UPDATE: Hilliard Lyons Downgrades Chesapeake Utilities Due to Price Appreciation

In a report published on Thursday Hilliard Lyons analyst, Spencer E. Joyce, downgraded Chesapeake Utilities CPK from Buy to Neutral. In the report Hilliard Lyons commented, "We are lowering our investment rating on CPK shares from Buy to Neutral. Shares have gained ~10% in July and ~25% YTD, leaving the stock just shy of our prior 1-year price target of $57. We believe the qualitative story at Chesapeake remains strong; however, investor sentiment seems to have remained bullish as well. At current prices, we see a roughly neutral risk/reward scenario and would prefer to add shares into weakness." Chesapeake Utilities opened on Friday at $56.37.