Chesapeake Utilities Corp. (CPK) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Chesapeake Utilities Corp. (NYSE:CPK) from a hold rating to a buy rating in a research report released on Friday. They currently have $68.00 price target on the stock.
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 equities analysts also recently issued reports on the stock. Hilliard Lyons upgraded shares of Chesapeake Utilities Corp. from a neutral rating to a buy rating and set a $72.00 price objective on the stock in a research note on Friday, June 24th. Janney Montgomery Scott upgraded shares of Chesapeake Utilities Corp. from a neutral rating to a buy rating and increased their price objective for the company from $59.00 to $71.00 in a research note on Monday, August 8th. Finally, BB&T Corp. started coverage on shares of Chesapeake Utilities Corp. in a research note on Wednesday, June 22nd. They set a hold rating on the stock. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Chesapeake Utilities Corp. has a consensus rating of Buy and an average price target of $70.33.
Chesapeake Utilities Corp. (NYSE:CPK) opened at 61.06 on Friday. The company has a 50-day moving average of $63.36 and a 200-day moving average of $62.05. The stock has a market capitalization of $935.62 million, a price-to-earnings ratio of 22.20 and a beta of 0.24. Chesapeake Utilities Corp. has a one year low of $49.50 and a one year high of $67.88.
Chesapeake Utilities Corp. (NYSE:CPK) last issued its earnings results on Thursday, August 4th. The company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.03. The business had revenue of $102.30 million for the quarter, compared to analyst estimates of $98.90 million. Chesapeake Utilities Corp. had a net margin of 9.47% and a return on equity of 12.19%. Chesapeake Utilities Corp.’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, equities analysts forecast that Chesapeake Utilities Corp. will post $2.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.305 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.22 annualized dividend and a dividend yield of 2.00%. Chesapeake Utilities Corp.’s payout ratio is currently 44.53%.
In other news, insider John R. Schimkaitis sold 500 shares of Chesapeake Utilities Corp. stock in a transaction on Monday, September 26th. The shares were sold at an average price of $62.62, for a total transaction of $31,310.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.36% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Virginia Retirement System bought a new stake in Chesapeake Utilities Corp. during the first quarter valued at approximately $806,000. IFP Advisors Inc increased its stake in Chesapeake Utilities Corp. by 3.9% in the first quarter. IFP Advisors Inc now owns 3,035 shares of the company’s stock valued at $191,000 after buying an additional 114 shares during the last quarter. CIBC World Markets Inc. bought a new stake in Chesapeake Utilities Corp. during the first quarter valued at approximately $236,000. TIAA CREF Investment Management LLC increased its stake in Chesapeake Utilities Corp. by 1.4% in the first quarter. TIAA CREF Investment Management LLC now owns 62,515 shares of the company’s stock valued at $3,937,000 after buying an additional 886 shares during the last quarter. Finally, Teachers Advisors Inc. increased its stake in Chesapeake Utilities Corp. by 401.1% in the first quarter. Teachers Advisors Inc. now owns 157,649 shares of the company’s stock valued at $9,927,000 after buying an additional 126,191 shares during the last quarter. Institutional investors and hedge funds 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.
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