Chesapeake Utilities (NYSE:CPK) Cut to Sell at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen downgraded shares of Chesapeake Utilities (NYSE:CPK – Free Report) from a hold rating to a sell rating in a research note published on Saturday.

CPK has been the subject of several other research reports. Weiss Ratings upgraded Chesapeake Utilities from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 10th. Wells Fargo & Company began coverage on Chesapeake Utilities in a report on Tuesday, May 12th. They issued an “equal weight” rating and a $132.00 target price for the company. Finally, Barclays set a $142.00 target price on shares of Chesapeake Utilities and gave the stock an “equal weight” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Chesapeake Utilities has an average rating of “Hold” and an average target price of $137.00.

Read Our Latest Report on CPK

Chesapeake Utilities Price Performance

Shares of CPK opened at $133.99 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.39 and a debt-to-equity ratio of 0.80. The stock’s 50 day moving average is $126.65 and its two-hundred day moving average is $128.01. Chesapeake Utilities has a twelve month low of $118.83 and a twelve month high of $140.83. The firm has a market capitalization of $3.22 billion, a PE ratio of 21.47 and a beta of 0.68.

Chesapeake Utilities (NYSE:CPK – Get Free Report) last issued its earnings results on Wednesday, May 6th. The utilities provider reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.09. The business had revenue of $353.10 million during the quarter, compared to the consensus estimate of $339.86 million. Chesapeake Utilities had a return on equity of 9.53% and a net margin of 15.11%.The company’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.22 EPS. Chesapeake Utilities has set its FY 2028 guidance at 7.750-8.00 EPS. Research analysts anticipate that Chesapeake Utilities will post 6.46 earnings per share for the current year.

Chesapeake Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Monday, June 15th were paid a dividend of $0.735 per share. This is a positive change from Chesapeake Utilities’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.2%. Chesapeake Utilities’s dividend payout ratio is 47.12%.

Insider Buying and Selling

In other Chesapeake Utilities news, CEO Jeffry M. Householder sold 10,000 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $126.12, for a total transaction of $1,261,200.00. Following the sale, the chief executive officer owned 63,001 shares in the company, valued at approximately $7,945,686.12. This represents a 13.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kevin J. Webber sold 2,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $127.37, for a total value of $254,740.00. Following the transaction, the senior vice president directly owned 12,652 shares of the company’s stock, valued at $1,611,485.24. The trade was a 13.65% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.36% of the stock is currently owned by corporate insiders.

Institutional Trading of Chesapeake Utilities

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. lifted its holdings in Chesapeake Utilities by 292.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 164 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Chesapeake Utilities by 94.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 222 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 108 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Chesapeake Utilities by 66.1% during the third quarter. CIBC Private Wealth Group LLC now owns 274 shares of the utilities provider’s stock worth $37,000 after buying an additional 109 shares in the last quarter. Entrust Financial LLC purchased a new stake in shares of Chesapeake Utilities during the fourth quarter worth about $37,000. Finally, Versant Capital Management Inc raised its position in shares of Chesapeake Utilities by 38.8% in the second quarter. Versant Capital Management Inc now owns 304 shares of the utilities provider’s stock valued at $37,000 after buying an additional 85 shares during the last quarter. Hedge funds and other institutional investors own 83.11% of the company’s stock.

Chesapeake Utilities Company Profile

(Get Free Report)

Chesapeake Utilities Corporation (NYSE: CPK) is a diversified energy services holding company headquartered in Dover, Delaware. Through its operating subsidiaries, the company engages in natural gas distribution, transmission and storage; propane distribution; wholesale propane supply; and contract compression and natural gas liquids processing. Its core mission is to provide safe, reliable and cost-effective energy solutions to residential, commercial and industrial customers across multiple U.S.

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