Chesapeake Utilities (NYSE:CPK) Reaches New 12-Month High Following Analyst Upgrade

Chesapeake Utilities Co. (NYSE:CPK)’s share price hit a new 52-week high during mid-day trading on Monday after Guggenheim raised their price target on the stock from $118.00 to $129.00. Guggenheim currently has a neutral rating on the stock. Chesapeake Utilities traded as high as $133.00 and last traded at $133.00, with a volume of 5179 shares trading hands. The stock had previously closed at $132.32.

Several other equities research analysts have also issued reports on CPK. Barclays raised their target price on Chesapeake Utilities from $118.00 to $124.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. StockNews.com upgraded Chesapeake Utilities from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Chesapeake Utilities currently has an average rating of “Hold” and an average price target of $123.00.

Institutional Trading of Chesapeake Utilities

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Chesapeake Utilities by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 1,859,001 shares of the utilities provider’s stock valued at $199,471,000 after acquiring an additional 118,878 shares during the last quarter. State Street Corp boosted its position in shares of Chesapeake Utilities by 0.9% during the 3rd quarter. State Street Corp now owns 1,222,149 shares of the utilities provider’s stock valued at $152,513,000 after acquiring an additional 11,068 shares during the last quarter. Copeland Capital Management LLC boosted its position in shares of Chesapeake Utilities by 9.5% during the 3rd quarter. Copeland Capital Management LLC now owns 592,471 shares of the utilities provider’s stock valued at $73,567,000 after acquiring an additional 51,164 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Chesapeake Utilities by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 516,586 shares of the utilities provider’s stock valued at $64,157,000 after acquiring an additional 8,358 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Chesapeake Utilities by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 489,433 shares of the utilities provider’s stock worth $51,979,000 after buying an additional 19,100 shares during the last quarter. Institutional investors own 83.11% of the company’s stock.

Chesapeake Utilities Stock Up 0.6 %

The stock has a 50-day moving average of $122.81 and a two-hundred day moving average of $116.31. The company has a market cap of $3.03 billion, a P/E ratio of 27.01 and a beta of 0.61. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.32 and a current ratio of 0.38.

Chesapeake Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Monday, December 16th will be given a $0.64 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.56 dividend on an annualized basis and a yield of 1.92%. Chesapeake Utilities’s payout ratio is 51.93%.

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.