Chesapeake Utilities (NYSE:CPK) has declared a regular quarterly dividend of $0.385 per share, a 5.5% increase over its previous payout of $0.365 per share. The dividend will be paid on July 5 to shareholders of record as of the close of business on June 17. The increase raises the annualized dividend $0.08 per share, from $1.46, to $1.54 per share.
Noting that the utility has posted strong results for six consecutive years, Chesapeake Utilities President and CEO Michael McMasters said: "In this vein, our board of directors increased the dividend by 5.5% today – a dividend growth rate significantly above the average of our peer group. The dividend declared today represents the tenth consecutive year that Chesapeake's dividend has increased."
This is the 52nd consecutive year that Chesapeake has paid a dividend to its shareholders, never having once cut the annualized dividend. Over the past five years, the utility has increased its dividend at a compound annual rate of 4.8% while maintaining an average dividend payout of 52.2%.