Chesapeake Utilities Co. (NYSE:CPK) Sees Large Increase in Short Interest

Chesapeake Utilities Co. (NYSE:CPK) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 459,500 shares, an increase of 26.9% from the May 31st total of 362,100 shares. Based on an average trading volume of 89,300 shares, the short-interest ratio is presently 5.1 days.

Chesapeake Utilities Price Performance

CPK stock opened at $106.20 on Tuesday. The company has a current ratio of 0.46, a quick ratio of 0.38 and a debt-to-equity ratio of 0.93. The company has a market cap of $2.37 billion, a P/E ratio of 22.31 and a beta of 0.61. The company’s 50-day moving average price is $108.29 and its 200 day moving average price is $105.19. Chesapeake Utilities has a 52 week low of $83.79 and a 52 week high of $124.72.

Chesapeake Utilities (NYSE:CPK) last announced its earnings results on Wednesday, May 8th. The utilities provider reported $2.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.04). The business had revenue of $245.70 million for the quarter, compared to analyst estimates of $260.16 million. Chesapeake Utilities had a return on equity of 10.17% and a net margin of 13.90%. The business’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 EPS. On average, research analysts expect that Chesapeake Utilities will post 5.41 earnings per share for the current fiscal year.

Chesapeake Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.56 dividend on an annualized basis and a yield of 2.41%. This is a boost from Chesapeake Utilities’s previous quarterly dividend of $0.59. Chesapeake Utilities’s payout ratio is presently 53.78%.

Hedge Funds Weigh In On Chesapeake Utilities

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SRS Capital Advisors Inc. lifted its stake in shares of Chesapeake Utilities by 308.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 286 shares of the utilities provider’s stock valued at $30,000 after buying an additional 216 shares during the period. GAMMA Investing LLC purchased a new position in Chesapeake Utilities during the fourth quarter worth approximately $30,000. Fortis Group Advisors LLC raised its stake in Chesapeake Utilities by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 292 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 146 shares during the period. Principal Securities Inc. purchased a new position in Chesapeake Utilities during the fourth quarter worth approximately $41,000. Finally, Spirit of America Management Corp NY raised its stake in Chesapeake Utilities by 60.0% during the fourth quarter. Spirit of America Management Corp NY now owns 400 shares of the utilities provider’s stock worth $42,000 after purchasing an additional 150 shares during the period. Institutional investors and hedge funds own 83.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Barclays assumed coverage on shares of Chesapeake Utilities in a report on Thursday, May 30th. They issued an “equal weight” rating and a $111.00 target price on the stock. Wells Fargo & Company boosted their price objective on shares of Chesapeake Utilities from $105.00 to $115.00 and gave the stock an “equal weight” rating in a report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $109.80.

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.