Chesapeake Utilities Corporation (CPK) Rating Increased to Buy at Zacks Investment Research
Chesapeake Utilities Corporation (NYSE:CPK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $90.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.73% from the stock’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. “
Several other equities analysts have also weighed in on CPK. BidaskClub upgraded Chesapeake Utilities Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Sidoti initiated coverage on Chesapeake Utilities Corporation in a research note on Wednesday, October 18th. They issued a “neutral” rating and a $85.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $76.40.
Chesapeake Utilities Corporation (NYSE CPK) opened at $80.55 on Tuesday. The firm has a market capitalization of $1,338.61, a PE ratio of 30.45, a price-to-earnings-growth ratio of 4.79 and a beta of 0.25. Chesapeake Utilities Corporation has a 52 week low of $63.00 and a 52 week high of $82.15. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.39 and a current ratio of 0.44.
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Several institutional investors have recently made changes to their positions in CPK. Teachers Advisors LLC increased its stake in shares of Chesapeake Utilities Corporation by 0.4% in the 1st quarter. Teachers Advisors LLC now owns 203,879 shares of the utilities provider’s stock valued at $14,108,000 after purchasing an additional 757 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Chesapeake Utilities Corporation by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 838,531 shares of the utilities provider’s stock valued at $58,026,000 after purchasing an additional 56,078 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Chesapeake Utilities Corporation by 3.0% in the 1st quarter. Geode Capital Management LLC now owns 122,612 shares of the utilities provider’s stock valued at $8,484,000 after purchasing an additional 3,531 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Chesapeake Utilities Corporation by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 522,016 shares of the utilities provider’s stock valued at $36,123,000 after purchasing an additional 8,450 shares in the last quarter. Finally, KCG Holdings Inc. purchased a new position in shares of Chesapeake Utilities Corporation in the 1st quarter valued at about $319,000. Hedge funds and other institutional investors own 60.38% of the company’s stock.
About Chesapeake Utilities Corporation
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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