Brokerages Expect Chesapeake Utilities Corporation (CPK) Will Post Quarterly Sales of $123.65 Million
Brokerages forecast that Chesapeake Utilities Corporation (NYSE:CPK) will announce sales of $123.65 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Chesapeake Utilities Corporation’s earnings, with estimates ranging from $117.50 million to $129.80 million. Chesapeake Utilities Corporation reported sales of $108.35 million in the same quarter last year, which indicates a positive year-over-year growth rate of 14.1%. The firm is scheduled to announce its next quarterly earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that Chesapeake Utilities Corporation will report full year sales of $123.65 million for the current financial year, with estimates ranging from $570.00 million to $593.30 million. For the next fiscal year, analysts forecast that the company will post sales of $636.05 million per share, with estimates ranging from $629.50 million to $642.60 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Chesapeake Utilities Corporation.
Chesapeake Utilities Corporation (NYSE:CPK) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by $0.18. Chesapeake Utilities Corporation had a return on equity of 9.18% and a net margin of 7.40%. The firm had revenue of $125.08 million during the quarter, compared to analyst estimates of $116.50 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was up 22.2% on a year-over-year basis.
A number of equities research analysts have recently issued reports on CPK shares. BidaskClub upgraded shares of Chesapeake Utilities Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded shares of Chesapeake Utilities Corporation from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $72.25.
In other Chesapeake Utilities Corporation news, CEO P. Mcmasters Michael sold 5,500 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $74.56, for a total value of $410,080.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 5.36% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. raised its position in Chesapeake Utilities Corporation by 11.9% in the second quarter. Ameritas Investment Partners Inc. now owns 1,388 shares of the utilities provider’s stock valued at $104,000 after buying an additional 148 shares in the last quarter. Victory Capital Management Inc. raised its position in Chesapeake Utilities Corporation by 36.7% in the first quarter. Victory Capital Management Inc. now owns 2,265 shares of the utilities provider’s stock valued at $157,000 after buying an additional 608 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Chesapeake Utilities Corporation by 255.9% in the first quarter. BNP Paribas Arbitrage SA now owns 2,744 shares of the utilities provider’s stock valued at $190,000 after buying an additional 1,973 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Chesapeake Utilities Corporation by 1.7% in the first quarter. Envestnet Asset Management Inc. now owns 2,812 shares of the utilities provider’s stock valued at $194,000 after buying an additional 46 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Chesapeake Utilities Corporation during the first quarter valued at approximately $204,000. Hedge funds and other institutional investors own 61.34% of the company’s stock.
Chesapeake Utilities Corporation (NYSE CPK) opened at 79.70 on Wednesday. The stock’s 50 day moving average price is $77.96 and its 200 day moving average price is $72.95. Chesapeake Utilities Corporation has a one year low of $57.63 and a one year high of $81.10. The firm has a market capitalization of $1.30 billion, a PE ratio of 30.99 and a beta of 0.27.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Friday, September 15th will be paid a $0.325 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.30 annualized dividend and a yield of 1.63%. Chesapeake Utilities Corporation’s dividend payout ratio is presently 50.78%.
Chesapeake Utilities Corporation Company Profile
Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company operates through two segments: Regulated Energy and Unregulated Energy. The Company provides natural gas distribution and transmission; natural gas supply, gathering, processing and marketing; electric distribution and generation; propane distribution; propane and crude oil wholesale marketing; steam generation, and other energy-related services.
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