Arizona State Retirement System Increases Holdings in Chesapeake Utilities Co. (NYSE:CPK)

Arizona State Retirement System increased its stake in shares of Chesapeake Utilities Co. (NYSE:CPK) by 4.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 6,225 shares of the utilities provider’s stock after purchasing an additional 273 shares during the period. Arizona State Retirement System’s holdings in Chesapeake Utilities were worth $661,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Fortis Group Advisors LLC increased its position in shares of Chesapeake Utilities by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 292 shares of the utilities provider’s stock valued at $31,000 after buying an additional 146 shares during the period. Principal Securities Inc. bought a new stake in Chesapeake Utilities during the 4th quarter worth approximately $41,000. GAMMA Investing LLC lifted its stake 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 in the last quarter. Fifth Third Bancorp boosted its holdings in Chesapeake Utilities by 17.7% in the 2nd quarter. Fifth Third Bancorp now owns 765 shares of the utilities provider’s stock valued at $81,000 after purchasing an additional 115 shares during the period. Finally, Spirit of America Management Corp NY grew its position in shares of Chesapeake Utilities by 81.8% during the 2nd quarter. Spirit of America Management Corp NY now owns 1,000 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 450 shares in the last quarter. Institutional investors own 83.11% of the company’s stock.

Chesapeake Utilities Stock Performance

Chesapeake Utilities stock opened at $122.55 on Monday. Chesapeake Utilities Co. has a fifty-two week low of $83.79 and a fifty-two week high of $123.43. The firm’s fifty day moving average price is $116.27 and its 200-day moving average price is $109.86. The stock has a market cap of $2.75 billion, a P/E ratio of 25.75 and a beta of 0.60. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.32 and a current ratio of 0.38.

Chesapeake Utilities (NYSE:CPK) last issued its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.02). The firm had revenue of $166.30 million for the quarter, compared to the consensus estimate of $194.70 million. Chesapeake Utilities had a return on equity of 9.51% and a net margin of 13.61%. The company’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same period last year, the firm earned $0.90 EPS. On average, equities research analysts expect that Chesapeake Utilities Co. will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Dividend Announcement

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

Analysts Set New Price Targets

Separately, Barclays lifted their price objective 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $111.20.

Insider Activity

In related news, Director Paul L. Maddock, Jr. sold 9,634 shares of Chesapeake Utilities stock in a transaction on Monday, August 12th. The shares were sold at an average price of $113.56, for a total value of $1,094,037.04. Following the transaction, the director now owns 8,363 shares in the company, valued at approximately $949,702.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.68% of the stock is owned by corporate insiders.

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.