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) has announced an increase in its quarterly cash dividend from $0.48 to $0.535 per share. This marks an 11.5% increase in the annualized dividend, raising it from $1.92 to $2.14 per share. The new dividend will be payable on July 5, 2022, to shareholders of record by June 15, 2022. The company has maintained consistent dividend payments for 61 years, reflecting strong financial performance and a commitment to return capital to shareholders.
Chesapeake Utilities (NYSE: CPK) reported a net income of $36.9 million for the first quarter of 2022, a 7.2% increase from $34.5 million in Q1 2021. The earnings per share (EPS) rose to $2.08, a 6.1% rise from $1.96 in the prior year. Growth was driven by the acquisition of Diversified Energy, infrastructure expansions, and higher profitability in unregulated businesses. The company also invested in low-carbon energy initiatives, including a CNG fueling station and hydrogen blending tests. Capital expenditure guidance remains at $750 million to $1 billion through 2025.
Chesapeake Utilities Corporation (NYSE: CPK) announced a $6.3 million capital project to expand its infrastructure from Sussex County, Delaware, to northern Ocean City, Maryland. The initiative aims to enhance service reliability and meet increasing natural gas demand. A new pipeline will be constructed, following the completion of necessary permits, with construction expected to begin in Q2 and finish by Q4 2022. CEO Jeff Householder highlighted that customer growth within the Delmarva natural gas distribution areas is significantly above the national average.
Chesapeake Utilities Corporation (NYSE: CPK) announced a conference call scheduled for May 4, 2022, at 4:00 p.m. ET to discuss its financial results for the first quarter ended March 31, 2022. The earnings press release will be available on May 3, 2022, after market close. Investors can participate in the call by dialing 877.224.1468. For those unable to attend, a replay will be accessible on the company’s website. Chesapeake Utilities is involved in various energy sectors, including natural gas and electricity services.
Chesapeake Utilities Corporation (NYSE: CPK) announced the opening of a high-capacity compressed natural gas (CNG) fueling station in Port Wentworth, Georgia. Operated by Marlin Compression, this facility is one of the largest public access CNG stations on the East Coast, aimed at reducing greenhouse gas emissions. The station will support fleet fueling and serve as a staging area for CNG transport trailers. A renewable natural gas (RNG) option is planned for future availability. The project reflects Chesapeake's commitment to lower carbon energy solutions.
Chesapeake Utilities Corporation (NYSE: CPK) announced that Joe Steinmetz, vice president and controller, was named the 2021 Controller of the Year, Runner-Up, in the medium size/public category by the Controllers Council. Steinmetz praised his team's efforts in achieving aggressive goals, maintaining performance during the pandemic, and implementing efficiencies across finance operations. The award recognizes excellence in financial leadership based on performance metrics, work experience, and community involvement. A virtual event is planned for April 27 to honor the winners.
OPAL Fuels LLC has announced the start of commercial operations at its new facility in Shiloh, Ohio, aimed at capturing waste methane from the Noble Road Landfill. This facility is projected to produce around 6.9 million gallons of RNG annually, significantly reducing methane emissions by approximately 20,000 tons per year and CO2 emissions by more than 48,000 tons. A 33.1-mile pipeline will transport the RNG, helping displace diesel fuel in Rumpke trucks. This initiative aligns with OPAL Fuels' growth strategy and supports environmental sustainability.
Chesapeake Utilities (NYSE: CPK) reported strong financial results for 2021, posting a net income of $83.5 million or $4.73 per share, a notable increase from $71.5 million or $4.26 per share in 2020. The fourth quarter net income rose to $22.7 million with $1.28 earnings per share, up from $21.7 million and $1.24 the previous year. Key growth drivers included expansion in natural gas distribution, acquisitions, and improved propane business profitability. The company also plans a capital expenditure of $175 million to $200 million in 2022.
FAQ
What is the current stock price of Chesapeake Utilities (CPK)?
What is the market cap of Chesapeake Utilities (CPK)?
What services does Chesapeake Utilities provide?
What is the significance of the Florida City Gas acquisition?
What are the company's recent major projects?
How does Chesapeake Utilities contribute to sustainability?
What financial performance did Chesapeake Utilities report in 2023?
What are Chesapeake Utilities' future financial expectations?
Where does Chesapeake Utilities operate?
What segments does Chesapeake Utilities operate under?
How has Chesapeake Utilities been recognized for its workplace environment?
How does Chesapeake Utilities ensure energy reliability during peak seasons?
