The Manufacturers Life Insurance Company Decreases Holdings in Chesapeake Utilities Co. (NYSE:CPK)

The Manufacturers Life Insurance Company cut its holdings in shares of Chesapeake Utilities Co. (NYSE:CPK) by 2.6% during the 4th quarter, HoldingsChannel reports. The fund owned 11,469 shares of the utilities provider’s stock after selling 309 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Chesapeake Utilities were worth $1,392,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Federated Hermes Inc. raised its stake in shares of Chesapeake Utilities by 587.1% during the fourth quarter. Federated Hermes Inc. now owns 213 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 182 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Chesapeake Utilities in the fourth quarter worth approximately $50,000. Sterling Capital Management LLC grew its holdings in shares of Chesapeake Utilities by 805.2% in the fourth quarter. Sterling Capital Management LLC now owns 697 shares of the utilities provider’s stock worth $85,000 after purchasing an additional 620 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Chesapeake Utilities by 159.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 876 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 539 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Chesapeake Utilities by 46.2% in the fourth quarter. KBC Group NV now owns 1,048 shares of the utilities provider’s stock worth $127,000 after purchasing an additional 331 shares during the last quarter. 83.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Barclays cut their target price on shares of Chesapeake Utilities from $125.00 to $124.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 29th. LADENBURG THALM/SH SH upgraded shares of Chesapeake Utilities to a “strong-buy” rating in a report on Tuesday, April 22nd. Finally, StockNews.com cut shares of Chesapeake Utilities from a “hold” rating to a “sell” rating in a report on Tuesday, April 22nd.

Chesapeake Utilities Stock Performance

NYSE:CPK opened at $123.12 on Tuesday. The stock has a market cap of $2.83 billion, a P/E ratio of 24.97 and a beta of 0.71. The firm’s fifty day simple moving average is $129.47 and its 200 day simple moving average is $126.00. Chesapeake Utilities Co. has a twelve month low of $102.64 and a twelve month high of $136.73. The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.87.

Chesapeake Utilities (NYSE:CPK) last released its quarterly earnings results on Wednesday, May 7th. The utilities provider reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.28 by ($0.06). The company had revenue of $298.70 million during the quarter, compared to the consensus estimate of $248.45 million. Chesapeake Utilities had a net margin of 14.16% and a return on equity of 9.08%. The business’s revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.10 EPS. As a group, research analysts predict that Chesapeake Utilities Co. will post 5.39 EPS for the current year.

Chesapeake Utilities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 7th. Investors of record on Monday, June 16th will be issued a $0.685 dividend. The ex-dividend date is Monday, June 16th. This represents a $2.74 annualized dividend and a yield of 2.23%. This is a boost from Chesapeake Utilities’s previous quarterly dividend of $0.64. Chesapeake Utilities’s payout ratio is 47.32%.

Chesapeake Utilities Profile

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