Chesapeake Utils Corp Stock Price, News & Analysis

Chesapeake Utilities (NYSE: CPK) has announced a quarterly cash dividend of $0.64 per share on its common stock. The dividend will be paid on October 7, 2024, to shareholders of record at the close of business on September 16, 2024. This announcement highlights Chesapeake's impressive track record of 63 consecutive years of uninterrupted dividend payments to shareholders. Moreover, the company has consistently increased its annualized dividend every year since 2004, demonstrating a strong commitment to delivering value to its investors.

Chesapeake Utilities (NYSE: CPK) has announced its upcoming second quarter 2024 earnings conference call and webcast, scheduled for August 9, 2024, at 8:30 a.m. ET. The company will release its financial results for the quarter ended June 30, 2024, on August 8, 2024, after market close. Investors can access the live webcast by registering online, where they can also find the accompanying presentation. For those participating by phone in the Q&A session, toll-free and international dial-in numbers are provided. Chesapeake Utilities is a diversified energy delivery company offering sustainable solutions through various services, including natural gas transmission and distribution, electricity generation and distribution, and propane gas distribution.

Chesapeake Utilities (NYSE: CPK) announced that its subsidiary, Peninsula Pipeline Company (PPC), received approval for three renewable natural gas infrastructure projects in Florida. The projects, located in Brevard, Indian River, and Miami-Dade counties, will bring renewable natural gas from local landfills into Florida City Gas's distribution system. With a combined capital investment of $46 million, these projects aim to increase gas supply, strengthen system reliability, and enhance flexibility.

The projects will add a total of 13,100 Dth/day of additional supply capacity and involve constructing approximately 27 miles of new transmission infrastructure. Completion is estimated for the first half of 2025. Additionally, the Florida Public Service Commission approved the transfer of the Pioneer Supply Pipeline asset from FCG to PPC, optimizing Chesapeake Utilities' asset alignment.

Chesapeake Utilities announced the initial injections of renewable natural gas (RNG) at its Radio Avenue injection point in Yulee, Florida.

This milestone comes from its RNG facility at Full Circle Dairy in Madison County, operated by FPU Renewables, under Florida Public Utilities Company, both subsidiaries of Chesapeake Utilities.

In its first month, the facility captured and transported approximately 4,700 dekatherms of RNG. The project, which began in February 2023, represents a $22 million investment and aims to produce 100,000 dekatherms annually.

The facility captures methane from dairy manure, reducing greenhouse gases significantly, equivalent to removing over 6,000 gasoline-powered vehicles or the energy consumption of 3,500 homes annually.

Chesapeake Utilities (NYSE: CPK) has been named Best for Corporate Governance in the United States by World Finance, an international publication by World News Media This is the second time the company has received this prestigious award, which recognizes its commitment to integrity, transparency, and accountability. The award underscores the leadership of the Board of Directors, the guidance of the management team, and the dedication of the employees. Jeff Householder, the company's CEO, emphasized the importance of leading by example in an evolving market. Jim Moriarty, the company's executive VP, highlighted that corporate governance is deeply embedded in the organization's framework. Chesapeake Utilities has previously received various accolades, such as Best Corporate Governance among North American Utilities by Ethical Boardroom and Governance Team of the Year by Governance Intelligence Magazine.

Chesapeake Utilities reported strong financial results for the first quarter of 2024, with an EPS of $2.07 and adjusted EPS of $2.10, showing a three percent increase year-over-year. The company saw adjusted gross margin growth of $35.0 million, driven by contributions from Florida City Gas (FCG), natural gas organic growth, pipeline expansion projects, and regulatory initiatives. Despite warmer temperatures impacting operating income, net income for Q1 2024 was $46.2 million, up from $36.3 million in Q1 2023.

Chesapeake Utilities (CPK) announced an 8.5% increase in its quarterly cash dividend, raising it from $0.59 to $0.64 per share. The annualized dividend rises from $2.36 to $2.56 per share, reflecting the Board of Directors' confidence in the company's growth strategy. The dividend will be payable on July 5, 2024, to shareholders of record as of June 14, 2024.