Vanguard Group Inc. Sells 13,722 Shares of Chesapeake Utilities Corporation $CPK

Key Points

• Vanguard Group Inc. reduced its stake in Chesapeake Utilities Corporation to approximately $246.7 million, owning about 8.35% of the company after selling 13,722 shares.
• Chesapeake Utilities announced a quarterly dividend of $0.685 per share, equating to an annualized yield of 2.2%, with an ex-dividend date of September 15th.
• The company reported earnings of $1.04 per share for the last quarter, exceeding analysts' expectations, with revenue rising 15.9% year-over-year to $192.8 million.

Vanguard Group Inc. reduced its holdings in shares of Chesapeake Utilities Corporation (NYSE:CPK - Free Report) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,920,852 shares of the utilities provider's stock after selling 13,722 shares during the quarter. Vanguard Group Inc. owned about 8.35% of Chesapeake Utilities worth $246,695,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Farther Finance Advisors LLC raised 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 valued at $41,000 after acquiring an additional 106 shares during the period. Summit Investment Advisors Inc. grew its position in shares of Chesapeake Utilities by 4.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,313 shares of the utilities provider's stock valued at $281,000 after purchasing an additional 109 shares in the last quarter. AGP Franklin LLC raised its stake in shares of Chesapeake Utilities by 3.4% during the 1st quarter. AGP Franklin LLC now owns 4,124 shares of the utilities provider's stock valued at $557,000 after purchasing an additional 136 shares during the period. Byrne Asset Management LLC lifted 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 purchasing an additional 144 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Chesapeake Utilities by 3.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,396 shares of the utilities provider's stock worth $533,000 after purchasing an additional 153 shares in the last quarter. 83.11% of the stock is currently owned by hedge funds and other institutional investors.

Chesapeake Utilities Price Performance

CPK traded up $2.7470 on Friday, reaching $127.3570. The company had a trading volume of 108,558 shares, compared to its average volume of 100,990. Chesapeake Utilities Corporation has a 52-week low of $112.92 and a 52-week high of $136.73. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 22.70 and a beta of 0.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.36 and a current ratio of 0.42. The business has a 50 day simple moving average of $122.23 and a 200 day simple moving average of $124.88.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last released 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 business had revenue of $192.80 million during the quarter, compared to analysts' expectations of $182.45 million. Chesapeake Utilities had a net margin of 14.89% and a return on equity of 9.20%. The business's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.86 EPS. Chesapeake Utilities has set its FY 2025 guidance at 6.150-6.35 EPS. As a group, sell-side analysts anticipate that Chesapeake Utilities Corporation will post 5.39 EPS for the current year.

Chesapeake Utilities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 6th. Shareholders of record on Monday, September 15th will be given 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 (DPR) is presently 48.84%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CPK shares. Wall Street Zen lowered Chesapeake Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Barclays reduced their price objective on shares of Chesapeake Utilities from $124.00 to $120.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 22nd. Finally, LADENBURG THALM/SH SH upgraded shares of Chesapeake Utilities to a "strong-buy" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $124.50.

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.