Comerica Bank Cuts Stake in Chesapeake Utilities Corporation $CPK

Key Points

• Comerica Bank has reduced its stake in Chesapeake Utilities Corporation (NYSE:CPK) by 37.0%, now holding approximately 18,556 shares worth $2,383,000.
• Chesapeake Utilities reported a net revenue increase of 15.9% year-over-year, with an EPS of $1.04 for the recent quarter, surpassing analysts' expectations.
• The company announced a quarterly dividend of $0.685 per share, set to be paid on October 6th, representing an annualized yield of 2.2%.

Comerica Bank decreased its position in Chesapeake Utilities Corporation (NYSE:CPK - Free Report) by 37.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,556 shares of the utilities provider's stock after selling 10,883 shares during the period. Comerica Bank owned about 0.08% of Chesapeake Utilities worth $2,383,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Spire Wealth Management purchased a new position in shares of Chesapeake Utilities in the 1st quarter valued at about $26,000. NBC Securities Inc. acquired a new position in Chesapeake Utilities during the first quarter worth about $30,000. Byrne Asset Management LLC lifted its holdings in shares of Chesapeake Utilities by 114.3% in the first 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 in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Chesapeake Utilities by 50.7% in the first quarter. Farther Finance Advisors LLC now owns 315 shares of the utilities provider's stock valued at $41,000 after purchasing an additional 106 shares in the last quarter. Finally, Rossby Financial LCC acquired a new stake in shares of Chesapeake Utilities in the first quarter valued at approximately $61,000. 83.11% of the stock is currently owned by hedge funds and other institutional investors.

Chesapeake Utilities Stock Up 0.1%

Shares of NYSE:CPK opened at $123.60 on Tuesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.36 and a current ratio of 0.42. Chesapeake Utilities Corporation has a 1 year low of $115.12 and a 1 year high of $136.73. The stock has a 50-day simple moving average of $122.61 and a 200-day simple moving average of $124.93. The stock has a market capitalization of $2.91 billion, a P/E ratio of 22.03 and a beta of 0.70.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last issued 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. 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 for the quarter, compared to the consensus estimate of $182.45 million. During the same quarter last year, the firm posted $0.86 EPS. The business's revenue for the quarter was up 15.9% compared to the same quarter last year. Chesapeake Utilities has set its FY 2025 guidance at 6.150-6.35 EPS. Equities analysts forecast that Chesapeake Utilities Corporation will post 5.39 earnings per share for the current year.

Chesapeake Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 6th. Stockholders 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 dividend yield of 2.2%. Chesapeake Utilities's dividend payout ratio (DPR) is currently 48.84%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. LADENBURG THALM/SH SH raised Chesapeake Utilities to a "strong-buy" rating in a research note on Friday, May 9th. Barclays reduced their price objective on 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. Finally, Wall Street Zen cut Chesapeake Utilities from a "hold" rating to a "sell" rating in a research report 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $124.50.

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.

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