Welcome to our dedicated page for Chesapeake Utils news (Ticker: CPK), a resource for investors and traders seeking the latest updates and insights on Chesapeake Utils stock.
Chesapeake Utilities Corporation reports developments from a diversified energy delivery business built around regulated and unregulated energy operations. The company distributes natural gas, electricity and propane, transmits natural gas, generates electricity and steam, and provides mobile compressed natural gas and other energy-related services.
Recurring updates cover earnings, adjusted gross margin, capital investment, regulatory initiatives, infrastructure programs, natural gas organic growth, transmission expansion projects, customer consumption, rate proceedings, dividends, and leadership or governance changes. Company-specific developments also include Florida City Gas, Peninsula Pipeline, Aspire Energy Express and other utility and pipeline operations subject to state utility commission or FERC oversight.
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Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on May 4, 2023, at 8:30 a.m. ET, to discuss its financial results for the first quarter ending March 31, 2023. The earnings press release will be issued on May 3, 2023, after market close. Investors can access the call via live webcast on the company's website or by phone using the provided dial-in details. This call will include a question and answer session. Chesapeake Utilities is a diversified energy delivery company offering various sustainable energy solutions.
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.