Chesapeake Utilities Corporation operates as an energy delivery company. The Regulated Energy segment engages in the natural gas distribution operations in central and southern Delaware, Maryland's eastern shore, and Florida; regulated natural gas transmission in the Delmarva Peninsula and Florida; and regulated electric distribution in northeast and northwest Florida. The Unregulated Energy segment engages in the propane operations in the Mid-Atlantic region and Florida; unregulated natural gas transmission/supply operation in central and eastern Ohio; generation of electricity and steam; and provision of compressed natural gas, liquefied natural gas, and renewable natural gas transportation and pipeline solutions primarily to utilities and pipelines in the eastern United States. This segment also provides other unregulated energy services, such as energy-related merchandise sales; heating, ventilation, and air conditioning services; and plumbing and electrical services. The company was founded in 1859 and is headquartered in Dover, Delaware.
IPO Year:
Exchange: NYSE
Website: chpk.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 5/30/2024 | $111.00 | Equal Weight | Barclays |
| 1/10/2024 | $111.00 → $123.00 | Sector Perform → Outperform | RBC Capital Mkts |
| 10/16/2023 | $115.00 → $100.00 | Underweight → Equal Weight | Wells Fargo |
| 10/12/2023 | $100.00 | Buy | Ladenburg Thalmann |
| 3/2/2022 | $124.00 → $126.00 | Sector Perform | RBC Capital |
DOVER, Del., Nov. 22, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) ("Chesapeake Utilities" or the "Company") today announced that it has established an at-the-market equity offering program (the "ATM Program") under which it may, from time to time, sell shares of its common stock having an aggregate sales price of up to $100,000,000 (the "Shares"). Chesapeake Utilities has entered into an equity distribution agreement with each of RBC Capital Markets, LLC, Barclays Capital Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., Guggenheim Securities, LLC, Citizens JMP Securities, LLC, M&T Securities, Inc., Maxim Group LLC, PNC Capital Markets LLC, and Siebert Wi
DOVER, Del., Nov. 14, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) has announced its designation as a Champion of Board Diversity for a second consecutive year by The Forum of Executive Women (The Forum). This award annually honors the top public companies in the Philadelphia region with boards comprised of at least 30% women. Chesapeake Utilities Corporation Recognized for Board Diversity for Second Consecutive YearA record-breaking 46 Champions of Board Diversity were recognized at the Tuesday, Nov. 12, Forum Leadership Breakfast, which highlights the sta
Net income and earnings per share ("EPS")* were $17.5 million and $0.78, respectively, for the third quarter of 2024, and $81.9 million and $3.66, respectively, for the nine months ended September 30, 2024Adjusted net income and Adjusted EPS**, which exclude transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG"), were $18.1 million and $0.80, respectively, for the third quarter of 2024 and $84.2 million and $3.76, respectively, for the nine months ended September 30, 2024Adjusted gross margin** growth of $89.3 million during the first nine months of 2024 driven by contributions from FCG, regulatory initiatives and infrastructur
DOVER, Del., Nov. 7, 2024 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE:CPK) declared a quarterly cash dividend of $0.64 per share on the Company's common stock. The $0.64 per share dividend will be paid on January 6, 2025 to all shareholders of record at the close of business on December 16, 2024. With this dividend, Chesapeake will have paid dividends to its shareholders without interruption for 64 years and has increased its annualized dividend every year since 2004. About Chesapeake Utilities Corporation:Chesa
The innovative RNG production facility showcases Chesapeake Utilities' strategic execution across the entire energy delivery value chain LEE, Fla., Oct. 30, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) held a ribbon-cutting ceremony on Monday, Oct. 28, to mark the official completion of its renewable natural gas (RNG) facility at Full Circle Dairy (FCD) in Lee, Florida. The facility, a full-scale dairy manure-to-pipeline-quality RNG operation expected to produce an average of 100,000 dekatherms annually, represents a capital investment of $22 million. The facility began producing RNG in June 2024 and is expected to capture and redirect more than 1,100 metric tons of metha
DOVER, Del., Oct. 23, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Friday, November 8, 2024 at 8:30 a.m. ET to discuss the Company's financial results for the third quarter ended September 30, 2024. The earnings press release will be issued on Thursday, November 7, 2024, after market close. To listen to the Company's conference call via live webcast, please register here prior to the call. The accompanying presentation will also be available in the registration link for listeners to follow along during the webcast. For invest
DOVER, Del., Sept. 23, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) announces the release of its 2023 Environmental Stewardship Report, which can be accessed at www.chpk.com. The report is the second in a series of micro-reports and highlights the Company's continued progress in reducing emissions and contributing to a more sustainable future. "The focus on sustainability is supported and shared across our organization. Our team identifies and pursues emission-reducing projects, not only internally but also to support our customers' sustainability goals,"
Net income and earnings per share ("EPS")* were $18.3 million and $0.82, respectively, for the second quarter of 2024, and $64.4 million and $2.89, respectively, for the six months ended June 30, 2024Adjusted net income and Adjusted EPS**, which exclude transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG"), were $19.3 million and $0.86, respectively, for the second quarter of 2024 and $66.1 million and $2.96, respectively, for the six months ended June 30, 2024Adjusted gross margin** growth of $61.8 million during the first half of 2024 driven by contributions from FCG, natural gas organic growth and continued pipeline expansi
DOVER, Del., Aug. 8, 2024 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE:CPK) declared a quarterly cash dividend of $0.64 per share on the Company's common stock. The $0.64 per share dividend will be paid on October 7, 2024 to all shareholders of record at the close of business on September 16, 2024. Chesapeake has paid dividends to its shareholders without interruption for 63 years and has increased its annualized dividend every year since 2004. About Chesapeake Utilities Corporation:Chesapeake Utilities Corporati
DOVER, Del., July 22, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) will host a conference call on Friday, August 9, 2024 at 8:30 a.m. ET to discuss the Company's financial results for the second quarter ended June 30, 2024. The earnings press release will be issued on Thursday, August 8, 2024, after market close. To listen to the Company's conference call via live webcast, please register here prior to the call. The accompanying presentation will also be available in the registration link for listeners to follow along during the webcast. For investors and a
Barclays initiated coverage of Chesapeake Utilities with a rating of Equal Weight and set a new price target of $111.00
RBC Capital Mkts upgraded Chesapeake Utilities from Sector Perform to Outperform and set a new price target of $123.00 from $111.00 previously
Wells Fargo upgraded Chesapeake Utilities from Underweight to Equal Weight and set a new price target of $100.00 from $115.00 previously
Ladenburg Thalmann initiated coverage of Chesapeake Utilities with a rating of Buy and set a new price target of $100.00
RBC Capital reiterated coverage of Chesapeake Utilities with a rating of Sector Perform and set a new price target of $126.00 from $124.00 previously
Siebert Williams Shank initiated coverage of Chesapeake Utilities with a rating of Buy and set a new price target of $135.00
Maxim Group reiterated coverage of Chesapeake Utilities with a rating of Buy and set a new price target of $135.00 from $121.00 previously
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Net income and earnings per share ("EPS")* were $17.5 million and $0.78, respectively, for the third quarter of 2024, and $81.9 million and $3.66, respectively, for the nine months ended September 30, 2024Adjusted net income and Adjusted EPS**, which exclude transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG"), were $18.1 million and $0.80, respectively, for the third quarter of 2024 and $84.2 million and $3.76, respectively, for the nine months ended September 30, 2024Adjusted gross margin** growth of $89.3 million during the first nine months of 2024 driven by contributions from FCG, regulatory initiatives and infrastructur
DOVER, Del., Nov. 7, 2024 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE:CPK) declared a quarterly cash dividend of $0.64 per share on the Company's common stock. The $0.64 per share dividend will be paid on January 6, 2025 to all shareholders of record at the close of business on December 16, 2024. With this dividend, Chesapeake will have paid dividends to its shareholders without interruption for 64 years and has increased its annualized dividend every year since 2004. About Chesapeake Utilities Corporation:Chesa
DOVER, Del., Oct. 23, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Friday, November 8, 2024 at 8:30 a.m. ET to discuss the Company's financial results for the third quarter ended September 30, 2024. The earnings press release will be issued on Thursday, November 7, 2024, after market close. To listen to the Company's conference call via live webcast, please register here prior to the call. The accompanying presentation will also be available in the registration link for listeners to follow along during the webcast. For invest
Net income and earnings per share ("EPS")* were $18.3 million and $0.82, respectively, for the second quarter of 2024, and $64.4 million and $2.89, respectively, for the six months ended June 30, 2024Adjusted net income and Adjusted EPS**, which exclude transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG"), were $19.3 million and $0.86, respectively, for the second quarter of 2024 and $66.1 million and $2.96, respectively, for the six months ended June 30, 2024Adjusted gross margin** growth of $61.8 million during the first half of 2024 driven by contributions from FCG, natural gas organic growth and continued pipeline expansi
DOVER, Del., Aug. 8, 2024 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE:CPK) declared a quarterly cash dividend of $0.64 per share on the Company's common stock. The $0.64 per share dividend will be paid on October 7, 2024 to all shareholders of record at the close of business on September 16, 2024. Chesapeake has paid dividends to its shareholders without interruption for 63 years and has increased its annualized dividend every year since 2004. About Chesapeake Utilities Corporation:Chesapeake Utilities Corporati
DOVER, Del., July 22, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) will host a conference call on Friday, August 9, 2024 at 8:30 a.m. ET to discuss the Company's financial results for the second quarter ended June 30, 2024. The earnings press release will be issued on Thursday, August 8, 2024, after market close. To listen to the Company's conference call via live webcast, please register here prior to the call. The accompanying presentation will also be available in the registration link for listeners to follow along during the webcast. For investors and a
Earnings per share ("EPS")* for the first quarter of 2024 was $2.07 compared to $2.04 per share for the first quarter of 2023 Adjusted EPS** for the first quarter of 2024, which excludes transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG"), increased by three percent to $2.10 compared to $2.04 per share for the first quarter of 2023Adjusted gross margin** growth of $35.0 million during the first quarter driven by contributions from FCG, natural gas organic growth and continued pipeline expansion projects, additional customer consumption, and regulatory initiativesCompleted filings for seven projects representing more than $85
DOVER, Del., May 8, 2024 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE:CPK) voted to increase the quarterly cash dividend on the Company's common stock from $0.59 per share to $0.64 per share. The Board's action raises the 2024 annualized dividend by $0.20 from $2.36 to $2.56 per share, an 8.5 percent increase. The $0.64 per share dividend will be payable July 5, 2024 to all shareholders of record at the close of business on June 14, 2024. "The Board's decision to increase the annualized dividend rate reflects the
DOVER, Del., April 17, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) will host a conference call on Thursday, May 9, 2024 at 8:30 a.m. ET to discuss the Company's financial results for the first quarter ended March 31, 2024. The earnings press release will be issued on Wednesday, May 8, 2024, after market close. To listen to the Company's conference call via live webcast, please register here prior to the call. The accompanying presentation will also be available in the registration link for listeners to follow along during the webcast. For investors and ana
Full Year 2023 earnings per share ("EPS")* was $4.73, including transaction-related expenses attributable to the acquisition of Florida City Gas ("FCG") of $0.58 per share, compared to $5.04 per share in 2022Adjusted EPS**, which excludes the transaction-related expenses, was $5.31 for the year ended 2023, or an increase of 5.4 percent over 2022EPS for the fourth quarter of 2023 was $1.26, including transaction-related expenses of $0.38 per share, versus $1.47 per share for the fourth quarter of 2022 Adjusted EPS** for the fourth quarter of 2023 increased by 12 percent to $1.64 compared to the fourth quarter of 2022Adjusted gross margin** increased by $33.9 million during the year driven by
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Retiring Directors John R. Schimkaitis, Calvert A. Morgan, Jr., and Dianna F. Morgan Honored DOVER, Del., May 4, 2023 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) announces that the Board of Directors appointed Jeffry M. Householder, the Company's president and chief executive officer, as chair of the Board and Thomas J. Bresnan as the independent lead director of the Board, effective May 3. Bresnan has served as an independent director of the Company since 2001, chair of the audit committee since 2004, and a member of the investment committee since 2016. Householder succeeds John R. Schimkaitis, who has served as a director since 1996 and the chair of the Board since 2015.
DOVER, Del., Oct. 8, 2021 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) announces the appointment of Noah Russell, CPA, as assistant vice president and assistant treasurer. This appointment follows the retirement announcement of Thomas Mahn, current vice president and treasurer, effective Dec. 31. Russell has almost two decades of leadership experience across multiple areas of finance, accounting and strategic planning. He joins Chesapeake Utilities from Energy Transfer LP, where he served as director of strategic planning, mergers and acquisitions, since April 2017. Among his responsibilities were building and preparing long-range planning models with funds flow, coverage and
Barclays analyst Nicholas Campanella initiates coverage on Chesapeake Utilities (NYSE:CPK) with a Equal-Weight rating and announces Price Target of $111.
Wells Fargo analyst Sarah Akers maintains Chesapeake Utilities (NYSE:CPK) with a Equal-Weight and raises the price target from $105 to $115.
From a longer-term perspective, the Company is also reaffirming its previously announced capital expenditure guidance for the five-year period ended 2028 that will range from $1.5 billion to $1.8 billion. This investment profile is projected to result in a 2025 EPS guidance range of $6.15 to $6.35, as well as a 2028 EPS guidance range of $7.75 to $8.00 per share. This implies an EPS growth rate of approximately 8 percent from the previous 2025 EPS guidance range, or since 2018, an 8.5 percent growth rate.
Chesapeake Utilities (NYSE:CPK) reported quarterly earnings of $2.10 per share which missed the analyst consensus estimate of $2.12 by 0.94 percent. This is a 2.94 percent increase over earnings of $2.04 per share from the same period last year. The company reported quarterly sales of $245.744 million which missed the analyst consensus estimate of $260.150 million by 5.54 percent. This is a 12.66 percent increase over sales of $218.129 million the same period last year.
At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE:CPK) voted to increase the quarterly cash dividend on the Company's common stock from $0.59 per share to $0.64 per share. The Board's action raises the 2024 annualized dividend by $0.20 from $2.36 to $2.56 per share, an 8.5 percent increase. The $0.64 per share dividend will be payable July 5, 2024 to all shareholders of record at the close of business on June 14, 2024.
Public Service Commission Votes to Approve Programs Benefitting Delaware ResidentsDOVER, Del., April 22, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) announced today the Delaware Public Service Commission voted to approve the Company's establishment of a portfolio of natural gas energy efficiency programs for Delaware. Chesapeake Utilities will partner with the Delaware Sustainable Energy Utility to deliver the programs, which are the first natural gas efficiency programs to be offered in the state. Delaware residents will benefit from solutions to lower energy costs and live more sustainably."Leading the first natural gas energy efficiency program in Delaware demonstrat
RBC Capital analyst Shelby Tucker maintains Chesapeake Utilities (NYSE:CPK) with a Outperform and raises the price target from $123 to $124.
The Company continues to support its previously introduced capital expenditure guidance for the five-year period ended 2028 that will range from $1.5 billion to $1.8 billion. The Company is also affirming its previously announced 2024 capital expenditure guidance of $300 million to $360 million.
Chesapeake Utilities (NYSE:CPK) reported quarterly Adj earnings of $1.64 per share which beat the analyst consensus estimate of $1.56 by 5.13 percent. This is a 11.56 percent increase over earnings of $1.47 per share from the same period last year. The company reported quarterly sales of $185.34 million which missed the analyst consensus estimate of $234.60 million by 21.00 percent. This is a 1.05 percent decrease over sales of $187.30 million the same period last year.