Chesapeake Utilities (NYSE:CPK) Sees Strong Trading Volume - Time to Buy?

Key Points

• Chesapeake Utilities shares saw unusually heavy trading, with volume up 137% from the prior session, while the stock traded around $128.40.
• Recent analyst updates were mixed but mostly neutral, with several firms assigning Hold ratings and MarketBeat showing a consensus target price of $137.
• The company reported better-than-expected quarterly results, including EPS of $2.47 versus $2.38 expected and revenue of $353.1 million, and it also raised its quarterly dividend to $0.735 per share.

Shares of Chesapeake Utilities Corporation (NYSE:CPK - Get Free Report) saw unusually-high trading volume on Friday . Approximately 352,884 shares were traded during mid-day trading, an increase of 137% from the previous session's volume of 149,032 shares.The stock last traded at $128.3950 and had previously closed at $127.91.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Barclays set a $142.00 target price on Chesapeake Utilities and gave the stock an "equal weight" rating in a research report on Monday, April 20th. Wells Fargo & Company started coverage on Chesapeake Utilities in a report on Tuesday, May 12th. They set an "equal weight" rating and a $132.00 price objective for the company. Wall Street Zen upgraded shares of Chesapeake Utilities from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Finally, Weiss Ratings lowered shares of Chesapeake Utilities from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, June 12th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $137.00.

Chesapeake Utilities Price Performance

The company has a 50 day moving average price of $124.17 and a 200 day moving average price of $126.90. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 20.58 and a beta of 0.69. The company has a current ratio of 0.43, a quick ratio of 0.39 and a debt-to-equity ratio of 0.80.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.09. Chesapeake Utilities had a return on equity of 9.53% and a net margin of 15.11%.The firm had revenue of $353.10 million during the quarter, compared to analysts' expectations of $339.86 million. During the same period in the previous year, the business posted $2.22 EPS. The company's quarterly revenue was up 18.2% compared to the same quarter last year. Chesapeake Utilities has set its FY 2028 guidance at 7.750-8.00 EPS. As a group, equities research analysts forecast that Chesapeake Utilities Corporation will post 6.51 earnings per share for the current year.

Chesapeake Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Monday, June 15th were issued a $0.735 dividend. This is an increase from Chesapeake Utilities's previous quarterly dividend of $0.69. This represents a $2.94 annualized dividend and a yield of 2.3%. The ex-dividend date was Monday, June 15th. Chesapeake Utilities's dividend payout ratio (DPR) is currently 47.12%.

Insiders Place Their Bets

In other news, CEO Jeffry M. Householder sold 10,000 shares of the business's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $126.12, for a total transaction 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 approximately $7,945,686.12. The trade was a 13.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kevin J. Webber sold 2,000 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $127.37, for a total value of $254,740.00. Following the completion of the sale, the senior vice president directly owned 12,652 shares of the company's stock, valued at approximately $1,611,485.24. This trade represents a 13.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.36% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its holdings in Chesapeake Utilities by 94.7% during the second quarter. EverSource Wealth Advisors LLC now owns 222 shares of the utilities provider's stock worth $27,000 after acquiring an additional 108 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Chesapeake Utilities by 292.9% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the utilities provider's stock worth $28,000 after acquiring an additional 164 shares during the period. Entrust Financial LLC acquired a new stake in shares of Chesapeake Utilities in the 4th quarter valued at about $37,000. Versant Capital Management Inc raised its stake in shares of Chesapeake Utilities by 38.8% in the 2nd quarter. Versant Capital Management Inc now owns 304 shares of the utilities provider's stock valued at $37,000 after purchasing an additional 85 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Chesapeake Utilities by 66.1% in the third quarter. CIBC Private Wealth Group LLC now owns 274 shares of the utilities provider's stock valued at $37,000 after purchasing an additional 109 shares in the last quarter. Institutional investors and hedge funds own 83.11% of the company's stock.

Chesapeake Utilities Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.