DOVER, Del., May 3, 2012 /PRNewswire/ -- At their meeting held on May 2, 2012, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.365 per share on the Company's common stock. The Board's action raises the annualized dividend eight cents per share from $1.38 to $1.46 per share, equating to a 5.8% increase over the prior year. The $0.365 per share dividend will be paid July 5, 2012 to all shareholders of record at the close of business on June 15, 2012.
"Chesapeake celebrated its fifth consecutive year of record earnings in 2011 despite a weak and recovering economy. The execution of our strategic plan has been successful due to the talent and personal drive of our employees to identify opportunities and turn them into meaningful results to grow our Company. These results have benefitted our customers, the communities we serve and our shareholders," stated Michael P. McMasters, President and CEO. "With a total shareholder return of 70 percent over the past 5 years, including the acquisition of Florida Public Utilities Company during that time period, the results are truly exceptional and a source of great pride," Mr. McMasters added. "We value the confidence that our shareholders have in Chesapeake. The Board's action to raise the dividend by 5.8 percent today -- the largest annual increase in twenty-five years -- echoes the commitment to continued dividend growth, reaching the Company's dividend payout target and our confidence in achieving sustainable long-term earnings growth."
2012 represents the 51st consecutive year that Chesapeake has paid a dividend to its shareholders. In each of the 51 years, Chesapeake has either maintained or increased its annualized dividend.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV