Chesapeake Utilities (CPK)
Market Price (7/22/2026): $131.88 | Market Cap: $3.2 BilSector: Utilities | Industry: Gas Utilities
Chesapeake Utilities (CPK)
Market Price (7/22/2026): $131.88Market Cap: $3.2 BilSector: UtilitiesIndustry: Gas Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Grid Automation, Show more. | Trading close to highsDist 52W High is -3.5%, Dist 3Y High is -3.5% Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -51% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% Key risksCPK key risks include [1] new and expanded infrastructure projects failing to achieve anticipated investment returns. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Grid Automation, Show more. |
| Trading close to highsDist 52W High is -3.5%, Dist 3Y High is -3.5% |
| Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -51% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% |
| Key risksCPK key risks include [1] new and expanded infrastructure projects failing to achieve anticipated investment returns. |
Qualitative Assessment
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Chesapeake Utilities (CPK) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Chesapeake Utilities reported robust first-quarter fiscal year 2026 (Q1 2026) earnings, surpassing analyst expectations.
The company announced net income of $59.3 million and earnings per share (EPS) of $2.47 for Q1 2026, marking an 11.8% increase in EPS compared to the prior year. This EPS figure exceeded the consensus estimate of $2.38 by $0.09, or 3.55%. The strong performance was driven by a $23.8 million growth in adjusted gross margin, attributed to successful regulatory initiatives, infrastructure programs, and organic natural gas growth, with colder weather contributing an incremental $4.5 million (or $0.14 per share). Additionally, improved rates from three rate cases completed in 2025 provided an incremental $4.1 million (or $0.13 per share) in adjusted gross margin. The company also reaffirmed its full-year 2026 capital guidance range of $450 million to $500 million and its 2028 EPS guidance range.
2. The announcement of the $1.2 billion Florida Energy Pathway project created significant positive momentum.
On July 13, 2026, Chesapeake Utilities unveiled plans for its subsidiary, Peninsula Pipeline Company, to develop, construct, and operate the Florida Energy Pathway, a new intrastate natural gas pipeline in south Florida. This project, estimated at approximately $1.2 billion and expected to be in service by 2030, aims to expand natural gas transportation capacity to address regional supply constraints driven by Florida's population and economic growth. The project is supported by firm commitments totaling nearly 250,000 dekatherms per day from multiple investment-grade shippers. The news led to a 4.3% rise in CPK shares during pre-market trading on July 13, 2026, with the total investment representing roughly 39% of Chesapeake's current market capitalization.
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Chesapeake Utilities (CPK) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Chesapeake Utilities reported robust first-quarter fiscal year 2026 (Q1 2026) earnings, surpassing analyst expectations.
The company announced net income of $59.3 million and earnings per share (EPS) of $2.47 for Q1 2026, marking an 11.8% increase in EPS compared to the prior year. This EPS figure exceeded the consensus estimate of $2.38 by $0.09, or 3.55%. The strong performance was driven by a $23.8 million growth in adjusted gross margin, attributed to successful regulatory initiatives, infrastructure programs, and organic natural gas growth, with colder weather contributing an incremental $4.5 million (or $0.14 per share). Additionally, improved rates from three rate cases completed in 2025 provided an incremental $4.1 million (or $0.13 per share) in adjusted gross margin. The company also reaffirmed its full-year 2026 capital guidance range of $450 million to $500 million and its 2028 EPS guidance range.
2. The announcement of the $1.2 billion Florida Energy Pathway project created significant positive momentum.
On July 13, 2026, Chesapeake Utilities unveiled plans for its subsidiary, Peninsula Pipeline Company, to develop, construct, and operate the Florida Energy Pathway, a new intrastate natural gas pipeline in south Florida. This project, estimated at approximately $1.2 billion and expected to be in service by 2030, aims to expand natural gas transportation capacity to address regional supply constraints driven by Florida's population and economic growth. The project is supported by firm commitments totaling nearly 250,000 dekatherms per day from multiple investment-grade shippers. The news led to a 4.3% rise in CPK shares during pre-market trading on July 13, 2026, with the total investment representing roughly 39% of Chesapeake's current market capitalization.
3. Favorable macroeconomic trends and robust demand within the broader utilities sector provided a tailwind.
The utilities sector has demonstrated strong performance in 2026, with the Morningstar US Utilities Index gaining approximately 10% through April 10, 2026, and the sector as a whole achieving an 8% gain in Q1 2026. This outperformance is largely driven by escalating electricity demand from data centers and artificial intelligence (AI) infrastructure, alongside ongoing grid modernization and significant investments in renewable energy. Utility stocks are perceived as defensive investments due to their predictable revenue streams and consistent cash flows, which are particularly attractive during periods of economic uncertainty. The sector is also experiencing one of its strongest investment cycles in years, with capital expenditures projected to increase by 6% in 2026, following a 12% rise in 2025, which supports earnings growth by expanding the rate base.
4. The company's consistent dividend increases further enhanced investor confidence.
Chesapeake Utilities raised its quarterly cash dividend by 7.3%, from $0.685 to $0.735 per share, effective with the declaration on November 12, 2025, increasing the 2026 annualized dividend from $2.74 to $2.94 per share. This continues a trend of financial discipline, as the company has raised its dividend for 22 consecutive years. A quarterly dividend of $0.74 per share was paid with an ex-dividend date of June 15, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 5.0% change in CPK stock from 3/31/2026 to 7/21/2026 was primarily driven by a 5.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 125.62 | 131.92 | 5.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 930 | 984 | 5.8% |
| Net Income Margin (%) | 15.1% | 15.1% | 0.1% |
| P/E Multiple | 21.3 | 21.2 | -0.2% |
| Shares Outstanding (Mil) | 24 | 24 | -0.7% |
| Cumulative Contribution | 5.0% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| CPK | 5.0% | |
| Market (SPY) | 15.1% | -27.6% |
| Sector (XLU) | -2.1% | 62.8% |
Fundamental Drivers
The 6.9% change in CPK stock from 12/31/2025 to 7/21/2026 was primarily driven by a 11.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 123.37 | 131.92 | 6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 886 | 984 | 11.1% |
| Net Income Margin (%) | 14.8% | 15.1% | 2.3% |
| P/E Multiple | 22.2 | 21.2 | -4.2% |
| Shares Outstanding (Mil) | 24 | 24 | -1.7% |
| Cumulative Contribution | 6.9% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| CPK | 6.9% | |
| Market (SPY) | 10.0% | -16.2% |
| Sector (XLU) | 6.0% | 59.6% |
Fundamental Drivers
The 12.2% change in CPK stock from 6/30/2025 to 7/21/2026 was primarily driven by a 17.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 117.59 | 131.92 | 12.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 840 | 984 | 17.2% |
| Net Income Margin (%) | 14.7% | 15.1% | 2.9% |
| P/E Multiple | 21.9 | 21.2 | -3.0% |
| Shares Outstanding (Mil) | 23 | 24 | -4.1% |
| Cumulative Contribution | 12.2% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| CPK | 12.2% | |
| Market (SPY) | 22.1% | -8.4% |
| Sector (XLU) | 12.4% | 52.4% |
Fundamental Drivers
The 18.4% change in CPK stock from 6/30/2023 to 7/21/2026 was primarily driven by a 45.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 111.42 | 131.92 | 18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 676 | 984 | 45.6% |
| Net Income Margin (%) | 13.2% | 15.1% | 14.5% |
| P/E Multiple | 22.2 | 21.2 | -4.3% |
| Shares Outstanding (Mil) | 18 | 24 | -25.8% |
| Cumulative Contribution | 18.4% |
Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| CPK | 18.4% | |
| Market (SPY) | 74.8% | 16.1% |
| Sector (XLU) | 49.3% | 56.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CPK Return | 45% | -12% | -9% | 17% | 5% | 8% | 55% |
| Peers Return | 16% | 6% | -10% | 16% | 21% | 8% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| CPK Win Rate | 67% | 33% | 50% | 58% | 58% | 43% | |
| Peers Win Rate | 50% | 55% | 43% | 53% | 63% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| CPK Max Drawdown | -9% | -82% | -34% | -11% | -14% | -13% | |
| Peers Max Drawdown | -18% | -22% | -30% | -13% | -11% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NJR, ATO, UGI, SR, OGS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)
How Low Can It Go
| Event | CPK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.7% | -9.5% |
| % Gain to Breakeven | 40.3% | 10.5% |
| Time to Breakeven | 299 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -81.3% | -24.5% |
| % Gain to Breakeven | 435.4% | 32.4% |
| Time to Breakeven | 179 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.9% | -33.7% |
| % Gain to Breakeven | 34.9% | 50.9% |
| Time to Breakeven | 214 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -12.6% | -6.8% |
| % Gain to Breakeven | 14.4% | 7.3% |
| Time to Breakeven | 29 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -26.7% | -53.4% |
| % Gain to Breakeven | 36.5% | 114.4% |
| Time to Breakeven | 15 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.3% | -8.6% |
| % Gain to Breakeven | 27.1% | 9.5% |
| Time to Breakeven | 684 days | 47 days |
In The Past
Chesapeake Utilities's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.6% gain to breakeven.
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| Event | CPK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.7% | -9.5% |
| % Gain to Breakeven | 40.3% | 10.5% |
| Time to Breakeven | 299 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -81.3% | -24.5% |
| % Gain to Breakeven | 435.4% | 32.4% |
| Time to Breakeven | 179 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.9% | -33.7% |
| % Gain to Breakeven | 34.9% | 50.9% |
| Time to Breakeven | 214 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -26.7% | -53.4% |
| % Gain to Breakeven | 36.5% | 114.4% |
| Time to Breakeven | 15 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.3% | -8.6% |
| % Gain to Breakeven | 27.1% | 9.5% |
| Time to Breakeven | 684 days | 47 days |
In The Past
Chesapeake Utilities's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Chesapeake Utilities (CPK)
Chesapeake Utilities Corporation (CPK) operates as an energy delivery company primarily focused on providing essential utility services. Its core business, under the Regulated Energy segment, involves natural gas distribution to residential, commercial, and industrial customers across central and southern Delaware, Maryland's eastern shore, and Florida. Additionally, CPK manages regulated natural gas transmission pipelines in the Delmarva Peninsula and Florida, and provides regulated electric distribution services in specific areas of northeast and northwest Florida. This segment represents the company's foundational utility operations, ensuring reliable access to natural gas and electricity for communities in its service territories.
Beyond its traditional regulated utility services, Chesapeake Utilities also operates an Unregulated Energy segment, which diversifies its offerings and market reach. This segment includes propane distribution services throughout the Mid-Atlantic region, North Carolina, South Carolina, and Florida. It also engages in unregulated natural gas transmission and supply operations, particularly in central and eastern Ohio. Furthermore, CPK provides specialized energy solutions such as the generation of electricity and steam, and offers transportation and pipeline solutions for compressed natural gas (CNG), liquefied natural gas (LNG), and renewable natural gas (RNG) primarily to utilities and pipelines across the eastern United States. This segment expands the company's customer base to include a broader range of businesses and utilities seeking diverse energy and infrastructure solutions, complemented by services like HVAC and plumbing.
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It's like a regional electric and natural gas utility, similar to Eversource Energy, that also operates a significant propane delivery and specialized gas transport business.
Imagine a company that combines the operations of a local gas and electric utility, such as National Grid, with a major national propane distributor like Suburban Propane.
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- Natural Gas Distribution: Delivering natural gas to homes and businesses in specific regulated regions.
- Natural Gas Transmission: Transporting natural gas through pipeline networks, both regulated and unregulated.
- Electric Distribution: Providing regulated electricity distribution services to customers in parts of Florida.
- Propane Distribution: Supplying propane to residential, commercial, and industrial customers across several states.
- Power Generation: Generating electricity and steam for various uses.
- Natural Gas Transportation Solutions: Offering specialized transportation and pipeline solutions for compressed natural gas (CNG), liquefied natural gas (LNG), and renewable natural gas (RNG).
- HVAC, Plumbing, and Electrical Services: Providing installation, maintenance, and repair services for heating, ventilation, air conditioning, plumbing, and electrical systems.
- Energy-Related Merchandise Sales: Selling various products and merchandise related to energy use.
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Chesapeake Utilities Corporation (CPK) primarily serves a diverse base of end-use customers rather than a few major corporate clients. As an energy delivery company involved in natural gas and electric distribution, and propane operations, its main customer categories are:
- Residential Customers: Households and individuals who rely on CPK for natural gas to heat their homes, cook, and power appliances, as well as electricity and propane for various household needs.
- Commercial Customers: A wide range of businesses, including retail establishments, offices, restaurants, hotels, schools, and hospitals, that utilize natural gas, electricity, and propane for heating, cooling, lighting, and operational purposes.
- Industrial Customers: Large manufacturing facilities, industrial parks, and other major enterprises that require substantial volumes of natural gas and electricity for their production processes, machinery, and overall operations.
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Jeffry M. Householder, President & Chief Executive Officer
Mr. Householder was appointed President and Chief Executive Officer of Chesapeake Utilities Corporation on January 1, 2019, and assumed the role of Chair of the Board on May 3, 2023. He brings over 40 years of experience in the energy industry. Prior to his current role, he served as President of Florida Public Utilities Company, a Chesapeake Utilities business unit, from 2010 to 2018. His career includes leadership positions at other energy companies such as TECO Energy Peoples Gas, West Florida Gas Company, Florida City Gas, and Tallahassee Utilities. Under his leadership, Chesapeake Utilities successfully acquired Florida City Gas in 2023, significantly expanding the company's natural gas infrastructure and customer base in Florida.
Beth W. Cooper, Executive Vice President, Chief Financial Officer & Assistant Corporate Secretary
Ms. Cooper was promoted to Executive Vice President in 2019 and has served as Chief Financial Officer since September 2008, also taking on the role of Treasurer in 2022. She joined Chesapeake Utilities in 1990 and has held various positions, including Senior Vice President, Vice President, Treasurer, Corporate Secretary, Assistant Treasurer, Director of Internal Audit, and Director of Strategic Planning. Ms. Cooper was previously an auditor with Ernst & Young's Entrepreneurial Services Group. She oversees general accounting, income taxes, financial reporting, treasury, investor relations, financial planning and analysis, and strategic modeling and analysis for the company.
James F. Moriarty, Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer
Mr. Moriarty was promoted to Executive Vice President in 2019. He joined Chesapeake Utilities Corporation in March 2008 as a Regulatory Analyst for the company's Delaware and Maryland Natural Gas Divisions. He provides legal counsel to the entire Chesapeake team, including the Board of Directors and senior leaders, and is responsible for leading the integration and oversight of the Regulatory and Governmental Affairs function across the company.
Jeffrey S. Sylvester, Senior Vice President, Pipeline Transmission and Regulated Gas and Electric Distribution
Mr. Sylvester also serves as Chief Operating Officer for Chesapeake Utilities Corporation. He is responsible for the company's pipeline transmission and regulated gas and electric distribution operations.
Kevin J. Webber, Senior Vice President, Unregulated Energy Delivery and Business Development
Mr. Webber also holds the title of Chief Development Officer. He is responsible for the company's unregulated energy delivery and business development initiatives.
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Key Risks to Chesapeake Utilities (CPK)
- Commodity Price Volatility: Chesapeake Utilities is significantly exposed to the price volatility of natural gas and propane. Fluctuations in these commodity prices, driven by global supply and demand dynamics, geopolitical events, and regulatory shifts, can lead to unpredictable revenues and impact the company's financial stability and earnings.
- Regulatory, Environmental, and Operational Risks: As a company operating in a highly regulated industry, Chesapeake Utilities faces substantial regulatory risks. Changes in energy policies, increased regulatory scrutiny, and compliance costs can affect profitability and operational flexibility. Furthermore, the business is susceptible to environmental factors such as warmer weather, which can reduce demand for heating services. The company also confronts inherent operational risks, including potential major leaks, outages, mechanical failures, and accidents within its natural gas, electric, and propane distribution and transmission systems, which could lead to increased costs, safety concerns, and a loss of customer confidence.
- Capital Intensity and Debt Reliance: Chesapeake Utilities' operations are capital-intensive, necessitating continuous and substantial investments in infrastructure, technology, and maintenance. This inherent characteristic often results in a significant reliance on debt financing. Disruptions in the credit and capital markets could potentially hinder the company's ability to access capital at competitive rates, thereby affecting its capacity to fund strategic initiatives and essential infrastructure projects.
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- Increased adoption of distributed renewable energy sources (e.g., rooftop solar) and battery storage, which allows customers to generate and store their own electricity, thereby reducing demand for grid-supplied power and potentially eroding the customer base and revenue of traditional electric distribution utilities.
- Growing policy and societal pressure towards decarbonization and electrification, including potential bans on new natural gas hookups, incentives for electric heating and cooking, and mandates to phase out fossil fuels, which threatens the long-term demand for natural gas distribution and propane operations.
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Chesapeake Utilities (CPK) operates in various energy markets across the eastern United States. The addressable market sizes for its main products and services, where quantifiable, are as follows:
Regulated Energy Segment
- Natural Gas Distribution:
- Delaware: The value of natural gas delivered to residential customers for end-use consumption in Delaware is approximately half a billion dollars annually.
- Maryland: The Natural Gas Distribution industry in Maryland has a market size of $2.5 billion in 2026.
- Florida: The value of natural gas delivered to consumers in Florida was $6.15 billion in 2015.
- Regulated Natural Gas Transmission (Delmarva Peninsula and Florida): Null
- Regulated Electric Distribution (Northeast and Northwest Florida): Null
Unregulated Energy Segment
- Propane Operations:
- North Carolina: The market size of the Fuel Dealers industry, which includes propane, in North Carolina is $1.8 billion in 2026.
- South Carolina: The market size of the Fuel Dealers industry, which includes propane, in South Carolina is $484.6 million in 2026.
- Florida: The market size of the Fuel Dealers industry, which includes propane, in Florida is $944.2 million in 2026.
- United States: The U.S. propane market is estimated to reach USD 47.1 billion in 2026.
- Unregulated Natural Gas Transmission/Supply (Central and Eastern Ohio): Null
- Generation of Electricity and Steam: Null
- Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), and Renewable Natural Gas (RNG) Transportation and Pipeline Solutions:
- United States (CNG Market): The U.S. compressed natural gas (CNG) market is expected to reach USD 24,857.7 million by 2030.
- North America (RNG Market): The renewable natural gas (RNG) market in North America reached US$ 14.0 billion in 2024.
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Chesapeake Utilities (CPK) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Significant Capital Investments and Infrastructure Development: The company plans substantial capital expenditures, with reaffirmed 2024–2028 capex guidance of $1.5 billion to $1.8 billion and 2026 capex guidance of $450 million to $500 million. These investments are directed towards pipeline expansions, infrastructure programs, and technology upgrades across its regulated and unregulated segments, enhancing service reliability and meeting growing demand.
- Organic Customer Growth in Key Service Areas: Chesapeake Utilities anticipates continued "above-average" or "strong" residential customer growth, particularly in its Delmarva Peninsula and Florida service areas. This increase in customer base is a primary driver for its capital programs and directly contributes to incremental gross margin.
- Regulatory Initiatives and Favorable Rate Case Outcomes: Revenue growth is expected to be supported by ongoing regulatory initiatives and the successful completion of rate cases, which have historically driven adjusted gross margin increases across its Delaware, Maryland, and Florida operations.
- Expansion of Unregulated Energy Segment, including Alternative Fuels and Renewable Natural Gas (RNG): The Unregulated Energy segment, encompassing propane operations, mobile compressed natural gas (CNG), liquefied natural gas (LNG), and renewable natural gas (RNG) transportation, is a key growth area. Specifically, growth in services like Marlin Gas Services and investments in RNG production facilities and biogas projects are expected to contribute significantly to future revenue.
- Strategic Expansion and Acquisitions: The acquisition of Florida City Gas in late 2023 continues to be a factor in driving growth, particularly in Florida. Additionally, the company is pursuing new expansion projects, such as the natural gas pipeline expansion to Virginia's Eastern Shore, which will extend infrastructure and open new markets.
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Share Repurchases
- Chesapeake Utilities (CPK) reported $0.00 in share buybacks as of February 2026.
Share Issuance
- In November 2023, Chesapeake Utilities raised $366.4 million through an overnight offering of 4.4 million shares to finance the acquisition of Florida City Gas.
- The company issued $132.3 million in equity during 2025, comprising 996,848 shares, to support its capital expenditure program and return to its target equity capitalization.
- Chesapeake Utilities maintains an At-the-Market (ATM) program, authorized to issue up to $100 million in common stock through November 2027.
Outbound Investments
- In late 2023, Chesapeake Utilities acquired Florida City Gas (FCG) from NextEra Energy, Inc. for $923 million in cash.
- The acquisition of FCG significantly expanded Chesapeake Utilities' natural gas business in Florida, and was expected to increase its regulated utility customers by 50% and net plant by 30%.
Capital Expenditures
- Chesapeake Utilities invested a record $470.4 million in capital projects during 2025, exceeding its guidance and representing a 32% increase over its 2024 capital spend.
- The company has reaffirmed its five-year capital expenditure guidance for 2024-2028, projecting total spending between $1.5 billion and $1.8 billion, with approximately $1.6 billion in identified projects.
- Projected capital expenditures for 2026 are between $450 million and $500 million, focusing on regulated distribution, transmission, infrastructure, and a multi-year Enterprise Resource Planning (ERP) technology transformation project ("1CORE").
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 79.60 |
| Mkt Cap | 5.4 |
| Rev LTM | 2,431 |
| Op Inc LTM | 531 |
| FCF LTM | -215 |
| FCF 3Y Avg | -118 |
| CFO LTM | 629 |
| CFO 3Y Avg | 644 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.5% |
| Rev Chg 3Y Avg | -2.5% |
| Rev Chg Q | 1.8% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | 10.2% |
| Op Inc Chg 3Y Avg | 14.9% |
| Op Mgn LTM | 22.6% |
| Op Mgn 3Y Avg | 21.9% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 25.7% |
| CFO/Rev 3Y Avg | 27.8% |
| FCF/Rev LTM | -9.1% |
| FCF/Rev 3Y Avg | -6.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.4 |
| P/S | 2.4 |
| P/Op Inc | 11.0 |
| P/EBIT | 10.5 |
| P/E | 17.7 |
| P/CFO | 9.8 |
| Total Yield | 8.9% |
| Dividend Yield | 3.2% |
| FCF Yield 3Y Avg | -3.0% |
| D/E | 0.7 |
| Net D/E | 0.6 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated Energy | 688 | 583 | 474 | 423 | 382 |
| Unregulated Energy | 272 | 228 | 223 | 258 | 188 |
| Other and Eliminations | -30 | -25 | 0 | ||
| Intersegment Revenues | -26 | ||||
| Total | 930 | 787 | 671 | 681 | 570 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated Energy | 222 | 196 | 126 | 115 | 106 |
| Unregulated Energy | 34 | 32 | 24 | 27 | 24 |
| Other businesses and eliminations | 0 | 0 | 0 | 0 | 1 |
| Total | 256 | 228 | 151 | 143 | 131 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Regulated Energy | 3,425 | 3,043 | 2,782 | 1,716 | 1,629 |
| Unregulated Energy | 495 | 486 | 477 | 463 | 439 |
| Other businesses and eliminations | 74 | 48 | 46 | 36 | 47 |
| Total | 3,995 | 3,577 | 3,305 | 2,215 | 2,115 |
Price Behavior
| Market Price | $131.92 | |
| Market Cap ($ Bil) | 3.2 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -3.5% | |
| 50 Days | 200 Days | |
| DMA Price | $124.86 | $127.49 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 5.7% | 3.5% |
| 3M | 1YR | |
| Volatility | 22.0% | 19.6% |
| Downside Capture | -98.69 | -26.84 |
| Upside Capture | -43.71 | -10.25 |
| Correlation (SPY) | -31.5% | -9.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.65 | -0.48 | -0.26 | -0.18 | -0.09 | 0.24 |
| Up Beta | -0.88 | -0.69 | -0.18 | -0.12 | -0.05 | 0.23 |
| Down Beta | -0.83 | -0.45 | -0.55 | -0.21 | -0.19 | 0.07 |
| Up Capture | -53% | -40% | -16% | -14% | -2% | 10% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 22 | 34 | 65 | 134 | 391 |
| Down Capture | -52% | -44% | -27% | -23% | -13% | 62% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 19 | 29 | 60 | 118 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPK | |
|---|---|---|---|---|
| CPK | 10.5% | 19.6% | 0.39 | - |
| Sector ETF (XLU) | 9.6% | 14.8% | 0.41 | 52.7% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | -9.8% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | -4.9% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | -14.3% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 44.9% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | -10.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPK | |
|---|---|---|---|---|
| CPK | 6.1% | 384.4% | 0.78 | - |
| Sector ETF (XLU) | 10.0% | 17.3% | 0.43 | 3.5% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 0.5% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | -3.3% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | -3.3% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 3.4% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 0.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPK | |
|---|---|---|---|---|
| CPK | 13.7% | 272.7% | 0.59 | - |
| Sector ETF (XLU) | 8.8% | 19.3% | 0.39 | 6.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 3.4% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | -2.3% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | -1.7% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 5.9% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 0.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 1.1% | 0.5% | -1.6% |
| 2/25/2026 | 0.3% | 2.5% | -6.9% |
| 11/6/2025 | 2.0% | 0.6% | -5.6% |
| 8/7/2025 | 1.8% | 2.9% | 1.7% |
| 5/7/2025 | -2.9% | -13.5% | -11.5% |
| 2/26/2025 | -0.2% | 0.0% | -0.3% |
| 11/7/2024 | 2.6% | 3.8% | 5.1% |
| 8/8/2024 | -1.1% | -0.4% | 2.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 11 |
| # Negative | 9 | 7 | 12 |
| Median Positive | 1.5% | 2.3% | 4.8% |
| Median Negative | -1.7% | -4.7% | -3.1% |
| Max Positive | 6.8% | 4.8% | 13.1% |
| Max Negative | -10.1% | -13.5% | -11.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 1.1% | 0.5% | -1.6% |
| 2/25/2026 | 0.3% | 2.5% | -6.9% |
| 11/6/2025 | 2.0% | 0.6% | -5.6% |
| 8/7/2025 | 1.8% | 2.9% | 1.7% |
| 5/7/2025 | -2.9% | -13.5% | -11.5% |
| 2/26/2025 | -0.2% | 0.0% | -0.3% |
| 11/7/2024 | 2.6% | 3.8% | 5.1% |
| 8/8/2024 | -1.1% | -0.4% | 2.4% |
| 5/8/2024 | 0.8% | 2.0% | -2.2% |
| 2/21/2024 | -1.7% | -4.7% | 0.7% |
| 11/2/2023 | 1.5% | -4.7% | 10.3% |
| 8/3/2023 | -2.0% | -1.4% | -3.9% |
| 5/3/2023 | 0.7% | 3.0% | 4.8% |
| 2/22/2023 | 1.5% | 1.5% | -1.4% |
| 11/2/2022 | -10.1% | -11.3% | -4.0% |
| 8/3/2022 | -0.3% | -2.0% | -5.3% |
| 5/3/2022 | 6.8% | 4.6% | 13.1% |
| 11/3/2021 | 0.5% | 0.4% | 0.3% |
| 8/4/2021 | 3.6% | 3.5% | 5.4% |
| 5/4/2021 | -1.4% | 1.0% | -0.0% |
| 2/24/2021 | 1.1% | 1.3% | 10.8% |
| 11/5/2020 | -2.0% | 4.8% | 2.3% |
| 8/5/2020 | 2.2% | 4.5% | -0.3% |
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 11 |
| # Negative | 9 | 7 | 12 |
| Median Positive | 1.5% | 2.3% | 4.8% |
| Median Negative | -1.7% | -4.7% | -3.1% |
| Max Positive | 6.8% | 4.8% | 13.1% |
| Max Negative | -10.1% | -13.5% | -11.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | 450.00 Mil | 475.00 Mil | 500.00 Mil | 0 | Affirmed | Guidance: 475.00 Mil for 2026 | |
| 2024-2028 Capital Expenditures | 1.50 Bil | 1.65 Bil | 1.80 Bil | 0 | Affirmed | Guidance: 1.65 Bil for 2024-2028 | |
| 2028 EPS | 7.75 | 7.88 | 8 | 0 | Affirmed | Guidance: 7.88 for 2028 | |
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | 450.00 Mil | 475.00 Mil | 500.00 Mil | 8.6% | Higher New | Guidance: 437.50 Mil for 2025 | |
| 2024-2028 Capital Expenditures | 1.50 Bil | 1.65 Bil | 1.80 Bil | 0 | Affirmed | Guidance: 1.65 Bil for 2028 | |
| 2028 EPS | 7.75 | 7.88 | 8 | 0 | Affirmed | Guidance: 7.88 for 2028 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 EPS | 6.15 | 6.25 | 6.35 | 0 | Affirmed | Guidance: 6.25 for 2025 | |
| 2028 EPS | 7.75 | 7.88 | 8 | 0 | Affirmed | Guidance: 7.88 for 2028 | |
| 2025 Capital Expenditures | 425.00 Mil | 437.50 Mil | 450.00 Mil | 9.4% | Raised | Guidance: 400.00 Mil for 2025 | |
| 2028 Capital Expenditures | 1.50 Bil | 1.65 Bil | 1.80 Bil | 0 | Affirmed | Guidance: 1.65 Bil for 2028 | |
Insider Activity
Updated 5/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Householder, Jeffry M | President & CEO | Direct | Sell | 5262026 | 126.12 | 10,000 | 1,261,221 | 7,945,817 | Form |
| 2 | Webber, Kevin J | Sr VP & Chief Dev Officer | Direct | Sell | 5212026 | 127.37 | 2,000 | 254,740 | 1,611,485 | Form |
| 3 | Householder, Jeffry M | President & CEO | Direct | Sell | 12292025 | 125.83 | 1,908 | 240,084 | 6,532,590 | Form |
| 4 | Householder, Jeffry M | President & CEO | Direct | Sell | 12222025 | 127.41 | 3,092 | 393,958 | 6,857,825 | Form |
| 5 | Householder, Jeffry M | President & CEO | Direct | Sell | 12222025 | 127.98 | 7,500 | 959,856 | 7,284,158 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Householder, Jeffry M | President & CEO | Direct | Sell | 5262026 | 126.12 | 10,000 | 1,261,221 | 7,945,817 | Form |
| 2 | Webber, Kevin J | Sr VP & Chief Dev Officer | Direct | Sell | 5212026 | 127.37 | 2,000 | 254,740 | 1,611,485 | Form |
| 3 | Householder, Jeffry M | President & CEO | Direct | Sell | 12292025 | 125.83 | 1,908 | 240,084 | 6,532,590 | Form |
| 4 | Householder, Jeffry M | President & CEO | Direct | Sell | 12222025 | 127.41 | 3,092 | 393,958 | 6,857,825 | Form |
| 5 | Householder, Jeffry M | President & CEO | Direct | Sell | 12222025 | 127.98 | 7,500 | 959,856 | 7,284,158 | Form |
| 6 | Householder, Jeffry M | President & CEO | Direct | Sell | 12182025 | 126.74 | 7,500 | 950,550 | 8,164,084 | Form |
| 7 | Householder, Jeffry M | President & CEO | Direct | Sell | 12182025 | 126.72 | 5,000 | 633,607 | 9,113,300 | Form |
| 8 | Sylvester, Jeffery S | Senior VP & COO | Direct | Sell | 11242025 | 137.08 | 1,000 | 137,079 | 1,633,438 | Form |
| 9 | Cooper, Beth W | Executive VP & CFO | Direct | Sell | 9292025 | 132.15 | 5,000 | 660,730 | 11,987,362 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Gas Utilities Resources |
| American Gas Association (AGA) |
| Natural Gas Intelligence (NGI) |
| Pipeline & Gas Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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