Prudential Financial Inc. cut its holdings in Chesapeake Utilities Co. (NYSE:CPK) by 18.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,944 shares of the utilities provider’s stock after selling 12,036 shares during the quarter. Prudential Financial Inc. owned about 0.32% of Chesapeake Utilities worth $5,031,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Reaves W H & Co. Inc. bought a new position in Chesapeake Utilities in the second quarter valued at approximately $371,000. JPMorgan Chase & Co. raised its holdings in Chesapeake Utilities by 8.8% in the second quarter. JPMorgan Chase & Co. now owns 29,833 shares of the utilities provider’s stock worth $2,772,000 after purchasing an additional 2,422 shares during the period. Wells Fargo & Company MN raised its holdings in Chesapeake Utilities by 4.3% in the second quarter. Wells Fargo & Company MN now owns 97,788 shares of the utilities provider’s stock worth $9,293,000 after purchasing an additional 4,041 shares during the period. Arabesque Asset Management Ltd acquired a new stake in Chesapeake Utilities in the second quarter worth $219,000. Finally, Meeder Asset Management Inc. raised its holdings in Chesapeake Utilities by 212.3% in the second quarter. Meeder Asset Management Inc. now owns 2,826 shares of the utilities provider’s stock worth $269,000 after purchasing an additional 1,921 shares during the period. 65.78% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:CPK traded up $0.04 during midday trading on Friday, reaching $93.64. 1,038 shares of the company were exchanged, compared to its average volume of 54,759. Chesapeake Utilities Co. has a fifty-two week low of $77.20 and a fifty-two week high of $96.27. The company has a quick ratio of 0.22, a current ratio of 0.24 and a debt-to-equity ratio of 0.53. The stock has a fifty day simple moving average of $93.42 and a two-hundred day simple moving average of $92.82. The firm has a market cap of $1.52 billion, a PE ratio of 28.34, a P/E/G ratio of 3.56 and a beta of 0.22.
Chesapeake Utilities (NYSE:CPK) last issued its quarterly earnings data on Thursday, August 8th. The utilities provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). Chesapeake Utilities had a return on equity of 11.30% and a net margin of 8.62%. The company had revenue of $130.90 million for the quarter, compared to analyst estimates of $169.40 million. As a group, analysts forecast that Chesapeake Utilities Co. will post 3.72 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Friday, September 13th will be issued a dividend of $0.405 per share. The ex-dividend date is Thursday, September 12th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.73%. Chesapeake Utilities’s payout ratio is 48.94%.
In related news, insider John R. Schimkaitis sold 2,500 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $94.20, for a total transaction of $235,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 2,858 shares of company stock worth $269,292. 4.18% of the stock is currently owned by company insiders.
CPK has been the topic of several analyst reports. ValuEngine upgraded shares of Chesapeake Utilities from a “hold” rating to a “buy” rating in a report on Monday, August 12th. Maxim Group reiterated a “buy” rating and issued a $110.00 target price (up from $100.00) on shares of Chesapeake Utilities in a report on Friday, August 9th. Wells Fargo & Co reiterated a “hold” rating on shares of Chesapeake Utilities in a report on Monday, June 10th. Finally, Zacks Investment Research upgraded shares of Chesapeake Utilities from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a report on Tuesday, August 13th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $98.81.
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.
Read More: What is a portfolio manager?
Receive News & Ratings for Chesapeake Utilities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chesapeake Utilities and related companies with MarketBeat.com's FREE daily email newsletter.