Bank of America Corp DE Sells 11,141 Shares of Chesapeake Utilities Co. (NYSE:CPK)

Bank of America Corp DE trimmed its position in Chesapeake Utilities Co. (NYSE:CPK - Free Report) by 46.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,073 shares of the utilities provider's stock after selling 11,141 shares during the quarter. Bank of America Corp DE owned approximately 0.06% of Chesapeake Utilities worth $1,586,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CPK. Federated Hermes Inc. lifted its holdings in Chesapeake Utilities by 587.1% during the 4th quarter. Federated Hermes Inc. now owns 213 shares of the utilities provider's stock valued at $26,000 after purchasing an additional 182 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Chesapeake Utilities in the fourth quarter valued at about $50,000. Sterling Capital Management LLC lifted its stake in shares of Chesapeake Utilities by 805.2% during the 4th quarter. Sterling Capital Management LLC now owns 697 shares of the utilities provider's stock worth $85,000 after buying an additional 620 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Chesapeake Utilities by 159.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 876 shares of the utilities provider's stock worth $106,000 after buying an additional 539 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of Chesapeake Utilities by 46.2% during the 4th quarter. KBC Group NV now owns 1,048 shares of the utilities provider's stock worth $127,000 after buying an additional 331 shares during the period. 83.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on CPK. LADENBURG THALM/SH SH raised shares of Chesapeake Utilities to a "strong-buy" rating in a report on Friday, May 9th. Wall Street Zen downgraded Chesapeake Utilities from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Finally, Barclays dropped their price objective on shares of Chesapeake Utilities from $125.00 to $124.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 29th.

Chesapeake Utilities Price Performance

Chesapeake Utilities stock traded down $0.83 during midday trading on Friday, reaching $118.63. The company's stock had a trading volume of 57,305 shares, compared to its average volume of 106,069. The company has a current ratio of 0.38, a quick ratio of 0.32 and a debt-to-equity ratio of 0.87. The stock has a market cap of $2.77 billion, a PE ratio of 24.06 and a beta of 0.71. Chesapeake Utilities Co. has a 52 week low of $102.64 and a 52 week high of $136.73. The business has a 50-day moving average price of $127.59 and a 200-day moving average price of $125.76.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The utilities provider reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.28 by ($0.06). The company had revenue of $298.70 million for the quarter, compared to the consensus estimate of $248.45 million. Chesapeake Utilities had a net margin of 14.16% and a return on equity of 9.08%. The company's revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the firm posted $2.10 earnings per share. On average, sell-side analysts predict that Chesapeake Utilities Co. will post 5.39 EPS for the current year.

Chesapeake Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 16th will be issued a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Monday, June 16th. This is a boost from Chesapeake Utilities's previous quarterly dividend of $0.64. Chesapeake Utilities's dividend payout ratio is presently 50.65%.

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.