HAMPTON, N.H. - Unitil Corporation (NYSE:UTL) has announced the election of Jane Lewis-Raymond to its Board of Directors, a move preceding the retirement of several board members. Lewis-Raymond, with a substantial background in the natural gas industry and corporate governance, will be presented for shareholder election at the April 2025 annual meeting.
Lewis-Raymond's current role as principal of Hilltop Strategies, LLC, sees her providing strategic consulting to senior executives across various sectors. Her previous positions include senior vice president and chief legal, compliance and external relations officer at Piedmont Natural Gas Company, and vice president of regulatory affairs at the American Gas Association. She also serves on the Board of Southwest Gas (NYSE:SWX) Holdings, Inc.
Her educational credentials include a Bachelor of Arts in Government and Politics and East Asian Language and Literature from the University of Maryland, and a J.D. from the same institution's School of Law, where she was inducted into the Order of the Coif.
Unitil's chairman and CEO, Thomas P. Meissner, Jr., expressed enthusiasm for Lewis-Raymond's addition to the board, citing her nearly three decades of industry experience and her diverse skill set as valuable assets that will contribute to the company's focus on safety, growth, and sustainability.
Unitil Corporation, a public utility holding company, delivers electricity and natural gas to customers in New England, with operations in Maine, New Hampshire, and Massachusetts. The company emphasizes safe and reliable service delivery, community engagement, and the pursuit of efficient energy solutions. Presently, Unitil serves approximately 108,500 electric customers and 88,400 natural gas customers.
The information in this article is based on a press release statement from Unitil Corporation.
In other recent news, Unitil Corporation, a natural gas and electricity provider, reported an increase in its Q2 net income to $4.3 million, or $0.27 per share. This positive financial performance bolsters the company's confidence in meeting its full-year earnings projections. In a significant development, Unitil announced the acquisition of Bangor Natural Gas Company for $70.9 million, subject to regulatory approval. This acquisition forms part of Unitil's robust capital investment plan, which will channel approximately $910 million through 2028.
In addition to these developments, Unitil is also working on a utility-scale solar project in New Hampshire, expected to be completed by mid-2025. The company has reaffirmed its long-term earnings growth of 5% to 7% and expects to maintain a dividend payout ratio between 55% and 65%. Despite an anticipated increase in depreciation expense for the gas division, the company's revenue increased by approximately $2.2 million after accounting for revenue transfers. These recent developments underscore Unitil's strategic growth plans and its commitment to capital investment.
InvestingPro Insights
Unitil Corporation's recent board appointment comes at a time when the company is demonstrating financial stability and commitment to shareholder value. According to InvestingPro data, Unitil has a market capitalization of $937.77 million and a P/E ratio of 19.25, indicating investor confidence in its earnings potential.
An InvestingPro Tip highlights that Unitil has raised its dividend for 9 consecutive years, showcasing a strong track record of returning value to shareholders. This is further reinforced by another tip noting that the company has maintained dividend payments for an impressive 40 consecutive years. With a current dividend yield of 2.94%, Unitil presents an attractive option for income-focused investors.
The company's financial health is reflected in its profitability over the last twelve months, as noted by another InvestingPro Tip. This aligns well with the company's focus on growth and sustainability mentioned in the article.
For investors interested in a deeper analysis, InvestingPro offers additional tips and insights that could provide a more comprehensive view of Unitil's financial position and future prospects. There are 6 additional tips available on the InvestingPro platform for UTL, which could be valuable for those considering the impact of this new board appointment on the company's strategic direction.
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