Chesapeake Utils Corp - CPK STOCK NEWS

Chesapeake Utilities (NYSE: CPK) marks a significant milestone as its subsidiary Aspire Energy of Ohio celebrates 10 years since the merger with Gatherco Inc. in April 2015. The company has enhanced its natural gas infrastructure and service delivery across Ohio over the past decade.

Aspire Energy operates an extensive network spanning 40 counties in Ohio, including over 2,300 miles of pipelines, six compressor stations, and three mechanical refrigeration units for natural gas liquids extraction. The company serves multiple local distribution companies and manages Consumers Gas Cooperative, serving over 10,000 members in Orrville, Ohio.

In 2020, the company established Aspire Energy Express (AEX), an intrastate pipeline company that connects the Rockies Express Gas Pipeline to the 1,875 MW Guernsey Power Station. With Ohio's manufacturing sector growth driving increased power generation demands, Aspire Energy is positioned to expand its service territory through infrastructure additions and investments.

Chesapeake Utilities (NYSE: CPK) has received its first investment grade credit rating from Fitch Ratings. The company was assigned a BBB+ Long-Term Issuer Default Rating with a Stable outlook, while its senior unsecured debt received an A- instrument rating.

Beth Cooper, Executive Vice President, Chief Financial Officer, highlighted the company's track record of delivering top-tier investor returns through significant capital investment while maintaining prudent balance sheet management. The investment grade rating is expected to enable more efficient capital raising to support future growth plans.

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.