Chesapeake Utilities (CPK) Raised to Buy at ValuEngine

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ValuEngine upgraded shares of Chesapeake Utilities (NYSE:CPK) from a hold rating to a buy rating in a research note issued to investors on Friday.

Separately, Zacks Investment Research lowered shares of Chesapeake Utilities from a buy rating to a hold rating in a report on Tuesday, August 14th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $88.00.

CPK stock opened at $85.20 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.27 and a current ratio of 0.30. Chesapeake Utilities has a 52 week low of $66.35 and a 52 week high of $87.25. The firm has a market cap of $1.33 billion, a P/E ratio of 29.47, a price-to-earnings-growth ratio of 3.87 and a beta of 0.10.

Chesapeake Utilities (NYSE:CPK) last released its earnings results on Thursday, August 9th. The utilities provider reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by ($0.03). Chesapeake Utilities had a net margin of 9.68% and a return on equity of 10.75%. The business had revenue of $136.66 million for the quarter, compared to the consensus estimate of $140.85 million. research analysts expect that Chesapeake Utilities will post 3.5 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Friday, September 14th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Thursday, September 13th. Chesapeake Utilities’s dividend payout ratio (DPR) is presently 51.21%.

In other Chesapeake Utilities news, insider John R. Schimkaitis sold 2,500 shares of the firm’s stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $79.10, for a total value of $197,750.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Stephen C. Thompson sold 988 shares of the firm’s stock in a transaction on Thursday, June 21st. The stock was sold at an average price of $77.99, for a total transaction of $77,054.12. Following the completion of the sale, the insider now directly owns 73,605 shares in the company, valued at approximately $5,740,453.95. The disclosure for this sale can be found here. In the last three months, insiders sold 19,839 shares of company stock worth $1,549,674. Insiders own 4.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Bank of America Corp DE grew its holdings in Chesapeake Utilities by 72.6% in the 2nd quarter. Bank of America Corp DE now owns 15,887 shares of the utilities provider’s stock worth $1,270,000 after acquiring an additional 6,682 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Chesapeake Utilities by 9.3% in the 2nd quarter. Renaissance Technologies LLC now owns 341,300 shares of the utilities provider’s stock worth $27,287,000 after acquiring an additional 29,100 shares during the last quarter. BlueMountain Capital Management LLC grew its holdings in Chesapeake Utilities by 78.8% in the 2nd quarter. BlueMountain Capital Management LLC now owns 14,363 shares of the utilities provider’s stock worth $1,148,000 after acquiring an additional 6,330 shares during the last quarter. United Services Automobile Association bought a new stake in Chesapeake Utilities in the 2nd quarter worth $209,000. Finally, Citadel Advisors LLC grew its holdings in Chesapeake Utilities by 37.2% in the 2nd quarter. Citadel Advisors LLC now owns 51,803 shares of the utilities provider’s stock worth $4,141,000 after acquiring an additional 14,036 shares during the last quarter. 64.22% of the stock is currently owned by institutional investors and hedge funds.

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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