Chesapeake Utilities Co. to Issue Quarterly Dividend of $0.64 (NYSE:CPK)

Chesapeake Utilities Co. (NYSE:CPK) announced a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Investors of record on Monday, December 16th will be given a dividend of 0.64 per share by the utilities provider on Monday, January 6th. This represents a $2.56 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Monday, December 16th.

Chesapeake Utilities has increased its dividend payment by an average of 10.1% per year over the last three years and has raised its dividend every year for the last 21 years. Chesapeake Utilities has a payout ratio of 40.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Chesapeake Utilities to earn $6.25 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 41.0%.

Chesapeake Utilities Stock Performance

Chesapeake Utilities stock opened at $127.15 on Friday. Chesapeake Utilities has a 12-month low of $98.25 and a 12-month high of $134.20. The stock has a 50-day simple moving average of $124.75 and a 200 day simple moving average of $118.05. The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 25.79 and a beta of 0.64.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Guggenheim upped their target price on shares of Chesapeake Utilities from $118.00 to $129.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. StockNews.com raised Chesapeake Utilities from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, Barclays lifted their target price on Chesapeake Utilities from $118.00 to $124.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Chesapeake Utilities presently has an average rating of “Hold” and an average target price of $123.00.

Chesapeake Utilities Company 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.