Chesapeake Utilities Corporation (CPK) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Chesapeake Utilities Corporation (NYSE:CPK) from a hold rating to a buy rating in a report published on Tuesday. They currently have $90.00 target price on the utilities provider’s stock.
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. “
Other equities analysts have also issued reports about the stock. BidaskClub upgraded shares of Chesapeake Utilities Corporation from a hold rating to a buy rating in a research report on Tuesday, July 25th. Sidoti initiated coverage on shares of Chesapeake Utilities Corporation in a research report on Wednesday, October 18th. They set a neutral rating and a $85.00 price target on the stock. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Chesapeake Utilities Corporation currently has an average rating of Hold and a consensus price target of $76.40.
Chesapeake Utilities Corporation (CPK) traded down $0.30 on Tuesday, reaching $81.55. 37,512 shares of the company were exchanged, compared to its average volume of 48,029. The firm has a market capitalization of $1,330.00, a price-to-earnings ratio of 30.45, a PEG ratio of 4.79 and a beta of 0.26. Chesapeake Utilities Corporation has a 52-week low of $63.00 and a 52-week high of $82.20. The company has a quick ratio of 0.39, a current ratio of 0.44 and a debt-to-equity ratio of 0.43.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 15th will be given a dividend of $0.325 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.30 dividend on an annualized basis and a yield of 1.59%. Chesapeake Utilities Corporation’s payout ratio is presently 48.51%.
Large investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. boosted its holdings in Chesapeake Utilities Corporation by 11.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,388 shares of the utilities provider’s stock valued at $104,000 after purchasing an additional 148 shares during the last quarter. Pitcairn Co. acquired a new position in Chesapeake Utilities Corporation in the 3rd quarter valued at about $201,000. Chevy Chase Trust Holdings Inc. acquired a new position in Chesapeake Utilities Corporation in the 3rd quarter valued at about $207,000. Victory Capital Management Inc. boosted its holdings in Chesapeake Utilities Corporation by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,663 shares of the utilities provider’s stock valued at $200,000 after purchasing an additional 398 shares during the last quarter. Finally, Symons Capital Management Inc. acquired a new position in Chesapeake Utilities Corporation in the 3rd quarter valued at about $223,000. Institutional investors own 60.38% of the company’s stock.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company operates through two segments: Regulated Energy and Unregulated Energy. The Company provides natural gas distribution and transmission; natural gas supply, gathering, processing and marketing; electric distribution and generation; propane distribution; propane and crude oil wholesale marketing; steam generation, and other energy-related services.
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