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.
Overview of Chesapeake Utilities Corporation (NYSE: CPK)
Chesapeake Utilities Corporation is a publicly traded, diversified energy delivery company headquartered in Dover, Delaware. The company operates across regulated and unregulated energy segments, providing critical energy solutions to customers on the Delmarva Peninsula, in Florida, Pennsylvania, and Ohio. Chesapeake Utilities specializes in the distribution, transmission, and marketing of natural gas, electricity, and propane, alongside other energy-related services. Its customer base spans residential, commercial, and industrial sectors, benefiting from the company's commitment to operational excellence and sustainable energy solutions.
Core Business Segments
Regulated Energy Operations: Chesapeake Utilities' regulated energy segment encompasses natural gas and electricity distribution, as well as natural gas transmission. These operations are subject to oversight by state public service commissions (PSCs) in Delaware, Maryland, Florida, and Ohio, as well as the Federal Energy Regulatory Commission (FERC). The company's regulated infrastructure investments support long-term customer growth and system reliability. Key subsidiaries include Eastern Shore Natural Gas and Peninsula Pipeline, which manage transmission and pipeline projects to meet increasing energy demand.
Unregulated Energy Operations: The unregulated segment focuses on propane distribution, wholesale marketing, and mobile compressed natural gas (CNG) utility services. These businesses provide flexible energy solutions, catering to niche markets and enabling Chesapeake Utilities to diversify its revenue streams. The company's unregulated operations also include virtual pipeline services and renewable natural gas (RNG) projects, which align with evolving energy market trends and sustainability goals.
Geographic Footprint and Market Reach
Chesapeake Utilities operates in high-growth regions, including the Delmarva Peninsula and the rapidly expanding markets of Florida. Its strategic presence in these areas allows the company to capitalize on population growth and increasing energy demands. The company's infrastructure projects, such as pipeline expansions in Florida and Maryland, aim to enhance energy accessibility and system resilience.
Regulatory Compliance and Strategic Projects
Chesapeake Utilities maintains a strong focus on regulatory compliance, working closely with state and federal agencies to advance infrastructure projects and rate cases. Recent initiatives include the SAFE Program in Florida, which addresses pipeline safety and reliability, and the Maryland Natural Gas Rate Case, which seeks to unify and optimize the company's rate structures. These efforts demonstrate Chesapeake Utilities' commitment to balancing operational efficiency with regulatory obligations.
Competitive Positioning
Chesapeake Utilities differentiates itself through its dual focus on regulated and unregulated operations. Its regulated businesses provide stable, predictable revenue, while its unregulated ventures offer growth opportunities in emerging energy markets. The company's emphasis on customer growth, infrastructure investment, and operational excellence positions it as a key player in the energy delivery sector.
Key Value Proposition
Chesapeake Utilities delivers reliable, sustainable energy solutions through a diversified portfolio of services. Its strategic investments in infrastructure and regulatory initiatives ensure long-term growth and system reliability. By blending traditional energy delivery with innovative solutions like renewable natural gas and virtual pipeline services, Chesapeake Utilities addresses the evolving needs of its customers and the energy market.
Chesapeake Utilities (NYSE: CPK) has inaugurated its second Safety Town training facility in DeBary, Florida, with a ribbon-cutting ceremony on February 27, 2025. The one-acre state-of-the-art center mirrors the company's Dover, Delaware facility and features specialized training environments for gas-related operations.
The facility includes simulations for hit line and gas leaks, service hook-ups, utility locating, leak detection, and corrosion monitoring. It is equipped with technology-enabled training rooms, storage areas, and multiple training houses for real-life safety scenarios. The curriculum covers emergency response, infrastructure maintenance, underground utility operations, and propane tank training.
During the opening ceremony, CPK presented a $10,000 donation to the Florida Fire Chiefs' Association Foundation. The facility will serve as a training resource for both company employees and local first responders, featuring natural gas and electric mobile training units for on-site safety training throughout their service territories.
Chesapeake Utilities (NYSE: CPK) reported strong financial results for fiscal year 2024. Net income reached $118.6 million ($5.26 per share), compared to $87.2 million ($4.73 per share) in 2023. Adjusted net income, excluding Florida City Gas (FCG) acquisition-related expenses, was $121.5 million ($5.39 per share).
The company's performance was driven by FCG contributions, regulatory initiatives, infrastructure programs, natural gas distribution growth, pipeline expansion projects, and increased virtual pipeline services. Capital expenditures totaled $356 million in 2024, near the top end of guidance.
Looking forward, Chesapeake Utilities reaffirmed its 2025 EPS guidance of $6.15-$6.35 and 2028 EPS guidance of $7.75-$8.00, implying an 8% annual growth rate. The company projects capital expenditures of $325-375 million for 2025 and maintains its five-year capital guidance of $1.5-1.8 billion through 2028.
Chesapeake Utilities (NYSE: CPK) has declared a quarterly cash dividend of $0.64 per share on its common stock. The dividend will be paid on April 7, 2025 to shareholders of record at the close of business on March 14, 2025.
The company maintains a remarkable dividend track record, having paid dividends without interruption for 64 years and consistently increased its annualized dividend every year since 2004.
Chesapeake Utilities (NYSE:CPK) has been named a 2025 Warrior Friendly Business by the Delaware State Chamber of Commerce Joint Military Affairs Committee (JMAC) in the Over 50 Employees category. The recognition was awarded on February 20, 2025, acknowledging the company's support for service members, veterans, and their families through workplace initiatives.
In 2024, the company collaborated with over 130 veteran service organizations across their service territories, successfully hiring 12 veterans as of November. The company maintains a Veterans Employee Resource Group (ERG) that focuses on raising awareness of veterans' skills and challenges, while fostering mentorship and camaraderie. Their initiatives include an annual Veterans Day Leadership Symposium and community service activities supporting Honor Flights and Wreaths Across America.
Chesapeake Utilities (NYSE: CPK) has announced it will host a conference call on February 27, 2025 at 8:30 a.m. ET to discuss its financial results for the fourth quarter and full year 2024. The earnings press release will be issued after market close on February 26, 2025.
The company will provide a live webcast of the conference call, with presentation materials available for participants to follow along. For the Q&A portion, investors and analysts can dial in using the toll-free number 800-579-2543 or international number 785-424-1789 with Conference ID: CPKQ424.
Chesapeake Utilities is a diversified energy delivery company offering sustainable energy solutions through natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, and mobile compressed natural gas utility services.
Florida City Gas (FCG), a Chesapeake Utilities (NYSE: CPK) subsidiary, has been named a 2024 Customer Champion by Escalent in their Cogent Syndicated report. FCG achieved the highest ranking among utilities in the South region and placed second among natural gas companies nationwide. The recognition came after evaluation of 142 major U.S. utilities, with FCG being among the top 47 companies recognized for strong customer relationships.
The assessment focused on key areas including safety, reliability, environmental stewardship, and community engagement. This achievement follows FCG's previous recognitions as a 'Most Trusted Utility Brand' in 2022 and 'Easiest to do Business With' in 2023.
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.
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