Victory Capital Management Inc. Buys 78,613 Shares of Chesapeake Utilities Co. (NYSE:CPK)

Victory Capital Management Inc. grew its stake in shares of Chesapeake Utilities Co. (NYSE:CPK) by 170.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 124,716 shares of the utilities provider’s stock after buying an additional 78,613 shares during the quarter. Victory Capital Management Inc. owned 0.56% of Chesapeake Utilities worth $13,245,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CPK. Fortis Group Advisors LLC boosted its stake in Chesapeake Utilities by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 292 shares of the utilities provider’s stock worth $31,000 after buying an additional 146 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Chesapeake Utilities during the 4th quarter valued at $41,000. GAMMA Investing LLC raised its position in Chesapeake Utilities by 180.1% in the 2nd quarter. GAMMA Investing LLC now owns 633 shares of the utilities provider’s stock worth $67,000 after purchasing an additional 407 shares during the period. Fifth Third Bancorp lifted its stake in Chesapeake Utilities by 17.7% in the second quarter. Fifth Third Bancorp now owns 765 shares of the utilities provider’s stock worth $81,000 after purchasing an additional 115 shares during the last quarter. Finally, Spirit of America Management Corp NY boosted its position in Chesapeake Utilities by 81.8% during the second quarter. Spirit of America Management Corp NY now owns 1,000 shares of the utilities provider’s stock valued at $106,000 after buying an additional 450 shares during the period. 83.11% of the stock is currently owned by hedge funds and other institutional investors.

Chesapeake Utilities Stock Performance

Shares of NYSE:CPK opened at $122.51 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.32 and a debt-to-equity ratio of 0.91. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 25.74 and a beta of 0.60. Chesapeake Utilities Co. has a 12 month low of $83.79 and a 12 month high of $123.43. The company has a 50-day moving average price of $116.27 and a 200-day moving average price of $109.74.

Chesapeake Utilities (NYSE:CPK) last released its quarterly earnings data on Thursday, August 8th. The utilities provider reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.02). Chesapeake Utilities had a return on equity of 9.51% and a net margin of 13.61%. The business had revenue of $166.30 million during the quarter, compared to analysts’ expectations of $194.70 million. During the same quarter last year, the business posted $0.90 EPS. The company’s quarterly revenue was up 22.6% compared to the same quarter last year. As a group, equities analysts anticipate that Chesapeake Utilities Co. will post 5.39 EPS for the current year.

Chesapeake Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.56 annualized dividend and a yield of 2.09%. Chesapeake Utilities’s dividend payout ratio (DPR) is presently 53.78%.

Wall Street Analyst Weigh In

Separately, Barclays boosted their target price on Chesapeake Utilities from $111.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Chesapeake Utilities presently has an average rating of “Hold” and an average target price of $111.20.

Insider Transactions at Chesapeake Utilities

In related news, Director Paul L. Maddock, Jr. sold 9,634 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $113.56, for a total transaction of $1,094,037.04. Following the transaction, the director now owns 8,363 shares in the company, valued at $949,702.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.68% of the company’s stock.

Chesapeake Utilities 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.