Chesapeake Utilities Corporation (CPK) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Chesapeake Utilities Corporation (NYSE:CPK) from a hold rating to a buy rating in a report released on Tuesday. They currently have $90.00 price objective on the utilities provider’s 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 research firms have also commented on CPK. BidaskClub raised Chesapeake Utilities Corporation from a hold rating to a buy rating in a report on Tuesday, July 25th. Sidoti started coverage on Chesapeake Utilities Corporation in a report on Wednesday, October 18th. They issued a neutral rating and a $85.00 target price for the company. Five 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. Chesapeake Utilities Corporation currently has an average rating of Hold and a consensus target price of $76.40.
Chesapeake Utilities Corporation (NYSE CPK) traded up $1.75 during trading on Tuesday, hitting $81.90. The company’s stock had a trading volume of 49,500 shares, compared to its average volume of 48,175. The company has a market cap of $1,310.01, a price-to-earnings ratio of 29.80, a price-to-earnings-growth ratio of 4.71 and a beta of 0.25. Chesapeake Utilities Corporation has a twelve month low of $62.30 and a twelve month high of $82.15. The company has a current ratio of 0.44, a quick ratio of 0.39 and a debt-to-equity ratio of 0.43.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 15th will be issued a $0.325 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Thursday, December 14th. Chesapeake Utilities Corporation’s payout ratio is 48.33%.
Several institutional investors have recently bought and sold shares of the business. Advisory Services Network LLC increased its holdings in shares of Chesapeake Utilities Corporation by 1.2% in the 2nd quarter. Advisory Services Network LLC now owns 2,985 shares of the utilities provider’s stock worth $224,000 after purchasing an additional 34 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Chesapeake Utilities Corporation by 2.4% in the second quarter. Legal & General Group Plc now owns 3,865 shares of the utilities provider’s stock worth $290,000 after acquiring an additional 90 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Chesapeake Utilities Corporation by 1.0% in the second quarter. The Manufacturers Life Insurance Company now owns 12,280 shares of the utilities provider’s stock worth $921,000 after acquiring an additional 127 shares during the period. Ameritas Investment Partners Inc. grew its holdings in shares of 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 worth $104,000 after acquiring an additional 148 shares during the period. Finally, Rhumbline Advisers grew its holdings in shares of Chesapeake Utilities Corporation by 1.1% in the second quarter. Rhumbline Advisers now owns 19,125 shares of the utilities provider’s stock worth $1,433,000 after acquiring an additional 202 shares during the period. 60.38% of the stock is owned by institutional investors and hedge funds.
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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