Chesapeake Utilities (NYSE:CPK) Sets New 1-Year High - Here's What Happened

Key Points

• Chesapeake Utilities shares hit a new 52-week high of $140.37, closing at $139.21 with a trading volume of 9,500 shares.
• Despite recent growth, analysts have mixed opinions; Barclays downgraded its price target from $124.00 to $120.00, while the stock has an average rating of "Moderate Buy" with a price target of $124.50.
• The company reported $1.04 earnings per share for its recent quarter, surpassing expectations and showing a significant 15.9% year-over-year revenue increase.

Chesapeake Utilities Corporation (NYSE:CPK - Get Free Report) shares reached a new 52-week high during trading on Friday . The company traded as high as $140.37 and last traded at $139.21, with a volume of 9500 shares changing hands. The stock had previously closed at $138.70.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays dropped their price objective on Chesapeake Utilities from $124.00 to $120.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 22nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Chesapeake Utilities in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $124.50.

Chesapeake Utilities Stock Up 0.4%

The business has a 50 day moving average of $126.99 and a 200-day moving average of $125.64. The company has a current ratio of 0.42, a quick ratio of 0.36 and a debt-to-equity ratio of 0.83. The stock has a market cap of $3.28 billion, a PE ratio of 24.84 and a beta of 0.74.

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

Chesapeake Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 6th. Stockholders of record on Monday, September 15th were issued a $0.685 dividend. This represents a $2.74 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, September 15th. Chesapeake Utilities's dividend payout ratio (DPR) is currently 48.84%.

Insider Activity at Chesapeake Utilities

In other news, CFO Beth W. Cooper sold 5,000 shares of the firm'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 sale, the chief financial officer directly owned 90,713 shares of the company's stock, valued at $11,987,722.95. This trade represents a 5.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chesapeake Utilities

Several hedge funds have recently bought and sold shares of the company. State Street Corp increased its position in Chesapeake Utilities by 0.8% during the second quarter. State Street Corp now owns 1,257,589 shares of the utilities provider's stock worth $152,023,000 after buying an additional 9,556 shares in the last quarter. Invesco Ltd. increased its position in Chesapeake Utilities by 18.1% during the second quarter. Invesco Ltd. now owns 573,800 shares of the utilities provider's stock worth $68,982,000 after buying an additional 87,978 shares in the last quarter. Geode Capital Management LLC increased its position in Chesapeake Utilities by 1.8% during the second quarter. Geode Capital Management LLC now owns 545,146 shares of the utilities provider's stock worth $65,545,000 after buying an additional 9,632 shares in the last quarter. Jennison Associates LLC increased its position in Chesapeake Utilities by 4.2% during the second quarter. Jennison Associates LLC now owns 540,199 shares of the utilities provider's stock worth $64,943,000 after buying an additional 21,968 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Chesapeake Utilities by 0.6% during the second quarter. First Trust Advisors LP now owns 339,183 shares of the utilities provider's stock worth $40,777,000 after buying an additional 1,991 shares in the last quarter. 83.11% of the stock is owned by hedge funds and other institutional investors.

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.

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