Chesapeake Utilities Corp (CPK) will raise its quarterly dividend by 9.1 percent to 48 cents per share in 2021. This follows a dividend hike of 8.6 percent to $0.44 per share announced in 2020. This new dividend hike in 2021 marks the 17th consecutive year of dividend increases.

The next dividend will be payable July 6, 2021 to all shareholders of record at the close of business on June 15, 2021. A new annual rate of $1.92 per share yields 1.6% at a stock price of  $117 for Chesapeake Utilities.

"Despite the challenges that we as a company and country faced in 2020, the Company delivered another year of record-breaking earnings. Our financial achievements were the result of continued solid growth as we stood together with a common purpose – to succeed no matter the obstacle. Our commitment to earnings growth has continued into 2021 as the Company reported strong first quarter earnings while continuing to identify and execute on growth opportunities that will significantly grow the Company over the next five years," said Jeff Householder, President and Chief Executive Officer of Chesapeake Utilities Corporation.

"The $0.16 per share increase in the annualized dividend closely aligns our five-year earnings growth rate of 9.4 percent through December 31, 2020, with our five-year dividend growth rate of 9.5 percent, including this most recent increase. The Board's decision to raise the dividend reflects the Company's commitment to dividend growth supported by earnings growth, while still maintaining ample liquidity to drive growth and fund operations," Mr. Householder added.   

Chesapeake has paid dividends to its shareholders without interruption for 60 years and has increased its annualized dividend every year since 2004.

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.