DOVER, Del., May 7, 2020 /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 $0.405 per share to $0.44 per share. The Board's action raises the
2020 annualized dividend $0.14 per
share from $1.62 to $1.76 per share, which represents an 8.6 percent
increase. The $0.44 per share
dividend will be payable July 6, 2020
to all shareholders of record at the close of business on
June 15, 2020.
"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 while providing dividend growth in the top 10 percent of the
utility industry. The $0.14 per share
increase in the annualized dividend aligns our five-year earnings
growth rate of 9.4 percent from continuing operations with our
five-year dividend growth rate of 8.9 percent including this most
recent increase," said Jeff
Householder, President and Chief Executive Officer of
Chesapeake Utilities Corporation.
"The Board's dividend decision reflects the Company's commitment
to dividend growth supported by earnings growth, while still
maintaining ample liquidity to drive growth and fund
operations. The Board and the entire organization reiterate
our unwavering commitment to keeping employees, their families, our
customers and our communities as safe as possible during these
unprecedented times. Chesapeake Utilities provides an
essential service to our customers and we are doing everything we
can to ensure the uninterrupted delivery of energy services upon
which our customers and communities rely," Mr. Householder
added.
Chesapeake has paid dividends to its shareholders without
interruption for 59 years. This latest increase represents the
17th consecutive year in which the dividend has been
increased, and will result in Chesapeake having doubled its
annualized dividend over the last ten years.
About Chesapeake Utilities Corporation
Chesapeake
Utilities Corporation is a diversified energy company engaged in
natural gas distribution and transmission; 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,
through the Company's Investor Relations App and on the Annual
Report Microsite at cpkannualreport.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