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) reported a net income of $71.5 million for 2020, up from $65.2 million in 2019, translating to earnings of $4.26 per share. Despite a decline in fourth-quarter earnings to $22.4 million, the company noted significant growth in net income from continuing operations. Key growth drivers included regulatory settlements, acquisitions, and organic expansion, countered by $4.3 million in lower gross margin due to reduced customer consumption amid the COVID-19 pandemic. The company affirmed EPS guidance for 2022 of $4.70 to $4.90 and extended guidance through 2025 of $6.05 to $6.25.
Chesapeake Utilities Corporation (NYSE: CPK) announced a quarterly cash dividend of $0.44 per share, payable on April 5, 2021, for shareholders on record by March 15, 2021. The company has maintained an uninterrupted dividend payment for 60 years, consistently maintaining or increasing its annualized dividend. This reflects Chesapeake's commitment to providing income for its shareholders while being engaged in various energy services including natural gas and propane distribution.
Chesapeake Utilities Corporation (NYSE: CPK) will hold a conference call on February 25, 2021, at 4:00 p.m. ET to discuss its financial results for the fourth quarter and year ended December 31, 2020. The earnings press release will be available on February 24, 2021, after market close. Chesapeake Utilities is engaged in multiple energy sectors, including natural gas and electricity distribution and production. More details can be found on their website.
Chesapeake Utilities Corporation (NYSE: CPK) announced the completion of the Callahan Intrastate Pipeline, enhancing natural gas capacity in Nassau and Duval Counties, Florida. The project was developed in partnership with SeaCoast Gas Transmission and TECO Peoples Gas, facilitating expanded service for Chesapeake's subsidiary, Florida Public Utilities Company (FPUC). This 26.5-mile pipeline aims to support economic growth and provide affordable energy solutions to underserved communities in northeast Florida, improving access to clean natural gas.
Chesapeake Utilities Corporation (NYSE: CPK) has appointed Kelley Parmer as Assistant Vice President of Customer Care and Jason Bennett as Assistant Vice President of the newly-created Operation Services team. Parmer will enhance customer service functions while Bennett will focus on standardizing processes within the distribution business. Both leaders bring valuable industry experience, with Parmer joining from a role overseeing customer care and Bennett coming from Black Hills Energy, noted for substantial acquisition integrations.
Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.44 per share on November 5, 2020, to be paid on January 5, 2021. Shareholders recorded by December 15, 2020 will receive this dividend. This marks 60 years of uninterrupted dividend payments, with the company consistently maintaining or increasing its annual dividend. Chesapeake operates in diversified energy sectors, including natural gas and electricity distribution.
Chesapeake Utilities (NYSE: CPK) reported a strong Q3 2020, with net income of $9.3 million ($0.56/share), up from $5.6 million ($0.34/share) in Q3 2019. Year-to-date net income reached $49.1 million ($2.97/share), a 14.7% increase.
Key drivers included Hurricane Michael regulatory settlement, pipeline expansion, and organic growth in natural gas distribution. However, earnings were negatively impacted by lower customer consumption due to weather and COVID-19, with an estimated $0.7 million impact in Q3 and $1.9 million year-to-date.
Chesapeake Utilities Corporation (NYSE: CPK) announced the acquisition of Western Natural Gas Company, completed on October 26, 2020. This strategic move allows Sharp Energy, Chesapeake's propane subsidiary, to expand its operations into Florida, enhancing its propane distribution footprint. Western Natural Gas has served approximately 4,000 customers in northeast Florida for over 80 years. The acquisition aligns with Sharp Energy's commitment to meeting customer demand and maintaining high service standards.
Chesapeake Utilities Corporation (NYSE: CPK) is addressing the financial challenges faced by customers due to the COVID-19 pandemic. The company encourages customers to establish payment arrangements and highlights available assistance programs. Key measures include suspending service disconnections, waiving late fees, and offering extended payment options. Chesapeake Utilities has donated $200,000 to community organizations and is actively providing support while ensuring customer safety by keeping walk-in offices closed. Assistance is available through various channels for customers needing help.
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