Chesapeake Utilities Corporation $CPK Shares Bought by Zimmer Partners LP

Key Points

• Zimmer Partners LP increased its stake in Chesapeake Utilities Corporation by 57.1%, owning approximately 0.76% of the company, valued at $22,738,000 as of the last reporting period.
• Chesapeake Utilities recently declared a quarterly dividend of $0.685 per share, representing an annualized yield of 2.2% with a payout ratio of 48.84%.
• Analysts have downgraded Chesapeake Utilities to a "sell" rating, with a consensus target price of $124.50, down from $124.00, indicating cautious sentiment towards the stock's performance.

Zimmer Partners LP raised its stake in Chesapeake Utilities Corporation (NYSE:CPK - Free Report) by 57.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 177,048 shares of the utilities provider's stock after buying an additional 64,353 shares during the period. Zimmer Partners LP owned about 0.76% of Chesapeake Utilities worth $22,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Spire Wealth Management bought a new stake in shares of Chesapeake Utilities during the first quarter valued at approximately $26,000. NBC Securities Inc. purchased a new position in Chesapeake Utilities during the 1st quarter worth $30,000. Byrne Asset Management LLC raised its position in Chesapeake Utilities by 114.3% during the 1st 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 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 shares of Chesapeake Utilities in the 1st quarter worth $61,000. 83.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CPK. Wall Street Zen lowered Chesapeake Utilities from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Barclays dropped 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 report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Chesapeake Utilities has an average rating of "Moderate Buy" and a consensus price target of $124.50.

Chesapeake Utilities Stock Down 0.1%

Shares of CPK traded down $0.07 during trading hours on Friday, hitting $125.17. The company had a trading volume of 177,785 shares, compared to its average volume of 95,569. 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 company has a market capitalization of $2.95 billion, a PE ratio of 22.31 and a beta of 0.70. Chesapeake Utilities Corporation has a one year low of $115.12 and a one year high of $136.73. The company's fifty day moving average price is $123.05 and its two-hundred day moving average price is $124.90.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.04. The company had revenue of $192.80 million for the quarter, compared to the consensus estimate of $182.45 million. Chesapeake Utilities had a return on equity of 9.20% and a net margin of 14.89%.The firm's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.86 earnings per share. Chesapeake Utilities has set its FY 2025 guidance at 6.150-6.35 EPS. As a group, equities analysts forecast that Chesapeake Utilities Corporation will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Monday, September 15th. Chesapeake Utilities's payout ratio is 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.