Chesapeake Utilities (CPK) Lowered to Hold at Zacks Investment Research

Chesapeake Utilities (NYSE:CPK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

A number of other analysts have also weighed in on the company. Wells Fargo & Co restated a “hold” rating on shares of Chesapeake Utilities in a report on Friday, May 10th. Maxim Group set a $100.00 target price on Chesapeake Utilities and gave the stock a “buy” rating in a report on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $97.31.

Chesapeake Utilities stock opened at $94.20 on Wednesday. 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 firm has a market cap of $1.53 billion, a price-to-earnings ratio of 25.94, a P/E/G ratio of 4.19 and a beta of 0.25. Chesapeake Utilities has a twelve month low of $73.55 and a twelve month high of $95.60.

Chesapeake Utilities (NYSE:CPK) last posted its earnings results on Wednesday, May 8th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.08. The company had revenue of $227.62 million during the quarter, compared to analyst estimates of $271.10 million. Chesapeake Utilities had a return on equity of 11.41% and a net margin of 8.27%. Analysts anticipate that Chesapeake Utilities will post 3.71 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc lifted its holdings in shares of Chesapeake Utilities by 3.8% during the 3rd quarter. Vanguard Group Inc now owns 929,001 shares of the utilities provider’s stock valued at $77,943,000 after purchasing an additional 34,124 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Chesapeake Utilities by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 929,001 shares of the utilities provider’s stock valued at $77,943,000 after purchasing an additional 34,124 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Chesapeake Utilities by 29.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 834,874 shares of the utilities provider’s stock valued at $76,148,000 after purchasing an additional 190,773 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Chesapeake Utilities by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 556,272 shares of the utilities provider’s stock valued at $50,738,000 after purchasing an additional 2,656 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Chesapeake Utilities by 4.0% during the 4th quarter. Bank of New York Mellon Corp now owns 422,514 shares of the utilities provider’s stock valued at $34,351,000 after purchasing an additional 16,203 shares during the last quarter. Hedge funds and other institutional investors own 64.62% of the company’s stock.

Chesapeake Utilities Company Profile

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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