Pritchard Equity Neutral On National Fuel Gas (NFG)
Pritchard Equity Research is raising earnings estimates on National Fuel Gas (NYSE: NFG) after the company provided its latest guidance and earnings results. It rates shares at a Neutral and has a $57 price target.
In the report Pritchard Equity Research writes, "Revising 2010 and 2011 EPS/CFPS estimates to $2.64/$6.05 and $2.80/$6.48 from $2.62/$5.55 and $2.83/$6.05, based on latest guidance and results. We are introducing 2012 estimates. NFG's latest five wells in Tioga County are impressive, with an average 30-day rate of 8+ MMcfe/d. However, it only has 40,000 net acres in its core area of Tioga, Potter and Lycoming counties. The rest of its 720,000 net acres lies to the West in Pennsylvania where results have not been as encouraging."
Shares of National Fuel Gas closed today at $50.19, down 5 cents.
