Chesapeake Utilities (NYSE:CPK) Price Target Raised to $124.00

by · The Cerbat Gem

Chesapeake Utilities (NYSE:CPK – Get Free Report) had its price objective boosted by equities research analysts at Barclays from $118.00 to $124.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s target price would indicate a potential upside of 5.48% from the company’s current price.

Chesapeake Utilities Price Performance

CPK stock opened at $117.56 on Monday. The business has a 50 day moving average price of $118.77 and a 200 day moving average price of $112.08. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 24.70 and a beta of 0.61. Chesapeake Utilities has a fifty-two week low of $83.79 and a fifty-two week high of $125.34. The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.91.

Chesapeake Utilities (NYSE:CPK – Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The utilities provider reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.02). The firm had revenue of $166.30 million during the quarter, compared to analyst estimates of $194.70 million. Chesapeake Utilities had a net margin of 13.61% and a return on equity of 9.51%. Chesapeake Utilities’s revenue was up 22.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 earnings per share. Equities research analysts anticipate that Chesapeake Utilities will post 5.39 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Paul L. Maddock, Jr. sold 9,634 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $113.56, for a total value of $1,094,037.04. Following the completion of the sale, the director now directly owns 8,363 shares of the company’s stock, valued at approximately $949,702.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Chesapeake Utilities

Several large investors have recently modified their holdings of CPK. Vanguard Group Inc. raised its stake in shares of Chesapeake Utilities by 23.8% during the fourth quarter. Vanguard Group Inc. now owns 1,740,123 shares of the utilities provider’s stock worth $183,809,000 after purchasing an additional 334,088 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Chesapeake Utilities by 136.1% during the fourth quarter. Schroder Investment Management Group now owns 234,996 shares of the utilities provider’s stock worth $24,823,000 after purchasing an additional 135,462 shares during the last quarter. Boston Trust Walden Corp raised its stake in shares of Chesapeake Utilities by 76.1% during the second quarter. Boston Trust Walden Corp now owns 274,405 shares of the utilities provider’s stock worth $29,142,000 after purchasing an additional 118,561 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Chesapeake Utilities by 61.5% during the first quarter. Janus Henderson Group PLC now owns 275,204 shares of the utilities provider’s stock worth $29,529,000 after purchasing an additional 104,850 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Chesapeake Utilities by 28.4% during the first quarter. Jennison Associates LLC now owns 428,834 shares of the utilities provider’s stock worth $46,014,000 after purchasing an additional 94,980 shares during the last quarter. Hedge funds and other institutional investors own 83.11% of the company’s stock.

About Chesapeake Utilities

(Get Free Report)

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.

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