Chesapeake Utilities Corp (CPK) will raise its quarterly dividend by 13.8 percent to $0.37 per share in the second quarter of 2018. Last  year the utility company hiked its dividend by 2 cents to $0.325 quarterly.

The $0.370 per share dividend will be payable July 5, 2018 to all shareholders of record at the close of business on June 15, 2018. The new dividend yield for CPK is 1.9%.

"The word 'energized,' as it appears on the cover of our 2017 Annual Report, could not be more appropriate in describing Chesapeake Utilities Corporation, our past success and our expectations for the future. This 'energy' has propelled the Company for more than a decade and in 2017 produced Chesapeake's 11th year of record earnings," stated Michael P. McMasters, President and CEO. "The dividend increase of $0.18 per share is a result of the positive energy of our team's track record in delivering superior earnings growth and the Board of Directors' confidence in the Company's ability to build on our past success. This year's increase also reflects the positive impact of the Tax Cuts and Job Act on earnings contributions from our unregulated businesses. Our goal remains to be to continue to provide above average growth in dividends supported by growth in earnings per share, through our continued disciplined approach to investment opportunities," Mr. McMasters added.

With this increase, Chesapeake's five-year average annualized dividend growth rate is 7.6 percent. Chesapeake has paid dividends to its shareholders without interruption for 57 years. During those 57 years, Chesapeake has either maintained or increased its annualized dividend.

Chesapeake Utilities Corporation an energy delivery company engaged in the distribution of natural gas, propane and electricity; the transmission of natural gas; the generation of electricity and steam, and in providing related services to its customers. Chesapeake Utilities has operations primarily in the Mid-Atlantic region, Florida and Ohio. The company operates within two reportable segments: Regulated Energy and Unregulated Energy. Chesapeake Utilities Corporation is a Delaware corporation formed in 1947. A dividend has been paid to shareholders every year since 1961.