PNC Financial Services Group Inc. Trims Position in Chesapeake Utilities Co. (NYSE:CPK)

PNC Financial Services Group Inc. trimmed its position in shares of Chesapeake Utilities Co. (NYSE:CPK) by 2.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,066 shares of the utilities provider’s stock after selling 313 shares during the period. PNC Financial Services Group Inc. owned 0.06% of Chesapeake Utilities worth $1,707,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Chesapeake Utilities during the fourth quarter worth about $5,110,000. Arizona State Retirement System boosted its stake in Chesapeake Utilities by 1.6% in the 4th quarter. Arizona State Retirement System now owns 6,516 shares of the utilities provider’s stock worth $791,000 after purchasing an additional 103 shares during the period. Proficio Capital Partners LLC purchased a new stake in Chesapeake Utilities during the 4th quarter valued at approximately $1,399,000. Keybank National Association OH raised its position in shares of Chesapeake Utilities by 4.5% during the fourth quarter. Keybank National Association OH now owns 4,652 shares of the utilities provider’s stock valued at $565,000 after buying an additional 201 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Chesapeake Utilities by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 269,886 shares of the utilities provider’s stock worth $32,751,000 after buying an additional 10,822 shares in the last quarter. Hedge funds and other institutional investors own 83.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CPK shares. Guggenheim raised their target price on shares of Chesapeake Utilities from $118.00 to $129.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. StockNews.com raised Chesapeake Utilities from a “sell” rating to a “hold” rating in a report on Friday, March 7th.

Chesapeake Utilities Price Performance

CPK stock opened at $127.08 on Friday. Chesapeake Utilities Co. has a 52 week low of $98.32 and a 52 week high of $134.20. The firm has a market capitalization of $2.92 billion, a P/E ratio of 25.78 and a beta of 0.60. The company has a fifty day simple moving average of $123.56 and a two-hundred day simple moving average of $123.26. The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.87.

Chesapeake Utilities (NYSE:CPK) last released its quarterly earnings results on Wednesday, February 26th. The utilities provider reported $1.63 EPS for the quarter, missing the consensus estimate of $1.67 by ($0.04). Chesapeake Utilities had a return on equity of 9.08% and a net margin of 14.16%. The company had revenue of $215.00 million during the quarter, compared to analysts’ expectations of $237.84 million. During the same quarter in the prior year, the business posted $1.64 EPS. Analysts anticipate that Chesapeake Utilities Co. will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a $0.64 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.56 dividend on an annualized basis and a yield of 2.01%. Chesapeake Utilities’s dividend payout ratio is presently 48.58%.

Chesapeake Utilities Company Profile

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.