A number of other research analysts have also recently weighed in on CPK. Guggenheim dropped their target price on shares of Chesapeake Utilities from $112.00 to $99.00 in a research note on Monday, October 9th. Royal Bank of Canada raised Chesapeake Utilities from a sector perform rating to an outperform rating and increased their price objective for the company from $111.00 to $123.00 in a report on Wednesday, January 10th. Wells Fargo & Company upgraded Chesapeake Utilities from an underweight rating to an equal weight rating and lowered their target price for the company from $115.00 to $100.00 in a research note on Monday, October 16th. LADENBURG THALM/SH SH initiated coverage on Chesapeake Utilities in a research note on Thursday, October 12th. They set a buy rating and a $100.00 price target for the company. Finally, TheStreet cut Chesapeake Utilities from a b- rating to a c+ rating in a research note on Friday, October 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Chesapeake Utilities has a consensus rating of Hold and an average price target of $105.50.
Chesapeake Utilities Stock Performance
Chesapeake Utilities (NYSE:CPK – Get Free Report) last announced its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.09. The firm had revenue of $131.55 million during the quarter, compared to the consensus estimate of $128.10 million. Chesapeake Utilities had a return on equity of 10.62% and a net margin of 13.09%. As a group, sell-side analysts forecast that Chesapeake Utilities will post 5.16 earnings per share for the current year.
Chesapeake Utilities Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Friday, December 15th were paid a dividend of $0.59 per share. The ex-dividend date was Thursday, December 14th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.34%. Chesapeake Utilities’s payout ratio is 47.77%.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC boosted its position in shares of Chesapeake Utilities by 132.8% in the second quarter. Quadrant Capital Group LLC now owns 270 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 154 shares during the period. Point72 Middle East FZE bought a new position in Chesapeake Utilities in the 4th quarter valued at $48,000. NBC Securities Inc. purchased a new position in shares of Chesapeake Utilities during the 3rd quarter valued at $52,000. Fifth Third Bancorp increased its holdings in shares of Chesapeake Utilities by 198.4% in the second quarter. Fifth Third Bancorp now owns 576 shares of the utilities provider’s stock worth $69,000 after purchasing an additional 383 shares during the period. Finally, Larson Financial Group LLC purchased a new stake in shares of Chesapeake Utilities in the third quarter worth $59,000. Hedge funds and other institutional investors own 74.80% 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 natural gas distribution operations in central and southern Delaware, Maryland's eastern shore, and Florida; regulated natural gas transmission in the Delmarva Peninsula, Ohio, and Florida; and regulated electric distribution in northeast and northwest Florida.
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