Chesapeake Utilities (NYSE:CPK) Lowered to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Chesapeake Utilities to “sell” from “hold,” while the broader analyst consensus remains “hold” with an average price target of $137.
• Chesapeake Utilities opened at $132.78, with a 12-month range of $118.83 to $140.83 and a market capitalization of approximately $3.19 billion.
• The company exceeded quarterly expectations, reporting $2.47 in earnings per share versus the $2.38 consensus and 18.2% year-over-year revenue growth; meanwhile, the CEO and a senior vice president sold shares, reducing their holdings by roughly 14% each.

Chesapeake Utilities (NYSE:CPK - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Other equities analysts also recently issued reports about the company. Barclays set a $142.00 target price on Chesapeake Utilities and gave the company an "equal weight" rating in a research report on Monday, April 20th. Weiss Ratings upgraded Chesapeake Utilities from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 10th. Finally, Wells Fargo & Company assumed coverage on Chesapeake Utilities in a research note on Tuesday, May 12th. They issued an "equal weight" rating and a $132.00 price objective on the stock. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $137.00.

Chesapeake Utilities Price Performance

Shares of CPK opened at $132.78 on Friday. Chesapeake Utilities has a twelve month low of $118.83 and a twelve month high of $140.83. The company has a market capitalization of $3.19 billion, a P/E ratio of 21.28 and a beta of 0.69. The firm has a 50 day moving average of $126.50 and a 200 day moving average of $127.92. The company has a quick ratio of 0.39, a current ratio of 0.43 and a debt-to-equity ratio of 0.80.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last issued its earnings results on Wednesday, May 6th. The utilities provider reported $2.47 earnings per share for the quarter, topping analysts' consensus estimates of $2.38 by $0.09. Chesapeake Utilities had a return on equity of 9.53% and a net margin of 15.11%.The business had revenue of $353.10 million during the quarter, compared to analyst estimates of $339.86 million. During the same quarter in the previous year, the firm earned $2.22 EPS. Chesapeake Utilities's revenue was up 18.2% on a year-over-year basis. Chesapeake Utilities has set its FY 2028 guidance at 7.750-8.00 EPS. As a group, equities research analysts anticipate that Chesapeake Utilities will post 6.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Chesapeake Utilities

In other news, SVP Kevin J. Webber sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $127.37, for a total transaction of $254,740.00. Following the transaction, the senior vice president owned 12,652 shares of the company's stock, valued at approximately $1,611,485.24. This represents a 13.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jeffry M. Householder sold 10,000 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $126.12, for a total value of $1,261,200.00. Following the completion of the transaction, the chief executive officer directly owned 63,001 shares in the company, valued at $7,945,686.12. This trade represents a 13.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chesapeake Utilities

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC increased its position in shares of Chesapeake Utilities by 1,040.1% during the fourth quarter. SG Americas Securities LLC now owns 9,486 shares of the utilities provider's stock worth $1,183,000 after purchasing an additional 8,654 shares in the last quarter. M&T Bank Corp purchased a new position in Chesapeake Utilities during the 4th quarter worth approximately $2,880,000. Vanguard Group Inc. increased its position in Chesapeake Utilities by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 2,020,146 shares of the utilities provider's stock worth $252,033,000 after buying an additional 49,789 shares during the period. Phocas Financial Corp. acquired a new position in Chesapeake Utilities during the fourth quarter worth approximately $3,314,000. Finally, Moody Aldrich Partners LLC lifted its stake in Chesapeake Utilities by 31.7% in the fourth quarter. Moody Aldrich Partners LLC now owns 45,737 shares of the utilities provider's stock valued at $5,706,000 after buying an additional 10,997 shares during the last quarter. 83.11% of the stock is currently owned by hedge funds and other institutional investors.

About Chesapeake Utilities

Chesapeake Utilities Corporation NYSE: CPK is a diversified energy services holding company headquartered in Dover, Delaware. Through its operating subsidiaries, the company engages in natural gas distribution, transmission and storage; propane distribution; wholesale propane supply; and contract compression and natural gas liquids processing. Its core mission is to provide safe, reliable and cost-effective energy solutions to residential, commercial and industrial customers across multiple U.S.

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