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 |
Using Renewable Energy to Support Growing Markets DOVER, Del., July 16, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) today announced that its subsidiary, Peninsula Pipeline Company (PPC), received approval from the Florida Public Service Commission for three projects that expand natural gas infrastructure to benefit customers of Florida City Gas (FCG), also a subsidiary of Chesapeake Utilities. The projects, located in Florida's Brevard, Indian River and Miami-Dade counties, will bring renewable natural gas produced from local landfills into FCG's natural
DOVER, Del., June 26, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) today announced the first injections of renewable natural gas (RNG) at its Radio Avenue injection point in Yulee, Florida, from the Company's RNG facility at Full Circle Dairy in Madison County. FPU Renewables, which constructed and operates the RNG facility, and its parent company, Florida Public Utilities Company, are subsidiaries of Chesapeake Utilities Corporation (Chesapeake Utilities). The injections are part of the commissioning phase of the Company's first RNG development project, wh
DOVER, Del., June 25, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) announced today that it was named Best for Corporate Governance in the United States by World News Media Ltd.'s World Finance, an international publication. This prestigious award marks the Company's second time being recognized by World News Media for its commitment to corporate governance practices that advance integrity, transparency and accountability throughout the organization. At Chesapeake Utilities Corporation, corporate governance is a commitment to our employees, shareholders, reg
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
Public Service Commission Votes to Approve Programs Benefitting Delaware Residents DOVER, 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.
Company Welcomes Lucia Dempsey DOVER, Del., April 18, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) announced that Lucia Dempsey has joined the Company as head of investor relations, effective April 15. Dempsey will be responsible for communicating to the investment community Chesapeake Utilities' strategy and commitment to being a leader in delivering energy that ensures a more sustainable future for our service territories. Dempsey will serve as a key contact with the financial community, helping communicate the Company's unique value proposition, investm
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
DOVER, Del., April 16, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) issued its 2023 Safety and Reliability Report today, providing updates on the related topics most important to the Company's businesses, stakeholders and the communities we serve, including: Progress toward safety targetsEmployee and community engagement metrics, including first responder trainingImplementation of new programs and initiatives driven by our risk management mindsetReliability and resiliency efforts, including key infrastructure improvement projects2023 initiatives and accomp
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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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.
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
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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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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
DOVER, Del., Feb. 20, 2024 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.59 per share on the Company's common stock. The $0.59 per share dividend will be paid on April 5, 2024 to all shareholders of record at the close of business on March 15, 2024. With this dividend, Chesapeake will have paid dividends to its shareholders without interruption for 63 years and has increased its annualized dividend every year since 2004. About Chesapeake Utilities Corporation:Chesapea
DOVER, Del., Feb. 6, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) will host a conference call on Thursday, February 22, 2024 at 8:30 a.m. ET to discuss the Company's financial results for the fourth quarter and full year ended December 31, 2023. The earnings press release will be issued on Wednesday, February 21, 2024, after market close. To listen to the Company's conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the quest
Transformative transaction more than doubles operations in high-growth Florida; expands regulated utility business mix and aligns with long-term earnings and dividend growth targets. DOVER, Del., Dec. 1, 2023 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) today announced the completion of the acquisition of Florida City Gas (FCG), which is now a wholly-owned subsidiary of the Company. This transaction represents an expansion of Chesapeake Utilities' footprint in the dynamic and high-growth market of Florida, encompassing five of the top 10 most populous counties. By more than doubling Chesapeake Utilities' customer base and natural gas infrastructure in the state, the Company is
DOVER, Del., Oct. 12, 2023 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:CPK) will host a conference call on Friday, November 3, 2023, at 8:30 a.m. ET to discuss the Company's financial results for the third quarter ended September 30, 2023. The earnings press release will be issued on Thursday, November 2, 2023, after market close. To listen to the Company's conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the question and answer
Transformative acquisition more than doubles operations in high-growth Florida service areas Positions CPK to execute on additional growth opportunities in regulated and unregulated businesses Supports long-term earnings and dividend growth; increases capital investment plan; financing plan maintains strong balance sheet DOVER, Del., Sept. 26, 2023 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or "the Company") today announced it has entered into a definitive agreement to acquire Florida City Gas ("FCG") from NextEra Energy, Inc. (NYSE:NEE) for $923 million in cash. Upon closing of the transaction, which is expected to occur by the end of the fourth q
Earnings per share ("EPS")* for the second quarter of 2023 was $0.90 compared to $0.96 per share for the second quarter of 2022 which included a non-recurring gain of $0.08 per share; Operating income for the quarter grew 7.1 percent from the prior year quarter to $28.3 millionYear-to-date EPS was $2.94 compared to $3.04 per share in the prior yearCustomer consumption was significantly impacted by historically warmer temperatures during the quarter and the six months ended June 30, 2023, lowering EPS by approximately $0.09 and $0.38 per share, respectivelyAdjusted gross margin growth of $7.4 million was driven by regulatory initiatives, natural gas organic growth, increased demand for CNG, R