NEW YORK (AP) — Brean Capital downgraded Chesapeake Utilities after the company's shares moved sharply higher this month, and hit an all-time high this week.
Analyst Michael Gaugler still sees long-term growth opportunities for the Dover, Del., power company, but in research published Tuesday, he said there were no pending rate cases or other events on the horizon that would provide a tail wind for shares.
Gaugler downgraded company shares to "Hold" from 'Buy," after the rose above his $57 price target.
Since July 2, shares of Chesapeake Utilities Corp. have jumped almost 13 percent, closing at $57.78 on Monday. Shares hit an all-time high of $57.98 in midday trading.
Gaugler, who also noted that the company's yield is the lowest in its sector, said he could consider raising Chesapeake Utilities' rating if its share price falls to more favorable levels.