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 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 traded. The stock had previously closed at $132.32.

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

Hedge Funds Weigh In On Chesapeake Utilities

Several hedge funds have recently made changes to their positions in CPK. Vanguard Group Inc. increased its stake in shares of Chesapeake Utilities by 6.8% during the first quarter. Vanguard Group Inc. now owns 1,859,001 shares of the utilities provider’s stock valued at $199,471,000 after buying an additional 118,878 shares during the period. American International Group Inc. increased its stake in shares of Chesapeake Utilities by 1.9% during the first quarter. American International Group Inc. now owns 11,816 shares of the utilities provider’s stock valued at $1,268,000 after buying an additional 215 shares during the period. CANADA LIFE ASSURANCE Co increased its stake in shares of Chesapeake Utilities by 9.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 34,511 shares of the utilities provider’s stock valued at $3,703,000 after buying an additional 3,018 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Chesapeake Utilities by 3.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 21,042 shares of the utilities provider’s stock valued at $2,258,000 after buying an additional 784 shares during the period. Finally, Janus Henderson Group PLC increased 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 valued at $29,529,000 after buying an additional 104,850 shares during the period. 83.11% of the stock is owned by hedge funds and other institutional investors.

Chesapeake Utilities Stock Up 0.6 %

The company has a debt-to-equity ratio of 0.87, a current ratio of 0.38 and a quick ratio of 0.32. The stock has a market capitalization of $3.03 billion, a PE ratio of 27.01 and a beta of 0.61. The company has a 50 day moving average price of $122.81 and a 200-day moving average price of $116.31.

Chesapeake Utilities Dividend Announcement

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