CPK Options Market Flashes Extreme Pessimism

A put-call ratio at its 52-week high and 4.2 standard deviations above its 20-day mean. That is the standout on CPK today — and it doesn't sit in isolation.

Puts Dominate Like Never Before

The options market on Chesapeake Utilities hit a PCR of 2.4 on July 10. That is the highest reading in a full year. The 20-day mean PCR sits at just 0.43. The jump is 4.2 standard deviations above that baseline.

To put it plainly: for every call contract outstanding, there are now 2.4 puts. A week ago the ratio was 0.29. That is not a gradual drift — it is a sudden, sharp repositioning toward downside protection.

Short Interest Confirms the Tone

Short interest on CPK has risen 19% over the past week to 3.5% of free float. That is up from roughly 2.9% a month ago. The borrowed share count climbed from around 694,000 to 827,000 in the same window.

At 3.5% of float, the absolute level is not extreme for a regulated gas utility. But the pace of the move matters. A 19% weekly rise signals deliberate new positioning, not passive drift.

The borrow market remains loose. Availability sits at 1,554% — roughly 17.9 million shares available against the current short position. Cost to borrow has risen 57% over the week to 0.78%. That rate is still low in absolute terms, consistent with the easy availability reading. Shorts are paying little to hold their positions.