Chesapeake Utilities Corp. (CPK) Coverage Initiated at Wells Fargo & Co.
Research analysts at Wells Fargo & Co. initiated coverage on shares of Chesapeake Utilities Corp. (NYSE:CPK) in a note issued to investors on Tuesday. The firm set a “market perform” rating on the stock.
A number of other equities analysts have also recently commented on CPK. Zacks Investment Research cut shares of Chesapeake Utilities Corp. from a “hold” rating to a “sell” rating in a research note on Monday. Janney Montgomery Scott raised shares of Chesapeake Utilities Corp. from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $59.00 to $71.00 in a research note on Monday, August 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $70.33.
Shares of Chesapeake Utilities Corp. (NYSE:CPK) opened at 64.80 on Tuesday. The stock’s 50 day moving average is $62.82 and its 200-day moving average is $62.51. The stock has a market cap of $1.06 billion, a PE ratio of 23.98 and a beta of 0.19. Chesapeake Utilities Corp. has a 12-month low of $51.44 and a 12-month high of $68.00.
Chesapeake Utilities Corp. (NYSE:CPK) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by $0.11. Chesapeake Utilities Corp. had a return on equity of 11.34% and a net margin of 8.98%. The firm had revenue of $108.35 million for the quarter, compared to analysts’ expectations of $100.70 million. During the same period in the prior year, the firm posted $0.33 earnings per share. Chesapeake Utilities Corp.’s revenue for the quarter was up 17.5% on a year-over-year basis. Equities analysts expect that Chesapeake Utilities Corp. will post $2.87 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 5th. Investors of record on Thursday, December 15th will be issued a dividend of $0.305 per share. The ex-dividend date is Tuesday, December 13th. This represents a $1.22 dividend on an annualized basis and a yield of 1.88%. Chesapeake Utilities Corp.’s payout ratio is 45.19%.
In related news, insider John R. Schimkaitis sold 500 shares of Chesapeake Utilities Corp. stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $62.62, for a total transaction of $31,310.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.36% of the company’s stock.
Large investors have recently made changes to their positions in the stock. BlackRock Group LTD raised its stake in shares of Chesapeake Utilities Corp. by 19.9% in the first quarter. BlackRock Group LTD now owns 11,990 shares of the company’s stock worth $755,000 after buying an additional 1,989 shares during the last quarter. Park National Corp OH acquired a new stake in Chesapeake Utilities Corp. during the second quarter valued at approximately $407,000. First Manhattan Co. raised its stake in Chesapeake Utilities Corp. by 2.0% in the second quarter. First Manhattan Co. now owns 77,025 shares of the company’s stock valued at $5,097,000 after buying an additional 1,522 shares in the last quarter. Telemus Capital LLC acquired a new stake in Chesapeake Utilities Corp. during the second quarter valued at approximately $203,000. Finally, Gray Financial Group GA ADV ADV acquired a new stake in Chesapeake Utilities Corp. during the second quarter valued at approximately $278,000. Institutional investors own 57.15% 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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