Chesapeake Utilities Corporation CPK and its subsidiaries are engaged in regulated natural gas distribution and transmission operations. Chesapeake Utilities optimizes earnings potential of the existing businesses through organic growth and business transformation initiatives.Let’s focus on the factors that make this Zacks Rank #2 (Buy) stock a strong investment pick at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Growth Projection & Surprise HistoryThe Zacks Consensus Estimate for 2022 earnings has moved up 3.5% in the past 60 days to $4.75 per share. Revenue estimates for 2022 of $612.4 million imply year-over-year growth of 8%.Chesapeake Utilities has an impressive earnings surprise history. Its trailing four-quarter earnings surprise is 12.6%, on average.Stable InvestmentsChesapeake Utilities makes consistent investments to upgrade and maintain the existing infrastructure as well as expand operations. CPK has invested $1.2 billion since 2025 to strengthen operations and anticipates investing in the range of $750 million to $1 billion in the 2021-2025 time frame.The well-chalked-out capital expenditure of CPK is also driving earnings growth per share. Chesapeake Utilities expects the investments to help it drive earnings at a CAGR of 9.1-9.5% in the 2016-2025 time frame.Return on Equity (ROE)ROE indicates how efficiently a company is utilizing shareholders’ funds in the business to generate returns. At present, CPK’s ROE is 11.31%, higher than the industry average of 10.2%, which indicates that the company is utilizing its funds more effectively than its industry peers.DividendChesapeake Utilities has a dividend yield of 1.32% versus the Zacks S&P 500 composite’s average of 1.3%. CPK has a long history of dividend payment, having distributed dividends for 61 consecutive years and raised the annual dividend rate for the past 18 years.Chesapeake Utilities has doubled its annualized dividend over the past 10 years. CPK’s earnings growth drives dividend.Price PerformanceIn the past six months, the stock has gained 17.4% compared with the industry’s 2% growth.Image Source: Zacks Investment ResearchOther Stocks to ConsiderOther top-ranked stocks in the Zacks Utilities sector include Duke Energy Corporation DUK, IDACORP Inc. IDA and Alliant Energy LNT, each holding a Zacks Rank #2.The long-term (three to five years) earnings growth of Duke Energy, IDACORP Inc., and Alliant Energy is projected at 5.3%, 4.4%, and 6%, respectively. Duke Energy, IDACORP Inc., and Alliant Energy delivered an earnings surprise of 2.3%, 5.2%, and 4.4%, respectively, on average, in the last four quarters.The Zacks Consensus Estimate for 2022 earnings per share of Duke Energy, IDACORP Inc., and Alliant Energy has moved up 0.2%, 0.4%, and 1.9%, respectively, in the past 60 days. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Duke Energy Corporation (DUK): Free Stock Analysis Report IDACORP, Inc. (IDA): Free Stock Analysis Report Chesapeake Utilities Corporation (CPK): Free Stock Analysis Report Alliant Energy Corporation (LNT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research