Chesapeake Utils Corp Stock Price, News & Analysis

Chesapeake Utilities Corporation (NYSE: CPK) has completed an 11.3-mile natural gas pipeline expansion in Vero Beach, Florida, through its subsidiary, Peninsula Pipeline Company Inc. The $10.5 million project enhances natural gas capacity by interconnecting existing infrastructure and adding five new delivery points, including Wabasso and Indian River Shores. Expected annual adjusted gross margin is estimated at $1.8 million in 2023 and $2.5 million in subsequent years. This expansion aligns with the growing demand for energy in the region. Construction began in Q2 2022 and was completed on schedule and within budget.

Chesapeake Utilities reported a full year 2022 EPS of $5.04, up 6.6% from $4.73 in 2021, driven by net income growth of 7.6% to $89.8 million. The fourth quarter EPS was $1.47, a 14.8% increase year over year. Average ROE was 11.1% for 2022, marking the 18th consecutive year above 11%. Chesapeake received Florida natural gas rate case approval with an expected order in March 2023. The company updated its capital expenditure guidance for 2023 to $200 million to $230 million and long-term guidance to $900 million to $1.1 billion for capital expenditures through 2025.

Chesapeake Utilities Corporation (CPK) announced a quarterly cash dividend of $0.535 per share, set to be paid on April 5, 2023. Shareholders of record as of March 15, 2023 will receive this dividend. This marks 62 uninterrupted years of dividend payments, with an annual increase every year since 2004, showcasing the company's commitment to returning value to shareholders. Chesapeake Utilities operates in diverse energy sectors, providing sustainable solutions in natural gas and electricity.

Chesapeake Utilities Corporation (NYSE: CPK) through its subsidiary FPU Renewables LLC, will build a renewable natural gas (RNG) facility at Full Circle Dairy in Madison County, Florida. The $22 million project aims to convert dairy manure into RNG, capturing 100,000 dekatherms of gas annually, with operations expected to begin in 2024. This initiative will reduce approximately 1,116 metric tons of methane per year, equating to greenhouse gas emissions from 6,012 vehicles. The project aligns with Chesapeake's commitment to sustainable energy solutions and supports the transition to a lower-carbon future.

Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on February 23, 2023, at 8:30 a.m. ET to discuss its financial results for the fourth quarter and full year ending December 31, 2022. The earnings press release will be issued on February 22, 2023, after market close. Investors can listen via live webcast on the company's Investors page. Dial-in options are also provided for those who wish to participate via phone. Chesapeake Utilities is a diversified energy delivery company offering sustainable energy solutions.

Chesapeake Utilities Corporation (NYSE: CPK) has announced the establishment of a new renewable natural gas (RNG) injection point in Yulee, Florida. This system enhancement allows for the integration of RNG, compressed natural gas (CNG), and liquefied natural gas (LNG) into the existing pipeline, addressing the rising energy demands in Nassau County and the Wildlight community. This initiative aims to support sustainability efforts by allowing alternative fuels in the delivery system. Additionally, the company is investing in further RNG projects, including a transportation project in Ohio and the acquisition of a biogas facility in Maryland.

Chesapeake Utilities Corporation (NYSE: CPK) has received approval from the Florida Public Service Commission to extend natural gas services to about 4,000 new homes and businesses in the Wildlight development, Nassau County, Florida. The Wildlight project is set to include approximately 22,000 residential units over a 10-year period. Currently, Florida Public Utilities, a subsidiary, serves around 1,500 customers in this 24,000-acre community. Additionally, the Peninsula Pipeline Company will construct necessary infrastructure to support this expansion.

Chesapeake Utilities Corporation (NYSE: CPK) announced on January 23, 2023 that its subsidiary, Eastern Shore Natural Gas (ESNG), received approval from the Federal Energy Regulatory Commission (FERC) to construct a new compressor unit in Sussex County, Delaware. This facility aims to support the growing demand for natural gas across the Delmarva Peninsula, increasing capacity by up to 7,300 dekatherms per day. Since 2017, ESNG has invested over $200 million in infrastructure improvements, enhancing service availability for residential and commercial customers.