T. Rowe Price Investment Management Inc. Has $300.03 Million Stock Position in Chesapeake Utilities Corporation $CPK

Key Points

• T. Rowe Price Investment Management Inc. holds a 10.01% stake in Chesapeake Utilities Corporation, valued at approximately $300 million, after reducing its holdings by 1.6% in the first quarter.
• Chesapeake Utilities recently announced a quarterly dividend of $0.685 per share, with an annualized yield of 2.2%, set to be paid on October 6th.
• Analysts have mixed views on Chesapeake Utilities, with ratings ranging from "strong buy" to "sell", and an average target price of $124.50.

T. Rowe Price Investment Management Inc. trimmed its holdings in shares of Chesapeake Utilities Corporation (NYSE:CPK - Free Report) by 1.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,336,111 shares of the utilities provider's stock after selling 37,964 shares during the period. T. Rowe Price Investment Management Inc. owned about 10.01% of Chesapeake Utilities worth $300,027,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of Chesapeake Utilities during the fourth quarter worth approximately $5,110,000. Sterling Capital Management LLC increased its holdings in shares of Chesapeake Utilities by 805.2% during the fourth quarter. Sterling Capital Management LLC now owns 697 shares of the utilities provider's stock worth $85,000 after purchasing an additional 620 shares during the period. Barclays PLC increased its holdings in shares of Chesapeake Utilities by 5.5% during the fourth quarter. Barclays PLC now owns 39,078 shares of the utilities provider's stock worth $4,742,000 after purchasing an additional 2,030 shares during the period. Walleye Capital LLC bought a new position in shares of Chesapeake Utilities during the fourth quarter worth approximately $337,000. Finally, MetLife Investment Management LLC increased its holdings in shares of Chesapeake Utilities by 5.8% during the fourth quarter. MetLife Investment Management LLC now owns 13,481 shares of the utilities provider's stock worth $1,636,000 after purchasing an additional 740 shares during the period. 83.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CPK has been the subject of several research analyst reports. 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 cut 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 report on Tuesday, July 22nd. Finally, LADENBURG THALM/SH SH upgraded shares of Chesapeake Utilities to a "strong-buy" rating in a research report on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $124.50.

Chesapeake Utilities Price Performance

Shares of NYSE:CPK opened at $124.5720 on Thursday. The firm has a market cap of $2.93 billion, a PE ratio of 22.21 and a beta of 0.66. The firm's fifty day moving average is $121.99 and its 200-day moving average is $124.84. 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 52 week low of $112.92 and a 52 week high of $136.73.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.04. The company had revenue of $192.80 million for the quarter, compared to analyst estimates of $182.45 million. Chesapeake Utilities had a net margin of 14.89% and a return on equity of 9.20%. Chesapeake Utilities's revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.86 earnings per share. 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 Announces Dividend

The company also recently announced 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. This represents a $2.74 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Monday, September 15th. Chesapeake Utilities's dividend payout ratio (DPR) is currently 48.84%.

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.

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