DOVER, Del. – Chesapeake Utilities Corporation (NYSE:CPK) has announced a quarterly cash dividend of $0.59 per share on the company's common stock, continuing its 63-year tradition of uninterrupted shareholder payouts. The dividend is payable on April 5, 2024, to shareholders of record as of March 15, 2024.
This latest dividend declaration follows a consistent pattern of annual dividend increases by the energy delivery company since 2004. Chesapeake Utilities Corporation, a member of the New York Stock Exchange, is known for providing a variety of energy solutions. Their services include natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, and mobile compressed natural gas utility services.
The company emphasizes its distinction from Chesapeake Energy (NYSE:CHK), an entity focused on oil and natural gas exploration based in Oklahoma City, Oklahoma, with which it shares no affiliation.
This dividend announcement is based on a press release statement from Chesapeake Utilities Corporation.
InvestingPro Insights
Chesapeake Utilities Corporation (NYSE:CPK) continues to reward its shareholders with a steady stream of dividends, marking a significant milestone of 53 consecutive years of maintained dividend payments. This commitment to shareholder returns is underscored by a robust dividend yield of 2.25% as of the latest data. Moreover, the company has demonstrated a strong track record of dividend growth, with a 10.28% increase in dividends over the last twelve months as of Q1 2023.
InvestingPro Tips reveal that Chesapeake Utilities Corporation has raised its dividend for 20 consecutive years, reflecting a stable and shareholder-friendly policy. Additionally, analysts have a positive outlook on the company's profitability, predicting it will be profitable this year, which aligns with the company's performance over the last twelve months.
On the financial health front, the company's P/E ratio stands at 21.18, which might appear elevated when considering the near-term earnings growth. This is further highlighted by an adjusted P/E ratio of 27.68 for the last twelve months as of Q1 2023, suggesting that investors are paying a premium for the company's earnings. It's important to note, however, that the company's short-term obligations currently exceed its liquid assets, a point of consideration for investors focused on the balance sheet strength.
For readers looking to delve deeper into Chesapeake Utilities Corporation's financials and future prospects, there are additional InvestingPro Tips available. These include insights on earnings revisions, P/E ratio comparisons, and liquidity concerns. Interested investors can explore these further on InvestingPro's dedicated page for Chesapeake Utilities Corporation and take advantage of a special offer: use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these tools at hand, shareholders and potential investors can make more informed decisions based on real-time data and expert analysis.
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