PNC Financial Services Group Inc. Cuts Stake in Chesapeake Utilities Co. (NYSE:CPK)

PNC Financial Services Group Inc. decreased its position in Chesapeake Utilities Co. (NYSE:CPK) by 1.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,379 shares of the utilities provider’s stock after selling 152 shares during the period. PNC Financial Services Group Inc.’s holdings in Chesapeake Utilities were worth $1,785,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Assetmark Inc. lifted its holdings in Chesapeake Utilities by 19.2% in the third quarter. Assetmark Inc. now owns 634 shares of the utilities provider’s stock valued at $79,000 after acquiring an additional 102 shares during the period. Fifth Third Bancorp increased its holdings in shares of 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 in the last quarter. Creative Planning lifted its stake in shares of Chesapeake Utilities by 1.8% in the third quarter. Creative Planning now owns 7,706 shares of the utilities provider’s stock valued at $957,000 after purchasing an additional 135 shares during the period. Trust Point Inc. boosted its holdings in Chesapeake Utilities by 3.2% during the third quarter. Trust Point Inc. now owns 4,919 shares of the utilities provider’s stock worth $611,000 after buying an additional 153 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its position in Chesapeake Utilities by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 11,200 shares of the utilities provider’s stock worth $1,189,000 after buying an additional 200 shares during the period. 83.11% of the stock is currently owned by institutional investors and hedge funds.

Chesapeake Utilities Trading Down 1.8 %

Shares of Chesapeake Utilities stock opened at $130.73 on Wednesday. Chesapeake Utilities Co. has a 1 year low of $90.80 and a 1 year high of $134.20. 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 business has a 50 day moving average price of $122.81 and a 200 day moving average price of $116.31. The company 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 business 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. 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 dividend payout ratio (DPR) is 51.93%.

Analyst Upgrades and Downgrades

CPK has been the topic of several research analyst reports. Barclays boosted their price target on Chesapeake Utilities from $118.00 to $124.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. StockNews.com raised Chesapeake Utilities from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, Guggenheim raised their price target on Chesapeake Utilities from $118.00 to $129.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Chesapeake Utilities presently has a consensus rating of “Hold” and a consensus target price of $123.00.

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.