Chesapeake Utilities Corporation $CPK Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Chesapeake Utilities Corporation by 86.6% in the first quarter, retaining only 1,571 shares after selling 10,121 shares.
• Chesapeake Utilities recently reported $192.80 million in revenue for the quarter, surpassing estimates and showing a 15.9% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.685 per share, reflecting a 2.2% yield, with the dividend payout ratio set at 48.84%.

Hsbc Holdings PLC reduced its holdings in shares of Chesapeake Utilities Corporation (NYSE:CPK - Free Report) by 86.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,571 shares of the utilities provider's stock after selling 10,121 shares during the period. Hsbc Holdings PLC's holdings in Chesapeake Utilities were worth $201,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Spire Wealth Management purchased a new stake in Chesapeake Utilities during the 1st quarter worth approximately $26,000. NBC Securities Inc. purchased a new stake in Chesapeake Utilities during the 1st quarter worth approximately $30,000. Byrne Asset Management LLC increased its stake in Chesapeake Utilities by 114.3% during the 1st quarter. Byrne Asset Management LLC now owns 270 shares of the utilities provider's stock worth $35,000 after buying an additional 144 shares during the period. Farther Finance Advisors LLC increased 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 worth $41,000 after buying an additional 106 shares during the period. Finally, Rossby Financial LCC purchased a new stake in Chesapeake Utilities during the 1st quarter worth approximately $61,000. 83.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Wall Street Zen downgraded shares of Chesapeake Utilities from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Barclays dropped their price objective on shares of Chesapeake Utilities from $124.00 to $120.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Chesapeake Utilities currently has a consensus rating of "Moderate Buy" and an average target price of $124.50.

Chesapeake Utilities Stock Up 1.7%

Shares of NYSE CPK traded up $2.12 during mid-day trading on Thursday, reaching $125.70. The company had a trading volume of 97,235 shares, compared to its average volume of 90,519. 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 firm has a 50 day simple moving average of $123.01 and a two-hundred day simple moving average of $124.93. The stock has a market cap of $2.96 billion, a P/E ratio of 22.41 and a beta of 0.70. Chesapeake Utilities Corporation has a 52-week low of $115.12 and a 52-week high of $136.73.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.04. The firm had revenue of $192.80 million for 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%. The company's revenue was up 15.9% on a year-over-year basis. During the same period last year, the firm posted $0.86 EPS. Chesapeake Utilities has set its FY 2025 guidance at 6.150-6.35 EPS. Sell-side analysts predict that Chesapeake Utilities Corporation will post 5.39 earnings per share for the current year.

Chesapeake Utilities Dividend Announcement

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

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.