Chesapeake Utilities (NYSE:CPK) Stock

Chesapeake Utilities

Chesapeake Utilities Corp is a diversified energy delivery company that is engaged in natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. The company operates in two reportable segments, Regulated Energy and Unregulated Energy. The company's natural gas and electric distribution operations in Delaware, Maryland and Florida are subject to regulation by their respective PSC. Eastern Shore, its natural gas transmission subsidiary, is subject to regulation by the FERC and Peninsula Pipeline and Aspire Energy Express, its intrastate pipeline subsidiaries, are subject to regulation by the Florida PSC and Public Utilities Commission of Ohio, respectively.

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National Fuel Gas Company (NYSE: NFG) announced that its board of directors has approved a 4% increase in its quarterly dividend rate. The company has paid dividends for 122 consecutive years, and this marks its annual dividend hike for 54 consecutive years.

National Fuel Gas&#39; Board Approves 4% Dividend Hike

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General

Chesapeake Utilities Corporation (NYSE: CPK) said its subsidiary, Sharp Energy, has acquired the propane operating assets of J.T. Lee and Son&#39;s in Cape Fear, North Carolina.

Chesapeake Utilities&#39; Sharp Energy Expands In North Carolina With J.T. Lee Propane Asset Acquisition: Details

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NextEra Energy Inc (NYSE: NEE) shares are trading lower Monday, adding to significant losses over the last week.

NextEra Energy Stock Continues To Fall: What&#39;s Going On?

Chesapeake Utilities Corporation Common Stock

Chesapeake Utilities Corp

CHESAPEAKE FINCL SHS INC by Chesapeake Financial Shares, Inc.

Chesapeake Financial Shares Inc

Akwaaba Mining Ltd

Chesapeake Utilities Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) ("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 &amp; Co. Inc., Guggenheim Securities, LLC, Citizens JMP Securities, LLC, M&amp;T Securities, Inc., Maxim Group LLC, PNC Capital Markets LLC, and Siebert Williams Shank &amp; Co., LLC (collectively, the "Sales Agents"), as sales agents. Pursuant to the equity distribution agreement, sales of the Shares may be made in transactions deemed to be "at-the-market offerings," as defined in Rule 415 under the Securities Act of 1933, as amended, including by sales made directly on or through the New York Stock Exchange. Chesapeake Utilities intends to use the proceeds from the sales, if any, of the Shares for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt, financing acquisitions, investing in subsidiaries, and general working capital purposes.

Offerings

Chesapeake Utilities Corporation Announces $100M At-The-Market Equity Offering Program

Guggenheim analyst Shahriar Pourreza maintains Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) with a Neutral and raises the price target from $118 to $129.

Guggenheim Maintains Neutral on Chesapeake Utilities, Raises Price Target to $129

Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) reported quarterly earnings of $0.80 per share which beat the analyst consensus estimate of $0.67 by 19.4 percent. The company reported quarterly sales of $160.138 million which missed the analyst consensus estimate of $171.850 million by 6.82 percent. This is a 21.73 percent increase over sales of $131.547 million the same period last year.

Earnings Beats

Earnings Misses

Chesapeake Utilities Q3 2024 Adj. EPS $0.80 Beats $0.67 Estimate, Sales $160.138M Miss $171.850M Estimate

Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) affirms FY2025 GAAP EPS guidance from $6.15-6.35 to $6.15-6.35 vs $6.25 analyst estimate..

Guidance

Chesapeake Utilities Affirms FY2025 GAAP EPS Guidance from $6.15-6.35 to $6.15-6.35 vs $6.25 Est

Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) affirms FY2024 GAAP EPS guidance from $5.33-5.45 to $5.33-5.45 vs $5.39 analyst estimate..

Chesapeake Utilities Affirms FY2024 GAAP EPS Guidance from $5.33-5.45 to $5.33-5.45 vs $5.39 Est

Barclays analyst Nicholas Campanella maintains Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) with a Equal-Weight and raises the price target from $118 to $124.

Barclays Maintains Equal-Weight on Chesapeake Utilities, Raises Price Target to $124

Barclays analyst Nicholas Campanella maintains Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) with a Equal-Weight and raises the price target from $111 to $118.

Barclays Maintains Equal-Weight on Chesapeake Utilities, Raises Price Target to $118

Chesapeake Utilities Sees FY24 Adj. EPS $5.33-$5.45 Vs $5.39 Est.

Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) reported quarterly earnings of $0.86 per share which beat the analyst consensus estimate of $0.80 by 7.5 percent. The company reported quarterly sales of $166.272 million which missed the analyst consensus estimate of $194.700 million by 14.60 percent. This is a 22.63 percent increase over sales of $135.593 million the same period last year.

Chesapeake Utilities Q2 2024 Adj. EPS $0.86 Beats $0.80 Estimate, Sales $166.272M Miss $194.700M Estimate

Chesapeake Utilities' Subsidiary Peninsula Pipeline Company Receives Approval From Florida Public Service Commission For Three Projects Expanding Natural Gas Infrastructure To Benefit Florida City Gas Customers

National Fuel Gas Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nfg#NYSE">NFG</a>) announced that its board of directors has approved a 4% increase in its quarterly dividend rate. The company has paid dividends for 122 consecutive years, and this marks its annual dividend hike for 54 consecutive years. The new dividend rate will be 51.5 cents per share compared with the previous quarter&#39;s 49.5 cents, payable on Jul 15, 2024, to stockholders of record as of Jun 28. 
This increase resulted in an annualized dividend of $2.06 per share compared with the previous level of $1.98. National Fuel Gas&#39; current dividend yield is 3.6%, higher than the Zacks S&amp;P 500 composite&#39;s average of 1.36%.
<h3>Can NFG Sustain Dividend Hikes?</h3>
The company&#39;s systematic capital spending to strengthen its natural gas and oil operations is positively impacting its total production. It has been consistently increasing its total production since fiscal 2015. Also, National Fuel Gas&#39; acquisition of Royal Dutch Shell&#39;s upstream and midstream assets in Pennsylvania for $500 million boosted its earnings and production. 
Since 2010, National Fuel Gas Company has invested $2.7 billion in midstream operations to expand and modernize its pipeline infrastructure to gain access to Appalachian production. The company has more than $500 million in investment planned over the next five years for the modernization of pipeline transportation and distribution systems. 
At present, its midstream operation has 4.5 million dekatherms of daily interstate pipeline capacity under contract. On completion, these projects are expected to further boost the pipeline capacity and annual revenues of the company. 
NFG has the potential to expand and improve even further, which suggests that management will have sufficient funds to continue with its shareholder-friendly activities in the future.
<h3>Legacy of Dividend Payment</h3>
Companies involved in utility services generally have stable operations and earnings. Consistent performance, regulated returns and the ability to generate cash flows allow utilities to reward shareholders with regular dividends. 
In the past few months, Chesapeake Utilities Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cpk#NYSE">CPK</a>), The Southern Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/so#NYSE">SO</a>) and FirstEnergy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fe#NYSE">FE</a>) have raised their quarterly dividend rate by 8.5%, 2.9% and 3.6%, respectively. 
The Zacks Consensus Estimate for Chesapeake Utilities&#39; 2024 earnings is pegged at $5.41 per share, implying a year-over-year increase of 1.9%. CPK&#39;s current dividend yield is 2.21%. 
The Zacks Consensus Estimate for Southern Company&#39;s 2024 earnings is pegged at $3.99 per share, implying a year-over-year increase of 9.3%. SO&#39;s current dividend yield is 3.66%. 
The Zacks Consensus Estimate for FirstEnergy&#39;s 2024 earnings is pegged at $2.68 per share, implying a year-over-year increase of 4.7%. FE&#39;s current dividend yield is 4.4%.
<h3>Price Performance</h3>
In the past three months, National Fuel Gas&#39; shares have risen 7% compared with the industry&#39;s growth of 5%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/22/68845.jpg?v=1120721541" /> 
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
National Fuel Gas currently carries a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2288296/national-fuel-gas-nfg-board-approves-4-dividend-hike?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2288296">To read this article on Zacks.com click here.</a>

National Fuel Gas' Board Approves 4% Dividend Hike

Barclays analyst Nicholas Campanella initiates coverage on Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) with a Equal-Weight rating and announces Price Target of $111.

Initiation

Barclays Initiates Coverage On Chesapeake Utilities with Equal-Weight Rating, Announces Price Target of $111

Wells Fargo analyst Sarah Akers maintains Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) with a Equal-Weight and raises the price target from $105 to $115.

Wells Fargo Maintains Equal-Weight on Chesapeake Utilities, Raises Price Target to $115

From a longer-term perspective, the Company is also reaffirming its previously announced capital expenditure&nbsp;guidance&nbsp;for the five-year period ended 2028 that will range from&nbsp;$1.5 billion&nbsp;to&nbsp;$1.8 billion.&nbsp; This investment profile is projected to result in a 2025 EPS&nbsp;guidance&nbsp;range of&nbsp;$6.15&nbsp;to&nbsp;$6.35, as well as a 2028 EPS&nbsp;guidance&nbsp;range of&nbsp;$7.75&nbsp;to&nbsp;$8.00&nbsp;per share. This implies an EPS growth rate of approximately&nbsp;8 percent&nbsp;from the previous 2025 EPS&nbsp;guidance&nbsp;range, or since 2018, an&nbsp;8.5 percent&nbsp;growth rate.

Chesapeake Utilities Continues To Support Its 2024 Adj EPS Guidance Of $5.33-$5.45, Est $5.40

Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) 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.

Chesapeake Utilities Q1 2024 Adj EPS $2.10 Misses $2.12 Estimate, Sales $245.744M Miss $260.150M Estimate

At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) 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.

Dividends

Chesapeake Utilities Raises Quarterly Dividend From $0.59 To $0.64 Per Share

Public Service Commission Votes to Approve Programs Benefitting Delaware Residents
DOVER, Del., April 22, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE:&nbsp;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 demonstrates our continuing commitment to our communities and the environment,"&nbsp;said Shane Breakie, vice president, sustainability and organic growth.&nbsp;"This was a team effort, and we sincerely appreciate collaborating with the Delaware Public Service Commission, the Division of the Public Advocate, the Delaware Energy Efficiency Advisory Council and the Delaware Sustainable Energy Utility to make these programs possible."
The portfolio consists of three programs: Home Energy Counseling and Checkup (HEC), Home Performance with Energy Star (HP) and Assisted Home Performance with Energy Star (AHP). Chesapeake Utilities developed the portfolio of programs to achieve cost-effective energy and demand savings for its Delaware natural gas customers. While all Chesapeake Utilities' residential customers are eligible to participate in one or more of the programs in the portfolio, the AHP program is specifically designed to provide support for lower income customers. Collectively, the programs are estimated to save Delaware customers 36,052 MMBtu in natural gas consumption over a two-year period, an amount equivalent to the annual energy usage of approximately&nbsp;1,055 households.
HEC will assist residential customers through a free energy checkup that identifies energy-efficiency opportunities. During the checkup, energy-efficient products may be installed, and the customer will receive information about their energy usage and a summary report with efficiency recommendations and, in some cases, referrals to additional efficiency programs. Participants will also receive a complementary home weatherization kit, including weather stripping, caulking, a door sweep and switch/outlet insulation gaskets.
The HP and AHP programs seek to reduce consumer energy usage through facility energy assessments that will help to identify sources of wasted energy in and improve energy efficiency of homes in one-to-four-unit buildings. Eligible consumers will receive a comprehensive energy audit that analyzes energy efficiency opportunities and includes recommendations, rebates, incentives and financing available to support consumer energy efficiency.
Chesapeake Utilities will release more information about these programs as they are launched.

Chesapeake Utilities Corporation Gains Approval To Establish Energy Efficiency Programs In Delaware

RBC Capital analyst Shelby Tucker maintains Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) with a Outperform and raises the price target from $123 to $124.

RBC Capital Maintains Outperform on Chesapeake Utilities, Raises Price Target to $124

The Company continues to support its previously introduced capital expenditure&nbsp;guidance&nbsp;for the five-year period ended 2028 that will range from&nbsp;$1.5 billion&nbsp;to&nbsp;$1.8 billion.&nbsp;The Company is also affirming its previously announced 2024 capital expenditure&nbsp;guidance&nbsp;of&nbsp;$300 million&nbsp;to&nbsp;$360 million.&nbsp;

Chesapeake Utilities Reaffirms 2025 EPS Guidance Range Of $6.15-$6.35 & 2028 EPS Guidance Range Of $7.75-$8.00; Expects 2024 EPS Of $5.33- $5.45 (Est $5.38)

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