Welcome to our dedicated page for Chesapeake Utilities news (Ticker: CPK), a resource for investors and traders seeking the latest updates and insights on Chesapeake Utilities stock.
Chesapeake Utilities Corporation (NYSE: CPK), headquartered in Dover, Delaware, is a diversified energy delivery company engaged in both regulated and unregulated businesses. The company operates through multiple divisions and subsidiaries, providing a range of energy-related services including natural gas distribution, transmission, gathering and processing, propane gas distribution, marketing, and electricity distribution.
Chesapeake Utilities serves approximately 226,000 customers across various regions, including the Delmarva Peninsula, Florida, Pennsylvania, and Ohio. The company is structured into two main segments: Regulated Energy and Unregulated Energy, ensuring comprehensive energy solutions for residential, commercial, and industrial customers.
Recent Achievements and Projects:
- Acquisition of Florida City Gas (FCG): Chesapeake Utilities announced the acquisition of FCG from NextEra Energy for $923 million. This strategic investment is expected to expand the company's customer base by approximately 120,000 residential and commercial natural gas customers across eight counties in Florida.
- Worcester Resiliency Upgrade: An $80 million investment in a liquefied natural gas storage facility in Maryland to enhance energy supply and reliability during peak winter months.
- Pipeline Expansions: Multiple projects including the Southern Expansion, Beachside Pipeline Expansion, and North Ocean City Connector to increase natural gas transmission capacity and support growth in Florida and Delaware.
- Sustainability Initiatives: Chesapeake Utilities is committed to sustainability, focusing on reducing environmental impact through projects like the Full Circle Dairy RNG facility and the Port Wentworth CNG station.
The company has consistently delivered strong financial performance, with notable growth in adjusted net income and earnings per share (EPS). In 2023, Chesapeake Utilities reported an adjusted net income of $97.8 million, an increase from $89.8 million in 2022, with EPS growing to $5.31 from $5.04 per share.
Financial Outlook:
Chesapeake Utilities has reaffirmed its financial guidance, expecting to achieve EPS in the range of $6.15 to $6.35 for 2025, and $7.75 to $8.00 per share for 2028. The company's capital investment forecast ranges from $1.5 billion to $1.8 billion over the next five years, driven by growth initiatives and strategic acquisitions.
The company's commitment to delivering sustainable energy solutions, coupled with its strategic growth initiatives, positions Chesapeake Utilities favorably in the energy sector. They continue to focus on expanding their service footprint, enhancing infrastructure, and maintaining a robust financial performance to drive shareholder value.
Chesapeake Utilities (NYSE: CPK) has established an at-the-market equity offering program to sell up to $100 million worth of common stock shares. The company has partnered with multiple sales agents, including RBC Capital Markets, Barclays Capital, and others, to facilitate the offerings through the New York Stock Exchange. The proceeds will be used for general corporate purposes, including capital expenditures, debt repayment, acquisitions, subsidiary investments, and working capital. The shares will be offered under the company's existing shelf registration statement filed with the SEC.
Chesapeake Utilities (NYSE: CPK) reported Q3 2024 net income of $17.5 million ($0.78 per share), compared to $9.4 million ($0.53 per share) in Q3 2023. Excluding FCG acquisition-related expenses, adjusted net income was $18.1 million ($0.80 per share). For the first nine months of 2024, net income reached $81.9 million ($3.66 per share). The company affirmed its 2024 EPS guidance of $5.33-$5.45 and capital expenditure guidance of $300-360 million. Growth was driven by FCG contributions, infrastructure programs, pipeline expansions, and natural gas distribution growth. The company projects 2025 EPS of $6.15-$6.35 and 2028 EPS of $7.75-$8.00.
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 January 6, 2025, to shareholders of record at the close of business on December 16, 2024. The company has maintained an impressive track record of 64 years of uninterrupted dividend payments and has consistently increased its annualized dividend every year since 2004.
Chesapeake Utilities (NYSE: CPK) has completed its renewable natural gas (RNG) facility at Full Circle Dairy in Lee, Florida. The $22 million facility, which began operations in June 2024, is expected to produce 100,000 dekatherms annually. The project will capture over 1,100 metric tons of methane yearly, equivalent to powering 3,500 homes. Since June, the facility has already produced and injected over 18,000 dekatherms of RNG. The RNG is transported by Marlin Gas Services via virtual pipeline to Yulee, Florida, for distribution in Nassau County.
Chesapeake Utilities (NYSE: CPK) has announced its upcoming third quarter 2024 earnings conference call and webcast, scheduled for November 8, 2024, at 8:30 a.m. ET. The company will release its financial results for the quarter ended September 30, 2024, after market close on November 7, 2024. Investors can participate via webcast through pre-registration or join the Q&A session by phone using the provided dial-in numbers. Chesapeake Utilities is a diversified energy delivery company offering natural gas transmission and distribution, electricity services, propane distribution, and mobile compressed natural gas solutions.
Chesapeake Utilities (NYSE: CPK) has released its 2023 Environmental Stewardship Report, highlighting the company's progress in reducing emissions and contributing to a more sustainable future. Key achievements include:
- A 25% reduction in Scope 1 and Scope 2 emissions since 2019, with a 10% year-over-year reduction in 2023
- Support for the renewable natural gas (RNG) value chain, including the company's first waste-to-RNG facility
- Investments in renewable infrastructure through the MACH2™ hydrogen hub
- Promotion of conservation and energy efficiency, including a proposed natural gas energy efficiency portfolio in Delaware
- Extension of pipelines to provide natural gas to underserved areas
The report is part of a series of micro-reports focusing on sustainability, with the next report on community impact and DEI initiatives planned for early 2025.
Chesapeake Utilities (NYSE: CPK) reported Q2 2024 net income of $18.3M and EPS of $0.82, compared to $16.1M and $0.90 YoY. Adjusted net income was $19.3M and adjusted EPS was $0.86, reflecting a 19.5% increase. For the first half of 2024, net income rose to $64.4M ($2.89 per share) versus $52.5M ($2.94 per share) in H1 2023. Adjusted net income was $66.1M, with adjusted EPS at $2.96.
Key drivers included contributions from Florida City Gas (FCG) acquisition, organic growth in natural gas, and pipeline expansion projects. The company received approvals for multiple pipeline projects, supporting future margins. Chesapeake Utilities reaffirmed its 2024 EPS guidance of $5.33 to $5.45 and capital expenditure guidance of $300M to $360M.
Operating income for Q2 2024 was $40.8M, up 43.9% YoY, driven by increased adjusted gross margin and contributions from FCG. The company invested $160M in H1 2024 and expects substantial EPS growth through 2028.
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.
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