DOVER, Del., May 8, 2019 /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 $0.37 per share to $0.405 per share. The Board's action raises the
2019 annualized dividend $0.14 per
share from $1.48 to $1.62 per share, which represents a 9.5 percent
increase. The $0.405 per share
dividend will be payable July 5, 2019
to all shareholders of record at the close of business on
June 14, 2019.
"We continue to seek opportunities to reinvest our retained
earnings while also growing our dividend at a rate that represents
top quartile performance. Over the last five years, we have made
significant capital investments that have fueled our earnings
growth. The Board's decision to increase the annualized
dividend by $0.14 per share, or 9.5
percent, aligns our five-year earnings growth rate of 8.8 percent
with our five-year dividend growth rate of 8.4 percent including
this most recent increase," said Jeff
Householder, President and Chief Executive Officer of
Chesapeake Utilities Corporation. Chesapeake has paid
dividends to its shareholders without interruption for 58 years.
During those 58 years, Chesapeake has either maintained or
increased its annualized dividend.
Chesapeake Utilities Corporation is a diversified energy company
engaged in natural gas distribution, transmission and marketing;
electricity generation and distribution; propane gas distribution
and other businesses. Information about Chesapeake Utilities
Corporation and the Chesapeake family of businesses is available at
www.chpk.com or through the Company's Investor Relations App.
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