Chesapeake Utilities (NYSE:CPK) Raised to Buy at Zacks Investment Research

Chesapeake Utilities (NYSE:CPK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The firm presently has a $103.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.10% from the company’s previous close.

According to Zacks, “Chesapeake Utilities Corporation is a utility company engaged in natural gas distribution and transmission, propane distribution and marketing, advanced information services and other related businesses.Chesapeake’s three natural gas distribution divisions serve residential, commercial and industrial customers in southern Delaware, Maryland’s Eastern Shore and Florida. The Company’s natural gas transmission subsidiary operates an interstate pipeline system that transports gas from various points in Pennsylvania to Delaware and Maryland distribution divisions. “

Several other research analysts have also issued reports on CPK. ValuEngine upgraded Chesapeake Utilities from a “hold” rating to a “buy” rating in a research report on Monday. Maxim Group reissued a “buy” rating and issued a $110.00 price target (up previously from $100.00) on shares of Chesapeake Utilities in a research note on Friday. Finally, Wells Fargo & Co reissued a “hold” rating on shares of Chesapeake Utilities in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $98.81.



Shares of CPK traded up $0.47 during mid-day trading on Tuesday, reaching $92.71. The company had a trading volume of 58,786 shares, compared to its average volume of 61,261. Chesapeake Utilities has a twelve month low of $77.20 and a twelve month high of $96.27. The company has a quick ratio of 0.27, a current ratio of 0.30 and a debt-to-equity ratio of 0.55. The stock’s 50-day moving average price is $92.95. The stock has a market cap of $1.51 billion, a P/E ratio of 28.01, a P/E/G ratio of 3.52 and a beta of 0.24.

Chesapeake Utilities (NYSE:CPK) last released its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.04). The business had revenue of $130.90 million for the quarter, compared to analyst estimates of $169.40 million. Chesapeake Utilities had a net margin of 8.62% and a return on equity of 11.42%. On average, equities analysts predict that Chesapeake Utilities will post 3.71 earnings per share for the current fiscal year.

In related news, insider John R. Schimkaitis sold 2,500 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $94.20, for a total value of $235,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.18% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in CPK. Cox Capital Mgt LLC raised its holdings in shares of Chesapeake Utilities by 1.7% in the 2nd quarter. Cox Capital Mgt LLC now owns 11,136 shares of the utilities provider’s stock worth $1,058,000 after acquiring an additional 182 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Chesapeake Utilities by 99.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,093 shares of the utilities provider’s stock worth $465,000 after buying an additional 2,545 shares during the period. Affinity Wealth Management LLC bought a new position in Chesapeake Utilities in the 1st quarter worth approximately $264,000. GYL Financial Synergies LLC bought a new position in Chesapeake Utilities in the 1st quarter worth approximately $1,313,000. Finally, BTIM Corp. boosted its holdings in Chesapeake Utilities by 3.1% in the 1st quarter. BTIM Corp. now owns 164,424 shares of the utilities provider’s stock valued at $14,997,000 after purchasing an additional 4,902 shares during the period. 65.32% of the stock is currently owned by institutional investors.

About Chesapeake Utilities

Chesapeake Utilities Corporation, a diversified energy company, engages in regulated and unregulated energy businesses. The company operates in two segments, Regulated Energy and Unregulated Energy. The Regulated Energy segment engages in the distribution of natural gas in Delaware, Maryland, and Florida; distribution of electricity in Florida; and transmission of natural gas on the Delmarva Peninsula and in Florida.

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