Adage Capital Partners GP L.L.C. Cuts Stock Position in Chesapeake Utilities Corporation $CPK

Key Points

• Adage Capital Partners GP L.L.C. sold 15,000 shares of Chesapeake Utilities, reducing its stake by 7% to a total of 200,000 shares, valued at approximately $25.68 million.
• Chesapeake Utilities reported $1.04 EPS for the quarter, exceeding analyst expectations, with revenue showing a 15.9% year-over-year increase.
• The company announced a quarterly dividend of $0.685 per share, with a yield of 2.2%, to be paid on October 6th to shareholders of record from September 15th.

Adage Capital Partners GP L.L.C. trimmed its position in shares of Chesapeake Utilities Corporation (NYSE:CPK - Free Report) by 7.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 200,000 shares of the utilities provider's stock after selling 15,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.86% of Chesapeake Utilities worth $25,686,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Spire Wealth Management purchased a new stake in Chesapeake Utilities during the 1st quarter valued at about $26,000. NBC Securities Inc. purchased a new stake in Chesapeake Utilities during the 1st quarter valued at about $30,000. Byrne Asset Management LLC grew its position in Chesapeake Utilities by 114.3% during the 1st quarter. Byrne Asset Management LLC now owns 270 shares of the utilities provider's stock valued at $35,000 after purchasing an additional 144 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Chesapeake Utilities by 50.7% during the 1st quarter. Farther Finance Advisors LLC now owns 315 shares of the utilities provider's stock valued at $41,000 after acquiring an additional 106 shares during the period. Finally, Rossby Financial LCC bought a new position in Chesapeake Utilities during the 1st quarter valued at about $61,000. 83.11% of the stock is owned by hedge funds and other institutional investors.

Chesapeake Utilities Stock Performance

NYSE CPK traded down $0.39 on Wednesday, reaching $123.85. 8,774 shares of the stock were exchanged, compared to its average volume of 113,151. Chesapeake Utilities Corporation has a one year low of $115.12 and a one year high of $136.73. The firm has a market capitalization of $2.92 billion, a PE ratio of 22.08 and a beta of 0.70. The company's 50-day simple moving average is $122.92 and its two-hundred day simple moving average is $124.94. The company has a current ratio of 0.42, a quick ratio of 0.36 and a debt-to-equity ratio of 0.83.

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

Chesapeake Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 6th. Investors of record on Monday, September 15th will be issued a $0.685 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 2.2%. Chesapeake Utilities's dividend payout ratio (DPR) is 48.84%.

Analysts Set New Price Targets

CPK has been the topic of several research analyst reports. Barclays lowered their target price on shares of Chesapeake Utilities from $124.00 to $120.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 22nd. Wall Street Zen cut shares of Chesapeake Utilities from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $124.50.

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.