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.
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