Chesapeake Utilities Co. (NYSE:CPK) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC cut its holdings in Chesapeake Utilities Co. (NYSE:CPK) by 12.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,007 shares of the utilities provider’s stock after selling 2,503 shares during the period. Commonwealth Equity Services LLC owned about 0.08% of Chesapeake Utilities worth $1,825,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position 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 in the last quarter. First Trust Advisors LP increased its position in shares of Chesapeake Utilities by 0.7% during the fourth quarter. First Trust Advisors LP now owns 628,529 shares of the utilities provider’s stock worth $66,392,000 after purchasing an additional 4,208 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Chesapeake Utilities by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 455,969 shares of the utilities provider’s stock worth $48,164,000 after purchasing an additional 9,040 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Chesapeake Utilities during the fourth quarter worth about $35,265,000. Finally, Northern Trust Corp increased its position in shares of Chesapeake Utilities by 0.4% during the third quarter. Northern Trust Corp now owns 252,733 shares of the utilities provider’s stock worth $24,705,000 after purchasing an additional 936 shares in the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.

Chesapeake Utilities Stock Performance

CPK traded down $0.15 during trading on Friday, reaching $106.86. The company’s stock had a trading volume of 45,663 shares, compared to its average volume of 123,397. Chesapeake Utilities Co. has a 52-week low of $83.79 and a 52-week high of $124.72. The company’s fifty day moving average price is $108.36 and its 200-day moving average price is $105.25. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 22.50 and a beta of 0.60. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.38 and a current ratio of 0.46.

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

Chesapeake Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, June 14th. This is a positive change from Chesapeake Utilities’s previous quarterly dividend of $0.59. Chesapeake Utilities’s payout ratio is currently 53.78%.

Analysts Set New Price Targets

A number of analysts have recently commented on CPK shares. Wells Fargo & Company lifted their target price on Chesapeake Utilities from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Friday, May 10th. Barclays initiated coverage on Chesapeake Utilities in a report on Thursday, May 30th. They set an “equal weight” rating and a $111.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Chesapeake Utilities currently has an average rating of “Hold” and an average target price of $109.80.

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.