Chesapeake Utilities Corporation (NYSE:CPK) Increases Dividend to $0.74 Per Share

Chesapeake Utilities Corporation (NYSE:CPK) declared a quarterly dividend on Wednesday, May 6th. Shareholders of record on Monday, June 15th will be given a dividend of 0.735 per share by the utilities provider on Monday, July 6th. This represents a c) annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Monday, June 15th. This is a 7.3% increase from Chesapeake Utilities’s previous quarterly dividend of $0.69.

Chesapeake Utilities has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 22 years. Chesapeake Utilities has a payout ratio of 40.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Chesapeake Utilities to earn $7.39 per share next year, which means the company should continue to be able to cover its $2.74 annual dividend with an expected future payout ratio of 37.1%.

Chesapeake Utilities Stock Performance

CPK opened at $125.81 on Thursday. The stock’s 50 day simple moving average is $128.97 and its 200-day simple moving average is $129.51. The company has a current ratio of 0.45, a quick ratio of 0.40 and a debt-to-equity ratio of 0.83. The stock has a market cap of $3.02 billion, a PE ratio of 21.04 and a beta of 0.71. Chesapeake Utilities has a 1 year low of $115.24 and a 1 year high of $140.59.

Chesapeake Utilities (NYSE:CPK) last issued its earnings results on Wednesday, May 6th. The utilities provider reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.09. The business had revenue of $353.10 million during the quarter, compared to analyst estimates of $339.86 million. Chesapeake Utilities had a return on equity of 9.31% and a net margin of 15.09%.Chesapeake Utilities’s revenue was up 18.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.22 earnings per share. Chesapeake Utilities has set its FY 2028 guidance at 7.750-8.00 EPS. Sell-side analysts forecast that Chesapeake Utilities will post 6.51 EPS for the current year.

Chesapeake Utilities Company Profile

Chesapeake Utilities Corporation (NYSE: CPK) is a diversified energy services holding company headquartered in Dover, Delaware. Through its operating subsidiaries, the company engages in natural gas distribution, transmission and storage; propane distribution; wholesale propane supply; and contract compression and natural gas liquids processing. Its core mission is to provide safe, reliable and cost-effective energy solutions to residential, commercial and industrial customers across multiple U.S.