Chesapeake Utilities (NYSE:CPK) Issues Earnings Results

Chesapeake Utilities (NYSE:CPK) announced its quarterly earnings results on Wednesday. The utilities provider reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.16 by ($0.22), FiscalAI reports. The firm had revenue of $258.90 million for the quarter, compared to analyst estimates of $208.59 million. Chesapeake Utilities had a net margin of 14.77% and a return on equity of 9.03%.

Chesapeake Utilities Price Performance

Shares of CPK stock traded down $0.77 during midday trading on Wednesday, reaching $134.29. 106,647 shares of the company were exchanged, compared to its average volume of 120,666. The company’s 50 day moving average price is $127.66 and its two-hundred day moving average price is $129.39. The company has a market cap of $3.18 billion, a P/E ratio of 23.77 and a beta of 0.79. Chesapeake Utilities has a 12 month low of $115.24 and a 12 month high of $140.59. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.55 and a current ratio of 0.62.

Insider Activity at Chesapeake Utilities

In related news, CEO Jeffry M. Householder sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $126.74, for a total transaction of $950,550.00. Following the sale, the chief executive officer owned 56,916 shares of the company’s stock, valued at $7,213,533.84. The trade was a 11.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 17,500 shares of company stock worth $2,218,185 in the last quarter. 1.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chesapeake Utilities

Several hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. lifted its holdings in shares of Chesapeake Utilities by 831.0% in the third quarter. Alliancebernstein L.P. now owns 511,428 shares of the utilities provider’s stock valued at $68,884,000 after buying an additional 456,497 shares during the period. Wellington Management Group LLP raised its position in Chesapeake Utilities by 27.6% in the third quarter. Wellington Management Group LLP now owns 952,045 shares of the utilities provider’s stock worth $128,231,000 after acquiring an additional 205,742 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Chesapeake Utilities in the third quarter worth about $19,604,000. Energy Income Partners LLC lifted its holdings in Chesapeake Utilities by 127.6% in the 3rd quarter. Energy Income Partners LLC now owns 169,204 shares of the utilities provider’s stock valued at $22,790,000 after acquiring an additional 94,872 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Chesapeake Utilities by 1,714.7% during the 1st quarter. Jane Street Group LLC now owns 47,328 shares of the utilities provider’s stock valued at $6,078,000 after purchasing an additional 44,720 shares in the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CPK. Barclays reissued a “reduce” rating and set a $140.00 target price (down from $141.00) on shares of Chesapeake Utilities in a research note on Tuesday. Wall Street Zen cut Chesapeake Utilities from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Chesapeake Utilities in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Chesapeake Utilities presently has an average rating of “Hold” and an average price target of $140.00.

Chesapeake Utilities Company Profile

Chesapeake Utilities Corporation (NYSE: CPK) is a diversified energy services holding company headquartered in Dover, Delaware. Through its operating subsidiaries, the company engages in natural gas distribution, transmission and storage; propane distribution; wholesale propane supply; and contract compression and natural gas liquids processing. Its core mission is to provide safe, reliable and cost-effective energy solutions to residential, commercial and industrial customers across multiple U.S.