Chesapeake Utilities (NYSE:CPK) Reaches New 1-Year High on Analyst Upgrade

Chesapeake Utilities Co. (NYSE:CPK) reached a new 52-week high during mid-day trading on Monday after Guggenheim raised their price target on the stock from $118.00 to $129.00. Guggenheim currently has a neutral rating on the stock. Chesapeake Utilities traded as high as $133.00 and last traded at $133.00, with a volume of 5179 shares. The stock had previously closed at $132.32.

Other equities research analysts also recently issued research reports about the stock. Barclays increased their price objective on shares of Chesapeake Utilities from $118.00 to $124.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. StockNews.com raised Chesapeake Utilities from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $123.00.

Institutional Investors Weigh In On Chesapeake Utilities

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wedge Capital Management L L P NC increased its position in shares of Chesapeake Utilities by 33.7% in the second quarter. Wedge Capital Management L L P NC now owns 57,163 shares of the utilities provider’s stock valued at $6,071,000 after acquiring an additional 14,417 shares during the last quarter. Boston Trust Walden Corp increased its position in shares of Chesapeake Utilities by 76.1% during the 2nd quarter. Boston Trust Walden Corp now owns 274,405 shares of the utilities provider’s stock worth $29,142,000 after purchasing an additional 118,561 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Chesapeake Utilities by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 1,859,001 shares of the utilities provider’s stock worth $199,471,000 after purchasing an additional 118,878 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Chesapeake Utilities by 61.5% in the 1st quarter. Janus Henderson Group PLC now owns 275,204 shares of the utilities provider’s stock valued at $29,529,000 after buying an additional 104,850 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Chesapeake Utilities by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 489,433 shares of the utilities provider’s stock valued at $51,979,000 after buying an additional 19,100 shares in the last quarter. 83.11% of the stock is owned by institutional investors.

Chesapeake Utilities Stock Down 1.8 %

The company has a debt-to-equity ratio of 0.87, a current ratio of 0.38 and a quick ratio of 0.32. The firm’s 50 day moving average is $122.81 and its two-hundred day moving average is $116.31. The firm has a market capitalization of $2.98 billion, a P/E ratio of 26.48 and a beta of 0.61.

Chesapeake Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Monday, December 16th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 1.96%. Chesapeake Utilities’s payout ratio is 51.93%.

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.