Chesapeake Utilities Co. (NYSE:CPK) Announces Quarterly Dividend of $0.54

Chesapeake Utilities Co. (NYSE:CPKGet Rating) declared a quarterly dividend on Thursday, August 4th, Zacks reports. Investors of record on Thursday, September 15th will be given a dividend of 0.535 per share by the utilities provider on Wednesday, October 5th. This represents a $2.14 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, September 14th.

Chesapeake Utilities has a payout ratio of 38.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Chesapeake Utilities to earn $5.46 per share next year, which means the company should continue to be able to cover its $2.14 annual dividend with an expected future payout ratio of 39.2%.

Chesapeake Utilities Stock Performance

CPK opened at $132.72 on Friday. The firm has a market capitalization of $2.35 billion, a PE ratio of 26.39 and a beta of 0.56. Chesapeake Utilities has a twelve month low of $117.43 and a twelve month high of $146.30. The firm’s 50-day moving average price is $128.47 and its 200 day moving average price is $131.58. The company has a current ratio of 0.50, a quick ratio of 0.48 and a debt-to-equity ratio of 0.72.

Chesapeake Utilities (NYSE:CPKGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The utilities provider reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.02. The firm had revenue of $222.88 million for the quarter, compared to analyst estimates of $189.80 million. Chesapeake Utilities had a net margin of 14.15% and a return on equity of 11.16%. During the same period in the previous year, the business posted $1.96 earnings per share. As a group, sell-side analysts expect that Chesapeake Utilities will post 4.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company boosted their price target on shares of Chesapeake Utilities from $120.00 to $128.00 in a research report on Thursday, May 5th.

Insiders Place Their Bets

In other Chesapeake Utilities news, insider John R. Schimkaitis sold 2,500 shares of Chesapeake Utilities stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $129.75, for a total transaction of $324,375.00. Following the transaction, the insider now directly owns 85,516 shares of the company’s stock, valued at $11,095,701. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.58% of the stock is owned by insiders.

Hedge Funds Weigh In On Chesapeake Utilities

Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in shares of Chesapeake Utilities by 22.5% in the 1st quarter. JPMorgan Chase & Co. now owns 111,072 shares of the utilities provider’s stock valued at $15,301,000 after acquiring an additional 20,416 shares during the period. Raymond James & Associates raised its stake in shares of Chesapeake Utilities by 2.1% in the 1st quarter. Raymond James & Associates now owns 3,965 shares of the utilities provider’s stock valued at $546,000 after acquiring an additional 83 shares during the period. Citigroup Inc. raised its stake in shares of Chesapeake Utilities by 8.3% in the 1st quarter. Citigroup Inc. now owns 15,453 shares of the utilities provider’s stock valued at $2,130,000 after acquiring an additional 1,186 shares during the period. Bank of Montreal Can raised its stake in shares of Chesapeake Utilities by 3.6% in the 1st quarter. Bank of Montreal Can now owns 12,012 shares of the utilities provider’s stock valued at $1,667,000 after acquiring an additional 413 shares during the period. Finally, MetLife Investment Management LLC raised its stake in shares of Chesapeake Utilities by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 9,373 shares of the utilities provider’s stock valued at $1,291,000 after acquiring an additional 3,402 shares during the period. 74.21% of the stock is owned by hedge funds and other institutional investors.

Chesapeake Utilities Company Profile

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Chesapeake Utilities Corporation operates as an energy delivery company. The company operates through two segments, Regulated Energy and Unregulated Energy. The Regulated Energy segment engages in the natural gas distribution operations in central and southern Delaware, Maryland's eastern shore, and Florida; regulated natural gas transmission in the Delmarva Peninsula and Florida; and regulated electric distribution in northeast and northwest Florida.

See Also

Dividend History for Chesapeake Utilities (NYSE:CPK)

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