Chesapeake Utilities (NYSE:CPK) Sets New 52-Week High on Analyst Upgrade

Chesapeake Utilities Co. (NYSE:CPK)’s share price 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 changing hands. The stock had previously closed at $132.32.

A number of other brokerages also recently weighed in on CPK. StockNews.com raised shares of Chesapeake Utilities from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Barclays raised their price target on shares of Chesapeake Utilities from $118.00 to $124.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $123.00.

Hedge Funds Weigh In On Chesapeake Utilities

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new position in shares of Chesapeake Utilities in the 3rd quarter valued at $182,000. Anchor Investment Management LLC lifted its stake in Chesapeake Utilities by 5.7% in the third quarter. Anchor Investment Management LLC now owns 23,473 shares of the utilities provider’s stock valued at $2,915,000 after buying an additional 1,270 shares during the period. Geode Capital Management LLC boosted its holdings in Chesapeake Utilities by 1.6% during the third quarter. Geode Capital Management LLC now owns 516,586 shares of the utilities provider’s stock worth $64,157,000 after buying an additional 8,358 shares during the last quarter. Barclays PLC grew its position in shares of Chesapeake Utilities by 342.4% during the 3rd quarter. Barclays PLC now owns 37,048 shares of the utilities provider’s stock worth $4,600,000 after buying an additional 28,673 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Chesapeake Utilities in the 3rd quarter valued at about $390,000. 83.11% of the stock is owned by institutional investors.

Chesapeake Utilities Stock Down 1.8 %

The business’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 price-to-earnings ratio of 26.48 and a beta of 0.61. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.32 and a current ratio of 0.38.

Chesapeake Utilities Dividend Announcement

The company also recently declared 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. This represents a $2.56 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Monday, December 16th. Chesapeake Utilities’s dividend payout ratio (DPR) 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.