Principal Financial Group Inc. Sells 22,924 Shares of Chesapeake Utilities Co. (NYSE:CPK)

Principal Financial Group Inc. cut its stake in Chesapeake Utilities Co. (NYSE:CPK) by 17.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,810 shares of the utilities provider’s stock after selling 22,924 shares during the quarter. Principal Financial Group Inc.’s holdings in Chesapeake Utilities were worth $13,138,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Fifth Third Bancorp increased 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 valued at $81,000 after purchasing an additional 115 shares in the last quarter. Creative Planning grew its holdings in shares of Chesapeake Utilities by 1.8% in the 3rd quarter. Creative Planning now owns 7,706 shares of the utilities provider’s stock valued at $957,000 after buying an additional 135 shares during the period. Trust Point Inc. increased its position in shares of Chesapeake Utilities by 3.2% in the 3rd quarter. Trust Point Inc. now owns 4,919 shares of the utilities provider’s stock valued at $611,000 after buying an additional 153 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Chesapeake Utilities by 1.8% during the 2nd 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. Finally, American International Group Inc. lifted its holdings in Chesapeake Utilities by 1.9% during the first quarter. American International Group Inc. now owns 11,816 shares of the utilities provider’s stock worth $1,268,000 after acquiring an additional 215 shares in the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CPK has been the topic of several recent analyst reports. StockNews.com upgraded Chesapeake Utilities from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Barclays upped 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.

Chesapeake Utilities Stock Performance

Shares of Chesapeake Utilities stock opened at $126.97 on Friday. 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 has a market cap of $2.89 billion, a price-to-earnings ratio of 25.75 and a beta of 0.61. The stock’s 50-day moving average is $121.60 and its 200-day moving average is $115.38. Chesapeake Utilities Co. has a one year low of $90.21 and a one year high of $128.81.

Chesapeake Utilities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Monday, December 16th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 2.02%. The ex-dividend date is Monday, December 16th. 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.