Chesapeake Utilities (NYSE:CPK) Upgraded by LADENBURG THALM/SH SH to “Strong-Buy” Rating

LADENBURG THALM/SH SH upgraded shares of Chesapeake Utilities (NYSE:CPK) to a strong-buy rating in a research note issued to investors on Thursday morning,Zacks.com reports.

Separately, StockNews.com upgraded Chesapeake Utilities from a “sell” rating to a “hold” rating in a research report on Friday, March 7th. Four investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $122.67.

Chesapeake Utilities Stock Performance

Shares of CPK opened at $130.49 on Thursday. The company has a market capitalization of $3.00 billion, a PE ratio of 26.47 and a beta of 0.66. Chesapeake Utilities has a 52-week low of $98.32 and a 52-week high of $134.86. The company has a 50-day simple moving average of $125.63 and a 200-day simple moving average of $124.05. 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) last posted its quarterly earnings results on Wednesday, February 26th. The utilities provider reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.67 by ($0.04). The company had revenue of $215.00 million for the quarter, compared to analyst estimates of $237.84 million. Chesapeake Utilities had a net margin of 14.16% and a return on equity of 9.08%. During the same quarter in the previous year, the business posted $1.64 earnings per share. Equities research analysts predict that Chesapeake Utilities will post 5.39 earnings per share for the current fiscal year.

Chesapeake Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Friday, March 14th. Chesapeake Utilities’s payout ratio is currently 48.58%.

Hedge Funds Weigh In On Chesapeake Utilities

Hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. boosted its stake in shares of Chesapeake Utilities by 587.1% during the fourth quarter. Federated Hermes Inc. now owns 213 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 182 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Chesapeake Utilities by 2,018.2% in the 4th quarter. Versant Capital Management Inc now owns 233 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 222 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Chesapeake Utilities during the 4th quarter worth about $50,000. Sterling Capital Management LLC grew its holdings in shares of Chesapeake Utilities by 805.2% during the fourth quarter. Sterling Capital Management LLC now owns 697 shares of the utilities provider’s stock worth $85,000 after buying an additional 620 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Chesapeake Utilities by 159.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 876 shares of the utilities provider’s stock valued at $106,000 after buying an additional 539 shares during the last quarter. Hedge funds and other institutional investors own 83.11% of the company’s stock.

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.