Chesapeake Utilities Corporation
- Open
- 123.25
- Day high
- 125.00
- Day low
- 122.73
- Prev close
- 122.48
- Volume
- 93K
- Mkt cap
- $2.9B
- P/E (TTM)
- 21.4
- EPS (TTM)
- $5.74
- P/B
- 1.8
- P/S
- 3.0
- Yield
- 2.27%
- Per share
- $2.79
- ▼Insiders net selling -$1.5M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
Chesapeake Utilities Corporation (CPK) is a Utilities company listed on NYSE. The stock is up 1% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
Chesapeake Utilities Corporation (CPK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CPK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.38 | $2.47 | +3.8% | $353M | +3.9% |
| Feb 26, 2026 | $2.38 | $1.94 | -18.5% | $213M | -31.9% |
| Nov 6, 2025 | $0.90 | $0.82 | -8.9% | $180M | -23.6% |
| Aug 7, 2025 | $1.00 | $1.04 | +4.0% | $193M | +5.7% |
| Feb 26, 2025 | $1.67 | $1.63 | -2.4% | $215M | -9.6% |
| Nov 8, 2024 | $0.67 | $0.78 | +16.4% | $160M | -6.8% |
| Aug 8, 2024 | $0.80 | $0.82 | +2.5% | $166M | -14.7% |
| Feb 21, 2024 | $1.56 | $1.26 | -19.2% | $185M | +0.0% |
| Nov 2, 2023 | $0.63 | $0.53 | -15.9% | $132M | -8.1% |
| Aug 3, 2023 | $0.96 | $0.90 | -6.2% | $136M | -7.8% |
| May 3, 2023 | $2.11 | $2.04 | -3.3% | $218M | +36.9% |
| Feb 22, 2023 | $1.44 | $1.47 | +2.1% | $187M | +0.7% |
CPK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 26, 2026 | Householder Jeffry Mdirector, officer: President & CEO | Sell | 1,676 | $125.40 |
| May 26, 2026 | Householder Jeffry Mdirector, officer: President & CEO | Sell | 3 | $127.56 |
| May 26, 2026 | Householder Jeffry Mdirector, officer: President & CEO | Sell | 8,321 | $126.27 |
| May 21, 2026 | Webber Kevin Jofficer: Sr VP & Chief Dev Officer | Sell | 2,000 | $127.37 |
| May 15, 2026 | Householder Jeffry Mdirector, officer: President & CEO | Tax | 497 | $135.05 |
| May 15, 2026 | Webber Kevin Jofficer: Sr VP & Chief Dev Officer | Tax | 79 | $135.05 |
| May 15, 2026 | Moriarty James Fofficer: Executive VP & General Counsel | Tax | 3,725 | $135.05 |
| May 15, 2026 | Galtman Michael Dofficer, other: Senior VP | Tax | 973 | $135.05 |
| May 15, 2026 | Cooper Beth Wofficer: Executive VP & CFO | Tax | 3,480 | $135.05 |
| May 15, 2026 | Sylvester Jeffery Sofficer: Senior VP & COO | Tax | 307 | $135.05 |
| May 8, 2026 | Petrone Sheree M.director | Grant | 1,112 | $125.83 |
| May 8, 2026 | Bisaccia Lisadirector | Grant | 1,112 | $125.83 |
| May 8, 2026 | Jaber Lila Adirector | Grant | 1,112 | $125.83 |
| May 8, 2026 | BRESNAN THOMAS Jdirector | Grant | 1,112 | $125.83 |
| May 8, 2026 | HUDSON DENNIS S IIIdirector | Grant | 1,112 | $125.83 |
Source: CPK SEC Form 4 filings, latest May 26, 2026. For informational purposes only — not investment advice.
See the full CPK insider & 13F page →Chesapeake Utilities Corporation company profile
Overview
Chesapeake Utilities Corporation (NYSE:CPK) is a diversified energy delivery company founded in 1859 and headquartered in Dover, Delaware. The company has evolved from a local gas distributor into a multi-state utility serving customers across Delaware, Maryland, Florida, and other southeastern states. Over its 165-year history, Chesapeake has grown through strategic acquisitions and infrastructure investments, with a significant expansion occurring in 2023 through the acquisition of Florida City Gas, which more than doubled its Florida footprint. Today, the company operates as both a regulated utility providing essential energy services and an unregulated energy services provider, positioning itself as a key player in the transition toward cleaner energy solutions.
Business
Chesapeake Utilities operates in the energy delivery sector through two primary business segments. The Regulated Energy segment represents approximately 77% of total adjusted gross margin and encompasses three core activities. First, it operates natural gas distribution networks that deliver natural gas directly to residential, commercial, and industrial customers in central and southern Delaware, Maryland's eastern shore, and Florida. These distribution systems consist of underground pipeline networks that transport natural gas from transmission pipelines to end-users' meters. Second, the company provides regulated natural gas transmission services, operating high-pressure pipeline systems that transport natural gas over longer distances across the Delmarva Peninsula and Florida. Third, it operates regulated electric distribution systems in northeast and northwest Florida, delivering electricity to customers through power lines and substations. The Unregulated Energy segment accounts for approximately 23% of adjusted gross margin and includes several diverse energy-related businesses. The company operates propane distribution services across the Mid-Atlantic region, North Carolina, South Carolina, and Florida, delivering propane fuel to residential and commercial customers who are not connected to natural gas networks. It also provides unregulated natural gas transmission and supply operations in central and eastern Ohio, along with compressed natural gas (CNG) and liquefied natural gas (LNG) transportation services primarily serving utilities and pipeline companies in the eastern United States. Additionally, this segment includes renewable natural gas (RNG) projects, electricity and steam generation facilities, and various energy-related services such as HVAC, plumbing, and electrical services. The company has been actively expanding its involvement in renewable natural gas, which involves capturing methane emissions from landfills, dairy farms, and other organic waste sources, processing it into pipeline-quality natural gas. This emerging business represents a growing focus area as utilities seek to reduce their carbon footprint while maintaining reliable energy delivery.
Revenue model
Chesapeake Utilities generates revenue through multiple business models across its regulated and unregulated operations. In the regulated segment, the company operates under traditional utility rate structures where it earns returns on invested capital as approved by state public utility commissions. Customers pay monthly bills for natural gas and electricity consumption, with rates designed to recover the company's operating costs, depreciation, taxes, and provide a reasonable return on equity. The regulated model provides predictable cash flows but requires regulatory approval for rate increases and major capital investments. The unregulated segment operates on market-based pricing where the company sells propane, natural gas, and various energy services at competitive rates. Revenue comes from product sales margins, transportation fees, and service charges. The unregulated businesses can respond more quickly to market opportunities but face greater price volatility and competition. Several factors influence the company's profitability margins. Weather patterns significantly impact demand, with colder winters driving higher natural gas and propane consumption. Commodity price volatility affects both input costs and customer demand patterns. Regulatory decisions on rate cases and infrastructure investment approvals directly impact regulated segment margins. Customer growth in the company's service territories, driven by population migration to Florida and economic development in Delaware and Maryland, provides a key growth driver. Infrastructure investment opportunities allow the company to expand its rate base and earn returns on new capital, while operational efficiency improvements through technology upgrades and system integration help reduce costs. The company's margins also benefit from economies of scale achieved through acquisitions and the ability to spread fixed costs across a larger customer base.
Competitive moat
Chesapeake Utilities possesses a moderate to strong competitive moat primarily derived from its regulated utility operations. The company benefits from natural monopoly characteristics in its service territories, where it holds exclusive franchises to provide natural gas and electric distribution services. These franchises create significant barriers to entry, as competitors cannot simply build competing infrastructure in the same areas. The company's essential service provision creates relatively inelastic demand, as customers require natural gas and electricity regardless of economic conditions. The regulatory framework provides additional protection by allowing the company to earn approved returns on invested capital and recover prudent costs through rate mechanisms. This regulatory compact offers some protection against competitive pressures while providing a framework for earning reasonable returns. The company's substantial infrastructure investments - with over $3.5 billion in total assets - represent significant sunk costs that would be difficult for competitors to replicate. However, the moat faces several challenges. Regulatory risk remains significant, as utility commissions can deny rate increases or impose unfavorable conditions. The company operates across multiple jurisdictions (Delaware, Maryland, Florida, Ohio), creating regulatory complexity and potential inconsistency in treatment. Energy transition pressures pose long-term challenges, as policies promoting electrification and renewable energy could reduce demand for natural gas over time. The unregulated segment faces direct competition in propane and energy services markets, with limited barriers to entry. Additionally, technological disruption from distributed energy resources, energy storage, and alternative heating technologies could erode the traditional utility model. The company's geographic concentration in specific regions also creates exposure to local economic downturns or adverse regulatory changes.
Risks & safety
Chesapeake Utilities demonstrates a moderate margin of safety with generally solid financial fundamentals but some areas of concern. • Liquidity and Solvency: The company maintains $505 million in total liquidity and generated $239 million in operating cash flow for 2024. However, free cash flow was negative $116 million in 2024 due to heavy capital investments, indicating reliance on external financing for growth. • Debt Levels: Total debt-to-equity ratio of 1.07 is elevated but manageable for a utility. The company targets reaching 50% equity-to-total capitalization by end of 2025, indicating management's focus on strengthening the balance sheet. • Valuation Metrics: Trading at P/E ratio of 23.0x and EV/EBITDA of 13.5x, representing premium valuations typical for growing utilities. Price-to-book ratio of 1.96x suggests the stock trades above tangible book value. • Credit Quality: Recently received investment-grade credit rating from Fitch, indicating acceptable credit risk. Strong regulatory relationships and diversified service territories support credit profile. • Other Considerations: The company has maintained 20 consecutive years of dividend increases, demonstrating commitment to shareholder returns. However, high capital intensity and negative free cash flow create dependence on capital markets for funding growth initiatives.
Recent development
Over the past few years, Chesapeake Utilities has executed several strategic initiatives focused on geographic expansion, technological transformation, and clean energy transition. The most significant development was the acquisition of Florida City Gas in 2023, which more than doubled the company's Florida footprint and added approximately $89 million in annual adjusted gross margin. This acquisition has been successfully integrated with ongoing optimization efforts and realization of operational synergies. The company has embarked on a comprehensive digital transformation initiative, implementing a company-wide SAP customer billing system called OneCX across all operations. This system standardization is being followed by plans for an enterprise resource planning (ERP) system implementation to further consolidate and standardize organizational functions. These technology investments aim to improve operational efficiency and customer service capabilities. Renewable natural gas (RNG) initiatives represent a key strategic pivot toward cleaner energy solutions. The company has developed the Full Circle Dairy RNG facility, which captures methane from dairy operations and processes it into pipeline-quality natural gas. Additionally, three new RNG transmission projects in Florida have been approved, connecting landfill gas sources to the distribution system and representing $46 million in capital expenditures. The company has significantly expanded its capital investment program, with a five-year plan of $1.5-1.8 billion in capital expenditures through 2028. Major projects include the Worcester Resiliency Upgrade (WRU) project, a $100 million LNG storage facility, and the Miami Inner Loop project, a $70 million infrastructure expansion. These investments focus on system reliability, capacity expansion, and connecting new customers in growing service territories. Regulatory strategy has become increasingly proactive, with the company filing multiple rate cases and securing approvals for infrastructure investment programs. Recent successes include Maryland base rate increases, Delaware interim rate increases, and Florida rate case settlements totaling over $18 million in annual revenue increases.
CPK company profile · for informational purposes only — not investment advice.
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