Analysts forecast that Chesapeake Utilities Co. (NYSE:CPK) will announce $271.10 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Chesapeake Utilities’ earnings, with estimates ranging from $269.10 million to $273.10 million. Chesapeake Utilities reported sales of $239.36 million in the same quarter last year, which indicates a positive year-over-year growth rate of 13.3%. The company is expected to announce its next earnings report on Tuesday, May 14th.
According to Zacks, analysts expect that Chesapeake Utilities will report full-year sales of $774.83 million for the current fiscal year, with estimates ranging from $656.00 million to $838.20 million. For the next fiscal year, analysts anticipate that the business will report sales of $820.33 million, with estimates ranging from $678.00 million to $893.60 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Chesapeake Utilities.
A number of research firms recently commented on CPK. Janney Montgomery Scott downgraded shares of Chesapeake Utilities from a “buy” rating to a “neutral” rating and set a $92.24 target price on the stock. in a report on Monday, December 17th. They noted that the move was a valuation call. Wells Fargo & Co boosted their target price on shares of Chesapeake Utilities from $84.00 to $90.00 and gave the stock a “market perform” rating in a report on Monday, March 4th. Maxim Group set a $100.00 target price on shares of Chesapeake Utilities and gave the stock a “buy” rating in a report on Tuesday, December 18th. Finally, Zacks Investment Research downgraded shares of Chesapeake Utilities from a “hold” rating to a “sell” rating in a report on Monday, January 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $93.31.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 5th. Stockholders of record on Friday, March 15th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Thursday, March 14th. Chesapeake Utilities’s dividend payout ratio (DPR) is currently 44.71%.
Several institutional investors have recently added to or reduced their stakes in CPK. BlackRock Inc. increased its position in shares of Chesapeake Utilities by 29.2% in the third quarter. BlackRock Inc. now owns 1,544,049 shares of the utilities provider’s stock worth $129,545,000 after acquiring an additional 348,733 shares in the last quarter. BTIM Corp. purchased a new position in shares of Chesapeake Utilities in the fourth quarter worth approximately $12,969,000. Millennium Management LLC increased its position in shares of Chesapeake Utilities by 517.8% in the fourth quarter. Millennium Management LLC now owns 66,381 shares of the utilities provider’s stock worth $5,397,000 after acquiring an additional 55,637 shares in the last quarter. FMR LLC purchased a new position in shares of Chesapeake Utilities in the third quarter worth approximately $4,502,000. Finally, Vanguard Group Inc increased its position in shares of Chesapeake Utilities by 3.8% in the third quarter. Vanguard Group Inc now owns 929,001 shares of the utilities provider’s stock worth $77,943,000 after acquiring an additional 34,124 shares in the last quarter. 64.64% of the stock is currently owned by institutional investors and hedge funds.
About Chesapeake Utilities
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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