- Chesapeake Utilities (NYSE:CPK) rose 2.2% in today's trade after Janney upgraded shares to Buy from Neutral with a $71 price target, raised from $59, after reporting better than expected Q2 results and that showed solid Y/Y improvement.
- The firm believe CPK's robust investment profile will continue to generate higher earnings, and continued capex should allow for future growth throughout their published forecasts.
- Janney adds that its positive forward outlook is strengthened by its belief that projects of size are likely to occur in the coming years as Marcellus Shale gas finds its way south in a more pronounced way to CPK's geographic footprint.