Bessemer Group Inc. Reduces Stock Position in Chesapeake Utilities Co. (NYSE:CPK)

Bessemer Group Inc. decreased its holdings in Chesapeake Utilities Co. (NYSE:CPK) by 2.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 20,961 shares of the utilities provider’s stock after selling 440 shares during the quarter. Bessemer Group Inc.’s holdings in Chesapeake Utilities were worth $2,249,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SRS Capital Advisors Inc. lifted its holdings in Chesapeake Utilities by 308.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 286 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 216 shares in the last quarter. GAMMA Investing LLC purchased a new position in Chesapeake Utilities during the fourth quarter valued at approximately $30,000. Fortis Group Advisors LLC lifted its holdings in Chesapeake Utilities by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 292 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 146 shares in the last quarter. Principal Securities Inc. purchased a new position in Chesapeake Utilities during the fourth quarter valued at approximately $41,000. Finally, Spirit of America Management Corp NY lifted its holdings in Chesapeake Utilities by 60.0% during the fourth quarter. Spirit of America Management Corp NY now owns 400 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 83.11% of the company’s stock.

Chesapeake Utilities Stock Up 0.5 %

Chesapeake Utilities stock traded up $0.57 during trading hours on Thursday, reaching $118.72. The stock had a trading volume of 42,579 shares, compared to its average volume of 123,216. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 24.84 and a beta of 0.60. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.46 and a quick ratio of 0.38. The business’s 50 day moving average price is $109.45 and its 200-day moving average price is $106.07. Chesapeake Utilities Co. has a 52 week low of $83.79 and a 52 week high of $124.72.

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

Chesapeake Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Friday, June 14th were issued a dividend of $0.64 per share. The ex-dividend date was Friday, June 14th. This represents a $2.56 annualized dividend and a dividend yield of 2.16%. This is an increase from Chesapeake Utilities’s previous quarterly dividend of $0.59. Chesapeake Utilities’s dividend payout ratio is 53.78%.

Analyst Ratings Changes

CPK has been the topic of several recent analyst reports. Barclays initiated coverage on shares of Chesapeake Utilities in a research report on Thursday, May 30th. They set an “equal weight” rating and a $111.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Chesapeake Utilities from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $109.80.

Chesapeake Utilities Company Profile

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.