Chesapeake Utilities Co. (NYSE:CPK – Get Rating) declared a quarterly dividend on Thursday, August 4th, Zacks reports. Investors of record on Thursday, September 15th will be paid a dividend of 0.535 per share by the utilities provider on Wednesday, October 5th. This represents a $2.14 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Wednesday, September 14th.
Chesapeake Utilities has a dividend payout ratio of 38.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Chesapeake Utilities to earn $5.46 per share next year, which means the company should continue to be able to cover its $2.14 annual dividend with an expected future payout ratio of 39.2%.
Chesapeake Utilities Stock Down 0.8 %
NYSE CPK traded down $1.02 on Friday, hitting $132.72. 56,831 shares of the stock were exchanged, compared to its average volume of 56,082. The company has a quick ratio of 0.48, a current ratio of 0.50 and a debt-to-equity ratio of 0.72. Chesapeake Utilities has a fifty-two week low of $117.43 and a fifty-two week high of $146.30. The company has a market cap of $2.35 billion, a PE ratio of 26.39 and a beta of 0.56. The company has a 50-day moving average price of $128.47 and a 200-day moving average price of $131.58.
Wall Street Analysts Forecast Growth
Separately, Wells Fargo & Company raised their price target on shares of Chesapeake Utilities from $120.00 to $128.00 in a report on Thursday, May 5th.
Insider Transactions at Chesapeake Utilities
In other Chesapeake Utilities news, insider John R. Schimkaitis sold 2,500 shares of the stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $129.75, for a total value of $324,375.00. Following the completion of the sale, the insider now directly owns 85,516 shares in the company, valued at $11,095,701. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.58% of the company’s stock.
Institutional Investors Weigh In On Chesapeake Utilities
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James & Associates lifted its position in shares of Chesapeake Utilities by 2.1% during the first quarter. Raymond James & Associates now owns 3,965 shares of the utilities provider’s stock worth $546,000 after acquiring an additional 83 shares in the last quarter. Rhumbline Advisers increased its position in shares of Chesapeake Utilities by 0.7% during the first quarter. Rhumbline Advisers now owns 47,960 shares of the utilities provider’s stock valued at $6,607,000 after acquiring an additional 333 shares in the last quarter. Yousif Capital Management LLC increased its position in shares of Chesapeake Utilities by 2.4% during the first quarter. Yousif Capital Management LLC now owns 16,410 shares of the utilities provider’s stock valued at $2,261,000 after acquiring an additional 380 shares in the last quarter. Bank of Montreal Can grew its position in Chesapeake Utilities by 3.6% in the 1st quarter. Bank of Montreal Can now owns 12,012 shares of the utilities provider’s stock worth $1,667,000 after purchasing an additional 413 shares during the period. Finally, Citigroup Inc. grew its position in shares of Chesapeake Utilities by 8.3% during the 1st quarter. Citigroup Inc. now owns 15,453 shares of the utilities provider’s stock valued at $2,130,000 after acquiring an additional 1,186 shares during the period. Institutional investors own 74.21% of the company’s stock.
About Chesapeake Utilities
Chesapeake Utilities Corporation operates as an energy delivery company. The company operates through two segments, Regulated Energy and Unregulated Energy. The Regulated Energy segment engages in the natural gas distribution operations in central and southern Delaware, Maryland's eastern shore, and Florida; regulated natural gas transmission in the Delmarva Peninsula and Florida; and regulated electric distribution in northeast and northwest Florida.
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