Brean Capital Upgrades Chesapeake Utilities (CPK) to Buy

September 13, 2013 7:22 AM EDT Send to a Friend
Get Alerts CPK Hot Sheet
Price: $46.87 -0.3%

Rating Summary:
    0 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 15 | New: 22
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Brean Capital upgraded Chesapeake Utilities (NYSE: CPK) from Hold to Buy with a price target of $58, citing valuation after a pullback in the share price.

"Given the recent pullback in the shares of CPK, we now consider them attractive from both a valuation and forward outlook perspective," analyst Michael Gaugler states. "Addressing valuation first, at 14x our 2014 EPS estimate, the shares trade at a discount to our utility peer group. Additionally, we believe CPK's pipeline operations position the company to potentially take advantage of the recent decision by the U.S. Dept of Energy to allow LNG exports from Dominion's Cove Point, Maryland facility."

The price target is based on 16x the firm's 2014 EPS estimate of $3.60.

For an analyst ratings summary and ratings history on Chesapeake Utilities click here. For more ratings news on Chesapeake Utilities click here.

Shares of Chesapeake Utilities closed at $51.05 yesterday.

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