DOVER, Del., May 5, 2021 /PRNewswire/ -- At their meeting
held today, the Board of Directors of Chesapeake Utilities
Corporation (NYSE: CPK) voted to increase the quarterly cash
dividend on the Company's common stock from $0.44 per share to $0.48 per share. The Board's action raises the
2021 annualized dividend $0.16 per
share from $1.76 to $1.92 per share, a 9.1 percent increase. The
$0.48 per share dividend will be
payable July 6, 2021 to all
shareholders of record at the close of business on June 15, 2021.
"Despite the challenges that we as a company and country faced
in 2020, the Company delivered another year of record-breaking
earnings. Our financial achievements were the result of continued
solid growth as we stood together with a common purpose – to
succeed no matter the obstacle. Our commitment to earnings growth
has continued into 2021 as the Company reported strong first
quarter earnings while continuing to identify and execute on growth
opportunities that will significantly grow the Company over the
next five years," said Jeff
Householder, President and Chief Executive Officer of
Chesapeake Utilities Corporation.
"The $0.16 per share increase in
the annualized dividend closely aligns our five-year earnings
growth rate of 9.4 percent through December
31, 2020, with our five-year dividend growth rate of 9.5
percent, including this most recent increase. The Board's decision
to raise the dividend reflects the Company's commitment to dividend
growth supported by earnings growth, while still maintaining ample
liquidity to drive growth and fund operations," Mr. Householder
added.
Chesapeake has paid dividends to its shareholders without
interruption for 60 years and has increased its annualized dividend
every year since 2004.
About Chesapeake Utilities Corporation
Chesapeake
Utilities Corporation is a diversified energy company engaged in
natural gas transmission and distribution; electricity generation
and distribution; propane gas distribution; mobile compressed
natural gas (CNG) utility services and solutions; and other
businesses. Information about Chesapeake Utilities Corporation's
businesses is available at www.chpk.com.
Please note that Chesapeake Utilities Corporation has no
affiliation with Chesapeake Energy, an oil and natural gas
exploration company headquartered in Oklahoma City, Oklahoma.
For more information, contact:
Beth W. Cooper
Executive Vice President & Chief Financial Officer
302.734.6799
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SOURCE Chesapeake Utilities Corporation