Chesapeake Utilities (NYSE:CPK) Hits New 1-Year High on Analyst Upgrade

Chesapeake Utilities Co. (NYSE:CPK) shares hit a new 52-week high 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 traded. The stock had previously closed at $132.32.

A number of other brokerages also recently weighed in on CPK. StockNews.com upgraded shares of Chesapeake Utilities from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Barclays upped their price objective 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 research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $123.00.

Institutional Investors Weigh In On Chesapeake Utilities

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Chesapeake Utilities by 180.1% during the second 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. Assetmark Inc. lifted its position in Chesapeake Utilities by 19.2% during the third quarter. Assetmark Inc. now owns 634 shares of the utilities provider’s stock worth $79,000 after purchasing an additional 102 shares during the period. Fifth Third Bancorp lifted its position in Chesapeake Utilities by 17.7% during 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 period. nVerses Capital LLC acquired a new position in Chesapeake Utilities during the third quarter worth about $99,000. Finally, Spirit of America Management Corp NY raised its stake 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 worth $106,000 after acquiring an additional 450 shares in the last quarter. Institutional investors own 83.11% of the company’s stock.

Chesapeake Utilities Stock Performance

The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.87. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 26.84 and a beta of 0.61. The company has a 50 day simple moving average of $122.62 and a 200 day simple moving average of $116.15.

Chesapeake Utilities Announces Dividend

The firm 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 dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Monday, December 16th. Chesapeake Utilities’s payout ratio is 51.93%.

Chesapeake Utilities Company 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.