Price T Rowe Associates Inc. MD Reduces Stock Position in Chesapeake Utilities Co. (NYSE:CPK)

Price T Rowe Associates Inc. MD cut its stake in Chesapeake Utilities Co. (NYSE:CPK - Free Report) by 15.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,677 shares of the utilities provider's stock after selling 3,340 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.08% of Chesapeake Utilities worth $2,267,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Barclays PLC grew its holdings in shares of Chesapeake Utilities by 342.4% during the third quarter. Barclays PLC now owns 37,048 shares of the utilities provider's stock worth $4,600,000 after buying an additional 28,673 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Chesapeake Utilities during the third quarter worth approximately $182,000. JPMorgan Chase & Co. increased its stake in Chesapeake Utilities by 5.3% in the third quarter. JPMorgan Chase & Co. now owns 287,993 shares of the utilities provider's stock valued at $35,760,000 after acquiring an additional 14,430 shares during the last quarter. Versant Capital Management Inc raised its stake in Chesapeake Utilities by 2,018.2% during the fourth quarter. Versant Capital Management Inc now owns 233 shares of the utilities provider's stock worth $28,000 after acquiring an additional 222 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Chesapeake Utilities by 3.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,392 shares of the utilities provider's stock valued at $545,000 after acquiring an additional 149 shares during the last quarter. Institutional investors and hedge funds own 83.11% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. LADENBURG THALM/SH SH upgraded Chesapeake Utilities to a "strong-buy" rating in a research report on Tuesday, April 22nd. StockNews.com lowered shares of Chesapeake Utilities from a "hold" rating to a "sell" rating in a research note on Tuesday, April 22nd. Finally, Barclays decreased their price objective on Chesapeake Utilities from $125.00 to $124.00 and set an "equal weight" rating for the company in a report on Tuesday, April 29th.

Chesapeake Utilities Price Performance

Shares of NYSE CPK traded down $2.20 during mid-day trading on Monday, reaching $124.64. 9,002 shares of the company were exchanged, compared to its average volume of 103,987. The stock has a market capitalization of $2.87 billion, a PE ratio of 25.23 and a beta of 0.71. Chesapeake Utilities Co. has a 52 week low of $102.64 and a 52 week high of $136.73. The company's 50 day moving average price is $129.54 and its 200 day moving average price is $125.98. The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.87.

Chesapeake Utilities (NYSE:CPK - Get Free Report) last posted its earnings results on Wednesday, May 7th. The utilities provider reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.28 by ($0.06). Chesapeake Utilities had a net margin of 14.16% and a return on equity of 9.08%. The business had revenue of $298.70 million for the quarter, compared to analysts' expectations of $248.45 million. During the same period last year, the firm posted $2.10 earnings per share. Chesapeake Utilities's quarterly revenue was up 21.6% on a year-over-year basis. Sell-side analysts forecast that Chesapeake Utilities Co. will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 7th. Investors of record on Monday, June 16th will be given a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Monday, June 16th. This is a positive change from Chesapeake Utilities's previous quarterly dividend of $0.64. Chesapeake Utilities's dividend payout ratio (DPR) is 47.32%.

Chesapeake Utilities Company 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.