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CPK

Chesapeake Utilities

$93.79

0.47 (0.50%)

16:36
05/22/19
05/22
16:36
05/22/19
16:36

Chesapeake Utilities and TECO Peoples Gas partner on Callahan Pipeline, Florida

Chesapeake Utilities' Florida subsidiary, Peninsula Pipeline Company, has entered into an agreement with SeaCoast Gas Transmission, an affiliate of Tampa-based TECO Peoples Gas to jointly develop the Callahan Intrastate Pipeline, bringing additional natural gas capacity to Nassau and Duval Counties. The new supply source will enable both Florida Public Utilities Company, another Chesapeake Utilities subsidiary, and PGS to expand natural gas distribution service in this growing area of Florida. FPU and PGS previously worked together in 2012 to introduce natural gas service to Nassau County. The estimated cost of the pipeline is $65M, to be split between both companies. Construction is set to begin next month with a target in-service date of September 2020.

CPK Chesapeake Utilities
$93.79

0.47 (0.50%)

12/17/18
JANY
12/17/18
DOWNGRADE
JANY
Neutral
Chesapeake Utilities downgraded to Neutral from Buy at Janney Montgomery Scott
12/17/18
12/17/18
DOWNGRADE
Target $86

Neutral
Chesapeake Utilities downgraded to Neutral at Janney Montgomery Scott
As previously reported, Janney Montgomery Scott analyst Michael Gaugler downgraded Chesapeake Utilities to Neutral from Buy, citing valuation given that the stock is trading "materially above" his $86 fair value estimate. He does we believe Chesapeake Utilities shares would command a higher P/E multiple if it were acquired, but does not base his fair value estimates potential premiums from change of control events, Gaugler tells investors.
12/17/18
12/17/18
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Best Buy (BBY) downgraded to Underperform from Neutral at BofA/Merrill analyst Curtis Nagle citing his caution about key product categories that include TVs, Apple (AAPL) products and gaming. 2. Illinois Tool Works (ITW) downgraded to Sell from Hold at Deutsche Bank. 3. Chesapeake Utilities (CPK) and Middlesex Water (MSEX) were downgraded to Neutral from Buy at Janney Montgomery Scott. 4. Callaway Golf (ELY) downgraded to Neutral from Buy at Roth Capital with analyst Dave King citing the recent acquisition of Jack Wolfskin and saying that the deal moves Callaway beyond its core competency in golf. 5. Centene (CNC) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Stephen Tanal citing risk associated with a potential adverse outcome in the Texas versus United States ACA ruling. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/04/19
WELS
03/04/19
NO CHANGE
Target $90
WELS
Market Perform
Chesapeake Utilities price target raised to $90 from $84 at Wells Fargo
Wells Fargo analyst Sarah Akers raised her price target for Chesapeake Utilities to $90 from $84 after the company reported quarterly results. The analyst reiterates a Market Perform rating on the shares.

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