Chesapeake Utilities (NYSE:CPK) Reaches New 12-Month High - Still a Buy?

Key Points

• Chesapeake Utilities shares reached a new 12-month high of $137.04, closing at $136.90, with a trading volume of 28,063 shares.
• Analysts currently hold a consensus rating of "Moderate Buy" for the stock, with a consensus price target of $124.50, although Barclays recently lowered its price target from $124 to $120.
• The company declared a quarterly dividend of $0.685 per share, reflecting an annualized yield of 2.0%, with a payout ratio of 48.84%.

Chesapeake Utilities Corporation (NYSE:CPK - Get Free Report) shares hit a new 52-week high on Friday . The stock traded as high as $137.04 and last traded at $136.90, with a volume of 28063 shares changing hands. The stock had previously closed at $134.38.

Analysts Set New Price Targets

A number of research firms have commented on CPK. Weiss Ratings reissued a "hold (c+)" rating on shares of Chesapeake Utilities in a report on Saturday, September 27th. Barclays reduced their price target on shares of Chesapeake Utilities from $124.00 to $120.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $124.50.

Chesapeake Utilities Price Performance

The firm's 50-day moving average is $125.28 and its 200-day moving average is $125.22. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.42 and a quick ratio of 0.36. The company has a market capitalization of $3.22 billion, a P/E ratio of 24.39 and a beta of 0.74.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last issued its earnings results on Thursday, August 7th. The utilities provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.04. The company had revenue of $192.80 million during the quarter, compared to the consensus estimate of $182.45 million. Chesapeake Utilities had a net margin of 14.89% and a return on equity of 9.20%. Chesapeake Utilities's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.86 EPS. Chesapeake Utilities has set its FY 2025 guidance at 6.150-6.35 EPS. Analysts predict that Chesapeake Utilities Corporation will post 5.39 EPS for the current fiscal year.

Chesapeake Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 6th. Shareholders of record on Monday, September 15th will be paid a $0.685 dividend. This represents a $2.74 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, September 15th. Chesapeake Utilities's dividend payout ratio is presently 48.84%.

Insiders Place Their Bets

In other Chesapeake Utilities news, CFO Beth W. Cooper sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $132.15, for a total value of $660,750.00. Following the completion of the transaction, the chief financial officer directly owned 90,713 shares in the company, valued at $11,987,722.95. This represents a 5.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CPK. Wellington Management Group LLP bought a new position in Chesapeake Utilities during the first quarter valued at $26,299,000. GAMMA Investing LLC lifted its stake in shares of Chesapeake Utilities by 13,619.7% in the 1st quarter. GAMMA Investing LLC now owns 148,722 shares of the utilities provider's stock valued at $19,100,000 after purchasing an additional 147,638 shares during the last quarter. Nuveen LLC bought a new stake in shares of Chesapeake Utilities in the 1st quarter valued at approximately $12,967,000. Invesco Ltd. lifted its stake in shares of Chesapeake Utilities by 18.1% in the 2nd quarter. Invesco Ltd. now owns 573,800 shares of the utilities provider's stock valued at $68,982,000 after purchasing an additional 87,978 shares during the last quarter. Finally, Strs Ohio bought a new stake in Chesapeake Utilities in the first quarter worth $10,467,000. Institutional investors own 83.11% of the company's stock.

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.

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