Zacks Investment Research Upgrades Chesapeake Utilities (NYSE:CPK) to Buy

Chesapeake Utilities (NYSE:CPK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage presently has a $137.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.11% from the company’s current price.

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. “

Separately, Maxim Group lifted their price objective on Chesapeake Utilities from $135.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, August 6th.

NYSE CPK opened at $122.20 on Thursday. The stock has a fifty day moving average of $126.97 and a 200-day moving average of $121.35. The stock has a market capitalization of $2.15 billion, a P/E ratio of 26.68 and a beta of 0.39. Chesapeake Utilities has a 52 week low of $74.88 and a 52 week high of $133.40. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.30 and a current ratio of 0.34.

Chesapeake Utilities (NYSE:CPK) last announced its quarterly earnings data on Wednesday, August 4th. The utilities provider reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.03. Chesapeake Utilities had a return on equity of 11.39% and a net margin of 14.77%. The business had revenue of $111.08 million during the quarter, compared to analysts’ expectations of $117.30 million. Equities research analysts forecast that Chesapeake Utilities will post 4.59 earnings per share for the current fiscal year.

In other Chesapeake Utilities news, insider John R. Schimkaitis sold 784 shares of the business’s stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $132.11, for a total value of $103,574.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John R. Schimkaitis sold 1,393 shares of the business’s stock in a transaction dated Friday, August 13th. The shares were sold at an average price of $132.00, for a total value of $183,876.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,718 shares of company stock valued at $595,644. Insiders own 2.57% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of Chesapeake Utilities by 906.7% in the second quarter. Parallel Advisors LLC now owns 302 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 272 shares in the last quarter. Liberty Wealth Management LLC lifted its holdings in shares of Chesapeake Utilities by 11,600.0% in the second quarter. Liberty Wealth Management LLC now owns 6,786 shares of the utilities provider’s stock valued at $56,000 after purchasing an additional 6,728 shares in the last quarter. Captrust Financial Advisors raised its holdings in Chesapeake Utilities by 10,060.0% during the first quarter. Captrust Financial Advisors now owns 508 shares of the utilities provider’s stock worth $59,000 after acquiring an additional 503 shares in the last quarter. Heritage Wealth Management LLC raised its holdings in Chesapeake Utilities by 57.4% during the second quarter. Heritage Wealth Management LLC now owns 521 shares of the utilities provider’s stock worth $63,000 after acquiring an additional 190 shares in the last quarter. Finally, Selective Wealth Management Inc. bought a new stake in Chesapeake Utilities during the second quarter worth about $69,000. Institutional investors own 74.66% of the company’s stock.

About Chesapeake Utilities

Chesapeake Utilities Corp. engages in the distribution and transmission of natural gas, propane and electricity; and generation of electricity and steam. It operates through the following segments: Regulated Energy and Unregulated Energy. The Regulated Energy segment distributes and transmits gas, natural gas, and electricity.

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