Chesapeake Utilities Co. (NYSE:CPK) declared a quarterly dividend on Friday, November 9th, Wall Street Journal reports. Stockholders of record on Friday, December 14th will be given a dividend of 0.37 per share by the utilities provider on Monday, January 7th. This represents a $1.48 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, December 13th.
Chesapeake Utilities has raised its dividend by an average of 6.2% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Chesapeake Utilities has a payout ratio of 43.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Chesapeake Utilities to earn $3.67 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 40.3%.
CPK stock opened at $89.07 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.30 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.44 billion, a PE ratio of 27.86, a PEG ratio of 4.37 and a beta of 0.09. Chesapeake Utilities has a fifty-two week low of $66.35 and a fifty-two week high of $93.09.
Several research analysts have recently weighed in on the company. Wells Fargo & Co upped their price objective on Chesapeake Utilities from $82.00 to $86.00 and gave the stock a “market perform” rating in a research report on Monday, September 17th. Janney Montgomery Scott cut Chesapeake Utilities from a “buy” rating to a “neutral” rating and set a $86.00 price objective for the company. in a research report on Monday, September 24th. ValuEngine raised Chesapeake Utilities from a “hold” rating to a “buy” rating in a research report on Friday, August 17th. Zacks Investment Research cut Chesapeake Utilities from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Finally, Maxim Group initiated coverage on Chesapeake Utilities in a research report on Wednesday, November 28th. They set a “buy” rating and a $100.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $91.25.
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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