Notable News to Watch: Chesapeake Utilities Corporation (NYSE:CPK)

Chesapeake Utilities Corporation (NYSE:CPK) stock experienced trading -6.06% off 52-week high price. On the other end, the stock has been noted 14.61% away from low price over the last 52-weeks. The stock disclosed a move of -0.21% away from 50 day moving average and -0.49% away from 200 day moving average. Moving closer, we can see that shares have been trading -2.67% off 20-day moving average. It has market cap of $1.52B and dividend yield of 1.75%.

On Jan. 7, 2020, Chesapeake Utilities Corporation (NYSE:CPK) declared that the Federal Energy Regulatory Commission (FERC) has issued an order approving the Company’s proposed Del-Mar Energy Pathway Project (Docket No. CP18-548-000). The order, which was applied for in September of 2018 by Eastern Shore Natural Gas Company, Chesapeake Utilities’ interstate natural gas transmission subsidiary, approves the construction and operation of new infrastructure facilities in Kent and Sussex counties in Delaware, and Wicomico and Somerset counties in Maryland.

Bringing natural gas to a new area results in many positive enhancements for the community, both environmental and economic, said Jeff Sylvester, Senior Vice President for Chesapeake Utilities Corporation, responsible for the Company’s natural gas transmission and regulated distribution businesses. Studies have shown that a project like this will create more job growth and expansion of services, particularly increased demand and additional local services.

According to a recent study from the Regional Economic Studies Institute of Towson University, the infrastructure project would bring the following economic benefits to the region:

  • Direct employment – individuals who are directly associated with the construction project
  • In-direct employment – companies that benefit from increased demand and sales of their local services
  • Induced employment – increased revenue for local employers and more discretionary spending for local residents

The USA based company Chesapeake Utilities Corporation moved with change of -0.89% to $92.58 with the total traded volume of 45875 shares in Tuesday session versus to an average volume of 56.34K. The stock was observed in the 5 days activity at -2.72%. The one month performance of stock was -0.48%. CPK’s shares are at -2.33% for the quarter and driving a 13.39% return over the course of the past year and is now at -3.39% since this point in 2018.  Right now the stock beta is 0.17. The average volatility for the week and month was at 1.52% and 1.51% respectively. There are 16.41M shares outstanding and 15.73M shares are floated in market.

Leave a Reply

Your email address will not be published. Required fields are marked *