Jennison Associates LLC Buys 23,053 Shares of Chesapeake Utilities Corporation (NYSE:CPK)

Jennison Associates LLC lifted its stake in Chesapeake Utilities Corporation (NYSE:CPK - Free Report) by 4.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 518,231 shares of the utilities provider's stock after buying an additional 23,053 shares during the period. Jennison Associates LLC owned about 2.25% of Chesapeake Utilities worth $66,556,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CPK. Federated Hermes Inc. raised its stake in shares of Chesapeake Utilities by 587.1% in the fourth quarter. Federated Hermes Inc. now owns 213 shares of the utilities provider's stock valued at $26,000 after acquiring an additional 182 shares during the last quarter. Spire Wealth Management acquired a new stake in shares of Chesapeake Utilities in the first quarter valued at approximately $26,000. NBC Securities Inc. acquired a new stake in shares of Chesapeake Utilities in the first quarter valued at approximately $30,000. Byrne Asset Management LLC grew its holdings 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 acquiring an additional 144 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings 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 acquiring an additional 106 shares during the period. Institutional investors own 83.11% of the company's stock.

Chesapeake Utilities Price Performance

CPK remained flat at $123.11 during trading on Tuesday. 153,264 shares of the company traded hands, compared to its average volume of 107,337. The stock has a 50 day moving average of $121.49 and a 200-day moving average of $124.69. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.46 and a quick ratio of 0.40. Chesapeake Utilities Corporation has a 1-year low of $111.00 and a 1-year high of $136.73. The stock has a market capitalization of $2.87 billion, a P/E ratio of 22.76 and a beta of 0.65.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The utilities provider reported $2.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.28 by ($0.06). The business had revenue of $298.70 million for the quarter, compared to analyst estimates of $248.45 million. Chesapeake Utilities had a return on equity of 9.19% and a net margin of 14.69%. The business's revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.10 EPS. Sell-side analysts forecast that Chesapeake Utilities Corporation will post 5.39 earnings per share for the current year.

Chesapeake Utilities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 16th were paid a $0.685 dividend. This is an increase from Chesapeake Utilities's previous quarterly dividend of $0.64. This represents a $2.74 annualized dividend and a yield of 2.23%. The ex-dividend date was Monday, June 16th. Chesapeake Utilities's payout ratio is 50.65%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CPK shares. Wall Street Zen lowered shares of Chesapeake Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Barclays reduced their price target 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. Finally, LADENBURG THALM/SH SH raised shares of Chesapeake Utilities to a "strong-buy" rating in a research report on Friday, May 9th.

Chesapeake Utilities 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.