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CPK

Chesapeake Utilities

$93.02

(0.00%)

, SJI

South Jersey Industries

$30.72

0.32 (1.05%)

08:13
12/09/19
12/09
08:13
12/09/19
08:13

Chesapeake Utilities to acquire South Jersey Industries subsidiary Elkton Gas

Chesapeake Utilities (CPK) and South Jersey Industries (SJI) announced they have entered into an agreement, under which Chesapeake Utilities will acquire SJI subsidiary Elkton Gas, which operates in Cecil County, Maryland. Upon completion of the transaction, Elkton Gas will become a wholly-owned subsidiary of Chesapeake Utilities. The transaction was approved by the SJI board and by Chesapeake Utilities' Investment Committee, which is comprised of five of the company's board members. The acquisition, which is expected to close in the first half of 2020, is subject to approval by the Maryland Public Service Commission. Elkton Gas delivers natural gas to approximately 7,000 residential and commercial customers within a franchised area of Cecil County, Maryland. Elkton Gas will continue to operate out of its existing office with the same local personnel. Customers can expect to continue to receive the same hservice that they have experienced with the local office and its team members. Elkton Gas has also been a long-term customer of Eastern Shore Natural Gas, an interstate transmission pipeline company that is a wholly-owned subsidiary of Chesapeake Utilities Corporation. Chesapeake Utilities currently serves another franchised area of Cecil County, Maryland with natural gas service and has been managing its expansion into this area largely from its Delaware operations. The specific terms of the transaction were not publicly disclosed. The transaction is expected to close in the first half of 2020.

CPK

Chesapeake Utilities

$93.02

(0.00%)

SJI

South Jersey Industries

$30.72

0.32 (1.05%)

  • 11

    Dec

CPK Chesapeake Utilities
$93.02

(0.00%)

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.
10/24/19
SIDC
10/24/19
INITIATION
Target $108
SIDC
Buy
Chesapeake Utilities initiated with a Buy at Sidoti
Sidoti initiated Chesapeake Utilities with a Buy rating and $108 price target.
SJI South Jersey Industries
$30.72

0.32 (1.05%)

04/17/19
MAXM
04/17/19
INITIATION
Target $40
MAXM
Buy
South Jersey Industries initiated with a Buy at Maxim
Maxim analyst Tate Sullivan initiated South Jersey Industries with a Buy rating and a price target of $40, saying the company has "various opportunities to invest in natural gas infrastructure" in New Jersey while it also continues to build a new interstate natural gas pipeline from Pennsylvania. The analyst believes that South Jersey Industries can grow its dividend by 3% per year through 2022, having already "completed multiple actions in the last two years to improve its ability to benefit from long-term growth in natural gas consumption."
06/13/19
GUGG
06/13/19
UPGRADE
Target $35
GUGG
Buy
South Jersey Industries upgraded to Buy from Neutral at Guggenheim
Guggenheim analyst Shahriar Pourreza upgraded South Jersey Industries to Buy from Neutral and raised the price target on the stock to $35 from $32.
07/11/19
GUGG
07/11/19
UPGRADE
Target $45
GUGG
Neutral
New Jersey Resources upgraded to Neutral with $45 price target at Guggenheim
As previously reported, Guggenheim analyst Shahriar Pourreza upgraded New Jersey Resources (NJR) to Neutral from Sell citing valuation following the recent underperformance of the shares. He views the stock's current valuation as more balanced from a risk/reward perspective given the year-to-date underperformance of the stock and the company's solid outlook and "ever-increasing stability," but Pourreza still sees some better near-term value in peers such as South Jersey Industries (SJI) and NiSource (NI), he noted. He raised his price target on New Jersey Resources shares to $45 from $39, with the target increase predominately due to marking up his multiple.
08/05/19
JPMS
08/05/19
DOWNGRADE
Target $32
JPMS
Neutral
South Jersey Industries downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Christopher Turnure downgraded South Jersey Industries to Neutral from Overweight with a price target of $32 citing PennEast and state energy policy headwinds.

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APLS

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