86.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Friday, September 13th will be given a dividend of $0.405 per share. The ex-dividend date is Thursday, September 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.73%. Chesapeake Utilities’s dividend payout ratio is 48.94%.

About Chesapeake Utilities

Chesapeake Utilities Corporation, a diversified energy company, engages in regulated and unregulated energy businesses. The company operates in two segments, Regulated Energy and Unregulated Energy. The Regulated Energy segment engages in the distribution of natural gas in Delaware, Maryland, and Florida; distribution of electricity in Florida; and transmission of natural gas on the Delmarva Peninsula and in Florida.

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