Chesapeake Utilities Corporation

NextEra Energy Resources agreed on September 1 to acquire a 49% stake in the Florida Energy Pathway project, a $1.2 billion natural gas pipeline developed by Chesapeake Utilities' Peninsula Pipeline subsidiary that will run from Palm Beach County to Miami-Dade County to supply South Florida. Peninsula Pipeline will retain a 51% majority interest and remain the project operator. Chesapeake CEO Jeff Householder said the company has fielded significant partner interest since unveiling the project in July. The company raised its 2026 capital expenditure guidance by $100 million to a range of $550 million to $600 million, and lifted its total 2024 through 2028 investment outlook to over $2.2 billion from a previous $1.5 billion to $1.8 billion, backed by an expanded $650 million revolving credit facility. Management reaffirmed 2028 earnings guidance of $7.75 to $8.00 per share, while year-to-date adjusted gross margin climbed 9.6% and adjusted earnings per share grew 8.0%. Construction is not expected to start until the first half of 2028, with final in-service commissioning targeted for 2030, and the $1.2 billion cost estimate remains preliminary pending final design and development activities.

PR Newswire released its weekly roundup of notable press releases for July 13–17, 2026, highlighting 13 announcements across consumer, technology, and finance sectors. Olive Garden announced the return of its Never-Ending Pasta Pass, offering 13 weeks of unlimited pasta, sauces, and toppings during the Never-Ending Pasta Bowl promotion. KFC brought back Popcorn Chicken as part of its Kentucky Fried Comeback journey, responding to fan demand. United Airlines introduced a new Economy Plus seating option on its Airbus A321XLR aircraft, featuring extra elbow room and a shared table across an open middle seat, available for sale later this year. 3M and Microsoft announced a strategic partnership to advance AI data center infrastructure by combining Microsoft’s digital and hyperscale capabilities with 3M’s materials science and precision manufacturing. Other highlighted releases included Thomson Reuters and KKR forming a joint venture for Thomson Reuters’ Global Print business, with KKR acquiring a 51% stake and Thomson Reuters receiving approximately $500 million in gross proceeds while retaining 49% equity; Jeep unveiling the 2027 Wrangler Laredo; Lilly acquiring AtaiBeckley to develop therapies for treatment-resistant depression; Chesapeake Utilities’ Florida Energy Pathway Project; The Home Depot’s 2026 Halloween collection; Farmers Insurance introducing tools to simplify insurance understanding; State Affairs raising $70 million for policy and regulatory intelligence; AT&T offering free calls to countries in soccer’s semifinal, third-place, and final matches; and OpenTable revealing its 2026 Top 100 Hotel Restaurants in America.

Chesapeake Utilities Corporation has announced plans to develop the Florida Energy Pathway, a proposed $1.2 billion intrastate natural gas pipeline in Florida. The 24-inch pipeline will run from Palm Beach County to Miami-Dade County, expanding capacity for residential, commercial, and industrial customers in South Florida. The project is backed by firm transportation commitments totaling nearly 250,000 dekatherms per day from multiple investment-grade shippers, with supply coming from Florida Gas Transmission's planned Phase IX expansion. Chesapeake Utilities expects the pipeline to enter service in 2030, subject to regulatory approvals, and intends to bring in partners to own up to 49% of the project. The company said the investment addresses mounting energy demand driven by Florida's population and economic growth.

Chesapeake Utilities, based in Dover, currently pays a dividend of $0.74 per share, yielding 2.42%. The company's annualized dividend of $2.94 is up 9.1% from last year, and over the last five years it has increased its dividend five times for an average annual increase of 9.90%. Its payout ratio stands at 44% of trailing 12-month EPS. The Zacks Consensus Estimate for fiscal 2026 earnings is $6.51 per share, representing year-over-year growth of 8.32%. The stock carries a Zacks Rank of 3, or Hold.