Chesapeake Utilities Corporation (NYSE:CPK) stock soared to a 52-week high, reaching $128.76, marking a significant milestone for the company. This peak reflects a robust 1-year change, with the stock value climbing an impressive 38.45%. Investors have shown increased confidence in Chesapeake Utilities, a diversified energy company, as it continues to expand its operations and deliver strong financial performance. The company's strategic initiatives and consistent growth in key business segments have contributed to the stock's upward trajectory, culminating in this latest high-water mark.
In other recent news, Chesapeake Utilities Corporation has reported steady growth in its third-quarter earnings for 2024. The company has shared an adjusted earnings per share (EPS) of $0.80 for the quarter, contributing to a year-to-date total of $3.76. Chesapeake Utilities has reiterated its full-year EPS guidance within the range of $5.33 to $5.45. A significant factor in the company's success has been substantial capital investments and robust customer growth in Delmarva and Florida, along with an increase in adjusted gross margin and net income for the quarter.
In terms of capital investments, Chesapeake has allocated $257 million in the first nine months, with a target of $300 million to $360 million for the entire year. The company has seen a customer growth of 3.9% in Delmarva and Florida, largely driven by natural gas demand and infrastructure investments. Adjusted gross margin experienced a 29% increase to approximately $122 million, with a 48% rise in adjusted net income to $18 million for the quarter.
Recent developments also include the commencement of full production at the Full Circle Dairy RNG facility, and the Eastern Shore Worcester Resiliency Upgrade project is progressing as planned. The company has projected a 10-year EPS growth CAGR at approximately 8.5% and set its 2025 EPS guidance at $6.15 to $6.35 per share. Regulatory approvals and rate increase proposals are expected to boost revenue in the coming year.
InvestingPro Insights
Chesapeake Utilities Corporation's (CPK) recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 99.13% of its peak, confirming the article's observation. This upward trend is further supported by impressive total returns across various timeframes, including a 37.27% return over the past year, closely matching the 38.45% 1-year change mentioned in the article.
InvestingPro data reveals that CPK has a market capitalization of $2.88 billion and a P/E ratio of 25.91, indicating investor confidence in the company's earnings potential. The company's revenue growth of 12.63% over the last twelve months and a strong quarterly revenue growth of 21.73% in Q3 2024 underscore its expanding operations and financial performance.
Two notable InvestingPro Tips highlight CPK's financial stability and growth prospects. Firstly, the company has raised its dividend for 21 consecutive years, demonstrating a commitment to shareholder returns. Secondly, analysts anticipate sales growth in the current year, aligning with the company's recent performance trends.
For investors seeking a deeper understanding of CPK's potential, InvestingPro offers 5 additional tips, providing a comprehensive view of the company's financial health and market position.
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