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Upgrade Alert for Chesapeake Utilities (CPK)

By Amy Schwartz

Chesapeake Utilities (NYSE:CPK) was upgraded from Neutral to Buy at Janney Montgomery today. The stock closed yesterday at $66.07 on volume of 102,000 shares, above average daily volume of 84,000.

In the past 52 weeks, shares of Chesapeake Utilities have traded between a low of $44.37 and a high of $67.50 and closed yesterday at $66.07, which is 49% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.4%.

Based on a current price of $66.07, Chesapeake Utilities is currently 13.3% above its average consensus analyst price target of $57.25. The stock should discover initial support at its 50-day moving average (MA) of $60.73 and subsequent support at its 200-day MA of $55.76.

Chesapeake Utilities Corporation is a utility company that provides natural gas transmission and distribution, propane distribution, and information technology services. The Company distributes natural gas to residential, commercial, and industrial customers in Delaware, Maryland, and Florida. Chesapeake Utilities' propane is distributed to customers in Delaware, Maryland, and Virginia.

SmarTrend recommended that subscribers consider buying shares of Chesapeake Utilities on June 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.11. Since that recommendation, shares of Chesapeake Utilities have risen 5.7%. We continue to monitor CPK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades chesapeake utilities

Ticker(s): CPK