Chesapeake Utilities (NYSE:CPK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $101.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.25% from the company’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 research firms also recently commented on CPK. Maxim Group reaffirmed a “buy” rating and set a $115.00 price objective on shares of Chesapeake Utilities in a report on Friday, May 8th. Wells Fargo & Co reduced their price objective on shares of Chesapeake Utilities from $93.00 to $87.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Sidoti reduced their price objective on shares of Chesapeake Utilities from $113.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, February 27th. TheStreet raised shares of Chesapeake Utilities from a “c+” rating to a “b-” rating in a report on Friday, May 15th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $93.00 price objective on shares of Chesapeake Utilities in a report on Thursday, April 30th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $100.71.
Chesapeake Utilities (NYSE:CPK) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.03. The firm had revenue of $152.71 million during the quarter, compared to the consensus estimate of $181.90 million. Chesapeake Utilities had a net margin of 12.87% and a return on equity of 10.77%. Analysts expect that Chesapeake Utilities will post 4.01 earnings per share for the current fiscal year.
In other news, Director Thomas P. Hill, Jr. purchased 500 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was purchased at an average cost of $84.50 per share, with a total value of $42,250.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John R. Schimkaitis sold 2,500 shares of Chesapeake Utilities stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $91.00, for a total transaction of $227,500.00. The disclosure for this sale can be found here. Company insiders own 3.14% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sunbelt Securities Inc. acquired a new stake in Chesapeake Utilities in the 4th quarter valued at about $2,549,000. Cambridge Investment Research Advisors Inc. increased its position in Chesapeake Utilities by 2.8% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 4,254 shares of the utilities provider’s stock valued at $408,000 after acquiring an additional 117 shares in the last quarter. Amalgamated Bank increased its position in Chesapeake Utilities by 5.1% in the 4th quarter. Amalgamated Bank now owns 2,973 shares of the utilities provider’s stock valued at $285,000 after acquiring an additional 143 shares in the last quarter. Raymond James & Associates increased its position in Chesapeake Utilities by 6.2% in the 1st quarter. Raymond James & Associates now owns 2,468 shares of the utilities provider’s stock valued at $212,000 after acquiring an additional 145 shares in the last quarter. Finally, FMR LLC increased its position in Chesapeake Utilities by 13.3% in the 4th quarter. FMR LLC now owns 1,268 shares of the utilities provider’s stock valued at $121,000 after acquiring an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 68.08% of the company’s stock.
Chesapeake Utilities Company Profile
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.
Recommended Story: Quiet Period Expirations
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chesapeake Utilities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chesapeake Utilities and related companies with MarketBeat.com's FREE daily email newsletter.