# Chesapeake Utilities Corporation (CPK)

> Source: Nexqual · https://nexqual.com/CPK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Chesapeake Utilities Corporation (CPK), nexqual.com/CPK" · informational, not investment advice.

**Price:** USD 134.17 (+3.27% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 129.92 · day 129.9–134.57 · 52w 118.88–140.83 · market cap $3.39B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $994M, net income $150M (15.1% margin), free cash flow -$208M (SEC filings).
- Valuation: P/E 22.6x (avg 22.1x at the last 3 fiscal year-ends), EV/EBITDA 13.5x, net debt $1.50B.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.5M; 2 not under a Rule 10b5-1 plan ($1.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (7 analysts), mean target USD 147.25 (range 134–160).
- Total return with dividends: 1Y +5.3% vs S&P 500 +14.9%; 5Y +14.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.94, revenue estimate $187M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $570M | $681M | $671M | $787M | $930M | $994M |
| Operating income | $131M | $143M | $151M | $228M | $256M | $271M |
| Net income | $83.5M | $89.8M | $87.2M | $119M | $140M | $150M |
| EPS (diluted) | $4.73 | $5.04 | $4.73 | $5.26 | $5.97 | — |
| Free cash flow | -$36.4M | $30.6M | $14.9M | -$116M | -$215M | -$208M |
| Operating margin | 23.0% | 21.0% | 22.5% | 29.0% | 27.5% | 27.3% |
| Net margin | 14.6% | 13.2% | 13.0% | 15.1% | 15.1% | 15.1% |
| Revenue growth | +16.7% | +19.4% | -1.5% | +17.4% | +18.1% | — |
| Cash + short-term investments | $5.0M | $6.2M | $4.9M | $7.9M | $1.8M | — |
| Total debt | $569M | $601M | $1.21B | $1.30B | $1.50B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.6x · P/S 3.4x · EV/EBITDA 13.5x · EV/Sales 4.9x · P/B 2.0x · FCF yield -6.14% · Earnings yield 4.43% · Dividend yield (paid, TTM) 1.89% · Net debt $1.50B · EV $4.89B
P/E at fiscal year-ends: Dec 2025 20.9x, Dec 2024 23.1x, Dec 2023 22.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-21 | Householder Jeffry M | President & CEO | 10,000 | $1.3M | 13.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-20 | Webber Kevin J | Sr VP & Chief Dev Officer | 2,000 | $255K | 13.2% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 7 analysts; mean target USD 147.25 (low 134, high 160).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Target lowered | Equal-Weight | $136 → $134 |
| 2026-09-30 | Wells Fargo | Target raised | Equal-Weight | $134 → $136 |
| 2026-09-11 | Mizuho | Initiated | Outperform | $150 |
| 2026-08-10 | Wells Fargo | Target raised | Equal-Weight | $132 → $134 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.3% | +14.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.3% | +2.7% |
| Volatility (annualized) | 20.1% | 22.6% |
| Max drawdown | -13.0% (Nov 2025→Jun 2026) | -38.7% (Dec 2021→Nov 2023) |

## Peers (Utilities - Regulated Gas)
MDU (MDU Resources Group, Inc.) USD 19.37 +1.31% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · OGS (ONE Gas, Inc.) USD 78.25 +3.57% · SR (Spire Inc.) USD 85.56 +3.70% · NJR (NewJersey Resources Corporation) USD 53.63 +2.94% · NWN (Northwest Natural Holding Compa) USD 49.93 +2.32%

## More
Full page: https://nexqual.com/CPK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Regulated Energy | $164.3M | 81.4% | +8.2% | $55.2M | 33.6% |
| Unregulated Energy | $45.2M | 22.4% | -5.6% | -$2.5M | -5.5% |
| Other businesses and eliminations | $100,000 | 0.0% | -101.4% | $200,000 | 200.0% |
| Total revenue | $201.9M | 100% | — | $52.9M | 26.2% |
The lines above cover 103.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Energy Distribution | $150.4M | 74.5% | +8.6% |
| Energy Transmission | $39.4M | 19.5% | +18.3% |
| Energy Services | $7.0M | 3.5% | -16.7% |
| Total revenue | $201.9M | 100% | — |
The lines above cover 97.5% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "The Company is increasing its 2026 capital expenditure guidance by $100 million to $550 - $600 million, driven primarily by increases in transmission (including initial investments in FEP), distribution and infrastructure investments."
- "The Company had previously issued long-term capital guidance for the 2024 - 2028 period of $1.5 - $1.8 billion."
- "Given a robust capital investment program to date and the recently announced FEP project, the Company expects to achieve capital investment of approximately $1.4 billion through 2026 and total investment exceeding $2.2 billion for the five-year period ended 2028."
- "The Company also continues to reaffirm its 2028 earnings guidance of $7.75 - $8.00 per share."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.94 | $0.91 | +3.2% | $186.7M | 5 |
| Next quarter (ends 2026-12-31) | $1.98 | $2.03 | -2.5% | $276.3M | 4 |
| Current fiscal year (ends 2026-12-31) | $6.48 | $6.43 | +0.8% | $1.03B | 7 |
| Next fiscal year (ends 2027-12-31) | $7.33 | $7.32 | +0.1% | $1.08B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±5.6%; last 8 reports averaged ±1.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 24.7% | ±5.6% |
| 2026-12-18 | 56 | 21.7% | ±7.0% |
| 2027-03-19 | 147 | 21.5% | ±11.0% |
| 2027-06-17 | 237 | 21.7% | ±13.9% |