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 Corporation (NYSE: CPK) mourns the passing of Board member Eugene H. Bayard, who served since 2006. His contributions to the company's growth and culture were significant, according to Board Chair John R. Schimkaitis. Bayard's legacy will resonate within the firm and the state of Delaware for years to come. The company appreciates his unwavering dedication to its mission and community.
Chesapeake Utilities Corporation (NYSE: CPK) will announce its financial results for Q3 2021 on November 3, 2021, after market close. A conference call to discuss these results is scheduled for November 4, 2021, at 4:00 p.m. ET. Investors can participate by dialing 877.224.1468. The company operates in various energy sectors, including natural gas and propane distribution, electricity generation, and mobile CNG services. More information is available on their official website.
Chesapeake Utilities Corporation (NYSE: CPK) has completed the 33.1-mile Noble Road Landfill Renewable Natural Gas (RNG) pipeline project, constructed by its subsidiary Aspire Energy. This $7.3 million investment will transport RNG from the Noble Road Landfill, starting in Q4 2021. The project is expected to generate a gross margin of $0.1 million in 2021, increasing to $1 million annually by 2026. The RNG produced will support sustainability efforts and significantly reduce carbon emissions, providing enough energy to fuel 725 biofuel trucks each year.
Chesapeake Utilities Corporation (NYSE: CPK) announces the appointment of Lisa G. Bisaccia to its Board of Directors, effective Oct. 15, 2021. Bisaccia, a retired executive from CVS Health, brings over 40 years of experience in human resources, focusing on employee engagement, diversity, and corporate responsibility. Her expertise is expected to enhance Chesapeake's employee-centric culture and support its business transformation initiatives. The Board expresses confidence in her ability to contribute to stakeholder interests and community enrichment.
Chesapeake Utilities Corporation (NYSE: CPK) has appointed Noah Russell, CPA, as assistant vice president and assistant treasurer, effective after the retirement of Thomas Mahn on December 31, 2021. Russell brings nearly 20 years of experience in finance and strategic planning, having previously worked at Energy Transfer LP and Sunoco. His responsibilities will include overseeing treasury strategy and managing corporate finance and banking relationships. Mahn, who has been a key figure since 2012, will continue to advise the company on strategic projects in 2022.
Chesapeake Utilities Corporation (NYSE:CPK) will participate in the Sidoti & Company 2021 Fall Virtual Small Cap Conference on September 22-23, 2021. The Company plans to engage in one-on-one meetings with investors and will present on September 23 from 1:45 PM to 2:15 PM ET. A presentation will be accessible on their website before the conference. Chesapeake Utilities focuses on diversified energy services, including natural gas, electricity, and propane distribution, as well as mobile CNG utility services.
Chesapeake Utilities Corporation (NYSE: CPK) announced the appointment of Alexander Whitelam as the new Head of Investor Relations, effective August 24. This role emphasizes the company's commitment to enhancing engagement with shareholders and stakeholders. Whitelam brings extensive experience from his prior positions at AMETEK, Aqua America, and leading financial firms. His expertise aims to drive long-term value and support Chesapeake's strategy in delivering sustainable energy solutions as the industry evolves.
Chesapeake Utilities Corporation (NYSE: CPK) has appointed William Hughston as vice president and chief human resources officer, effective August 16, 2021. Hughston will lead various HR functions, including talent acquisition and employee engagement, with a focus on fostering a culture of equity, diversity, and inclusion. He brings extensive experience, having previously served as senior vice president of HR at Spectra Hospitality, supporting over 25,000 employees. This move aims to strengthen the company's strategic goals and enhance employee relations.
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