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 PSC. Eastern Shore, its natural gas transmission 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.

Chesapeake Utilities Corporation Common Stock

Chesapeake Utilities Corp

CHESAPEAKE FINCL SHS INC by Chesapeake Financial Shares, Inc.

Chesapeake Financial Shares Inc

Akwaaba Mining Ltd

This was Chesapeake Utilities&#39; first Investor Day in seven years and was driven by increased interest and engagement with investors and the broader financial community following the acquisition of Florida City Gas (FCG) in late 2023. The event took place within FCG&#39;s service area and highlighted potential future growth opportunities, including growing interest from industries at the Cape and Port of Canaveral.
The Company also provided updates on projects that support the Company&#39;s 5-year capital expenditure guidance of $1.5 - $1.8 billion. This investment plan is driven by significant growth in our Florida and Delmarva service areas, enabling us to reaffirm our 2025 adjusted earnings per share (EPS) guidance of $6.15 - $6.35, which reflects a 14 &ndash; 18% increase over 2024 adjusted EPS.

News

Guidance

Chesapeake Utilities Corp Updates On 5-Year $1.5B-$1.8B Capital Expenditure Plan, Driven By Growth In Florida And Delmarva, And Reaffirms 2025 EPS Guidance Of $6.15-$6.35, A 14%-18% Increase Over 2024

Capital Investment and Earnings Guidance
The Company's performance for 2024 was in line with its previously announced EPS guidance range of $5.33 to $5.45 per share. Additionally, the Company's 2024 capital expenditures totaled $356 million, near the top end of the 2024 capital guidance range of $300 million to $360 million.
The Company continues to re-affirm its 2025 EPS guidance range of $6.15 to $6.35 per share, as well as the 2028 EPS guidance range of $7.75 to $8.00 per share. The 2028 guidance implies an annual EPS growth rate of approximately 8 percent from the 2025 EPS guidance, or since 2018, an 8.5 percent growth rate.
These earnings projections are based upon the Company's previously introduced capital expenditure guidance for the five-year period ended 2028 of $1.5 billion to $1.8 billion. The Company continues to re-affirm this five-year capital guidance and projects capital expenditures of $325 million to $375 million for 2025.
&#x2A;Unless otherwise noted, EPS and Adjusted EPS information is presented on a diluted basis.

Chesapeake Utilities Reaffirms FY25 EPS Of $6.15-$6.35 Vs $6.24 Est.; FY28 EPS Of $7.75-$8.00

Chesapeake Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) reported quarterly earnings of $1.63 per share which beat the analyst consensus estimate of $1.62 by 0.62 percent. This is a 0.61 percent decrease over earnings of $1.64 per share from the same period last year. The company reported quarterly sales of $215.00 million which missed the analyst consensus estimate of $237.84 million by 9.60 percent. This is a 16.01 percent increase over sales of $185.34 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Chesapeake Utilities Q4 Adj $1.63 Beats $1.62 Estimate, Sales $215.00M Miss $237.84M Estimate

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Earnings Scheduled For February 26, 2025

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.

Price Target

Analyst Ratings

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.

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..

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>

Markets

Trading Ideas

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

Commodities

Press Releases

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

Escalent Names Florida City Gas 2024 Customer Champion

Chesapeake Utilities to Host its Fourth Quarter and Full-Year 2024 Earnings Conference Call and Webcast on February 27, 2025

Chesapeake Utilities Corporation Earns Warrior Friendly Business Honor

Dividends

Chesapeake Utilities Corporation Announces Quarterly Dividend

CHESAPEAKE UTILITIES CORPORATION REPORTS FISCAL YEAR 2024 RESULTS

Chesapeake Utilities Corporation Celebrates Opening of Safety Training Facility in DeBary, Florida

CHESAPEAKE UTILITIES CORPORATION RECEIVES INAUGURAL INVESTMENT GRADE CREDIT RATING FROM FITCH

Chesapeake Utilities Corporation's Subsidiary Aspire Energy of Ohio Celebrates 10 Years as Part of Company, Looks to Capture Growth Opportunities

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Chesapeake Utilities

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