Chesapeake Utilities Co. (NYSE:CPK) announced a quarterly dividend on Thursday, May 9th, Wall Street Journal reports. Stockholders of record on Friday, June 14th will be paid a dividend of 0.405 per share by the utilities provider on Friday, July 5th. This represents a $1.62 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Thursday, June 13th. This is an increase from Chesapeake Utilities’s previous quarterly dividend of $0.37.

Chesapeake Utilities has raised its dividend payment by an average of 7.6% per year over the last three years and has raised its dividend every year for the last 15 years. Chesapeake Utilities has a payout ratio of 47.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Chesapeake Utilities to earn $3.94 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 41.1%.

Shares of CPK stock opened at $91.82 on Wednesday. The company has a market cap of $1.54 billion, a PE ratio of 27.74, a P/E/G ratio of 3.61 and a beta of 0.27. Chesapeake Utilities has a 52 week low of $73.55 and a 52 week high of $95.60. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.30 and a quick ratio of 0.27.

Chesapeake Utilities (NYSE:CPK) last announced its quarterly earnings data on Wednesday, May 8th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.60 by $0.08. The company had revenue of $227.62 million during the quarter, compared to the consensus estimate of $271.10 million. Chesapeake Utilities had a net margin of 8.27% and a return on equity of 11.41%. On average, sell-side analysts expect that Chesapeake Utilities will post 3.71 earnings per share for the current fiscal year.

Several brokerages have recently commented on CPK. Zacks Investment Research raised shares of Chesapeake Utilities from a “hold” rating to a “buy” rating and set a $107.00 price objective for the company in a research report on Tuesday, May 14th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Chesapeake Utilities in a research report on Monday. Finally, Maxim Group set a $100.00 price objective on shares of Chesapeake Utilities and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Chesapeake Utilities presently has an average rating of “Hold” and a consensus price target of $97.31.

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Chesapeake Utilities Company Profile

Chesapeake Utilities Corporation, a diversified energy company, engages in regulated and unregulated energy businesses. The company operates in two segments, Regulated Energy and Unregulated Energy. The Regulated Energy segment engages in the distribution of natural gas in Delaware, Maryland, and Florida; distribution of electricity in Florida; and transmission of natural gas on the Delmarva Peninsula and in Florida.

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Dividend History for Chesapeake Utilities (NYSE:CPK)

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