Chesapeake Utilities Corporation Raises Dividend by 8.5 Percent

Rhea-AI Summary

Chesapeake Utilities (CPK) announced an 8.5% increase in its quarterly cash dividend, raising it from $0.59 to $0.64 per share. The annualized dividend rises from $2.36 to $2.56 per share, reflecting the Board of Directors' confidence in the company's growth strategy. The dividend will be payable on July 5, 2024, to shareholders of record as of June 14, 2024.

Positive

• The Board's decision to increase the dividend showcases confidence in Chesapeake Utilities 's growth strategy and investment decisions, including recent acquisitions and capital investments.
• Chesapeake's consistent dividend payouts for 63 years highlight financial stability and commitment to shareholders.
• The annualized dividend increase since 2004 indicates a strong track record of shareholder value creation and financial growth.

Negative

• None.

DOVER, Del., May 8, 2024 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) voted to increase the quarterly cash dividend on the Company's common stock from $0.59 per share to $0.64 per share. The Board's action raises the 2024 annualized dividend by $0.20 from $2.36 to $2.56 per share, an 8.5 percent increase. The $0.64 per share dividend will be payable July 5, 2024 to all shareholders of record at the close of business on June 14, 2024.

"The Board's decision to increase the annualized dividend rate reflects their continued confidence in our growth strategy, including our disciplined investment decisions, such as the recent acquisition of Florida City Gas and other capital investment opportunities across our footprint. This strategic intent, alongside our unwavering focus on operational excellence, will generate increased earnings, future dividend growth and greater shareholder value," commented Jeff Householder, chair, president and chief executive officer.

Chesapeake has paid dividends to its shareholders without interruption for 63 years and has increased its annualized dividend every year since 2004.

About Chesapeake Utilities Corporation:
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses. For more information, visit www.chpk.com.

Please note that Chesapeake Utilities Corporation has no affiliation with Chesapeake Energy, an oil and natural gas exploration company headquartered in Oklahoma City, Oklahoma.

For more information, contact:
Lucia Dempsey
Head of Investor Relations
ldempsey@chpk.com
347-804-9067

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SOURCE Chesapeake Utilities Corporation