UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on National Fuel Gas
In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on National Fuel Gas (NYSE: NFG), and raised its price target from $52.00 to $56.00.
BMO Capital noted, “We are increasing our FY2013 and FY2014 forecasts to $2.80 and $2.42, respectively. Our price target increases to $56 on both our roll forward from YE12 to YE13 (applying multiples to 2013 estimates) and higher booked reserves (up a stronger-than-estimated 33% to 1.25 Tcfe, with all-in finding and development costs of $1.76/mcfe).”
National Fuel Gas closed on Friday at $53.01.
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