At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.27 per share on the Company’s common stock. The $0.27 per share dividend will be paid on October 6, 2014 to all shareholders of record at the close of business on September 15, 2014.
The Company announced a three for two stock split in the form of a stock dividend on July 2, 2014. The stock split will be issued on September 8, 2014, approximately a week before the dividend record date. For the dividend paid on July 7, 2014, a quarterly dividend of $.405 per share was paid to shareholders which equates to $0.27 per share on a split adjusted basis. Therefore, the total quarterly dividend amount paid to shareholders remains unchanged as a result of the stock split.
The Board of Directors increased the quarterly dividend by 5.2% in May of 2014, reaffirming their commitment to dividend growth that is supported by earnings growth. 2014 represents the 53rd consecutive year that Chesapeake has paid a dividend to its shareholders. In each of the 53 years, Chesapeake has either maintained or increased its annualized dividend.
Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission and marketing; electricity distribution; propane gas distribution and wholesale marketing; advanced information services and other related services. Information about Chesapeake Utilities Corporation and the Chesapeake family of businesses is available at https://chpk.com or through our IR App. The IR App can be downloaded for free through the App Store on an iPhone or iPad, or Google Play on an Android mobile device by searching for Chesapeake Utilities Corporation.