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 declared a quarterly cash dividend of $0.48 per share, payable on April 5, 2022, to shareholders of record by March 15, 2022. This marks 61 years of uninterrupted dividend payments, with consistent maintenance or increases in the annualized dividend. The company operates in multiple energy sectors including natural gas and electricity distribution.
Chesapeake Utilities Corporation (NYSE: CPK) successfully blended hydrogen with natural gas at its Eight Flags Energy Combined Heat and Power (CHP) plant in Nassau County, Florida. This initiative aims to support sustainability by developing lower carbon energy sources. The project evaluates operational practices for hydrogen blending, with minor modifications allowing a 4% hydrogen blend. An updated air permit and future turbine upgrades will enable higher hydrogen usage. Chesapeake sees opportunities for industrial clients to manage carbon emissions, incorporating hydrogen alongside renewable natural gas and carbon capture technologies.
Chesapeake Utilities Corporation (NYSE: CPK) will hold a conference call on February 24, 2022, at 4:00 p.m. ET to discuss its fourth quarter and full year financial results for the period ending December 31, 2021. The earnings press release will be available on February 23, 2022, after market close. Interested parties can join the call by dialing 877.224.1468 and mentioning the conference.
For additional details and the replay recording, visit www.chpk.com.
Chesapeake Utilities Corporation (NYSE:CPK) will participate in the Janney Virtual Gas & Electric Utilities Conference on Jan. 12, 2022. Management plans to engage in one-on-one meetings with investment firms and will deliver an investor presentation at 1:00 p.m. ET. The presentation will be accessible beforehand on the Company's website under the 'Investors' section. Chesapeake Utilities is a diversified energy entity involved in natural gas transmission, electricity generation, and other utility services.
Chesapeake Utilities Corporation (NYSE: CPK) announced the promotion of six leaders, effective January 1, 2022. Key promotions include Jeff Sylvester to Chief Operating Officer, Kevin Webber to Chief Development Officer, and Michael Galtman to Chief Accounting Officer. The changes reflect the company's commitment to growth and business transformation, particularly in renewable energy and regulatory affairs. These leaders have significantly contributed to various strategic initiatives and will help guide the company forward in its growth strategy.
Chesapeake Utilities Corporation (NYSE: CPK) has announced the acquisition of propane operating assets from Diversified Energy Company, allowing its subsidiary Sharp Energy to expand into North and South Carolina. This strategic move adds approximately 19,000 new customers and potential annual propane distribution of 10 million gallons. The acquisition is expected to positively impact earnings, contributing an estimated $11.3 million in gross margin for 2022. This growth aligns with Sharp Energy's goal to strengthen its market presence along the East Coast.
Chesapeake Utilities Corporation (NYSE:CPK) will participate in the BofA Securities 2021 Gas Utility Conference on December 7, 2021. Management will engage in one-on-one meetings with investment firms and a fireside chat at 11:00 a.m. ET. Conference materials will be available in the 'Investors' section of the Company's website. Chesapeake Utilities is a diversified energy provider involved in natural gas and propane distribution, electricity generation, and mobile CNG services. They emphasize their independence from Chesapeake Energy, an unrelated oil and gas company.
Chesapeake Utilities Corporation (NYSE: CPK) reported strong financial results for Q3 2021, with a net income of $12.5 million ($0.71 per share), a significant increase from $9.3 million ($0.56 per share) in Q3 2020. Year-to-date net income reached $60.8 million ($3.45 per share), up from $49.1 million ($2.97 per share) in 2020. The growth was driven by natural gas distribution, improved propane margins, and contributions from recent acquisitions. The company expects continued growth with capital expenditure forecasts ranging from $750 million to $1 billion through 2025, alongside raised EPS guidance to $6.05-$6.25 for 2025.
The Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) has declared a quarterly cash dividend of $0.48 per share, payable on January 5, 2022. This dividend will be distributed to shareholders on record as of the close of business on December 15, 2021. Chesapeake has consistently paid dividends for 61 years, maintaining or increasing its annualized dividend during this period, demonstrating the company's commitment to providing value to its shareholders.
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