UPDATE: Pritchard Capital Partners Raises PT to $50 on National Fuel; Midstream Business Increase

Pritchard Capital Partners reiterates its Neutral rating on National Fuel

on current gas prices and raises its price target from $48 to $50 in a valuation increase due to the company's midstream business. Pritchard Capital Partners says, "We are maintaining our 'Neutral' rating since, in our opinion, the company's dry gas Marcellus acreage is just not competitive at current gas prices. We are increasing our price target to $50 from $48 because we are now valuing the midstream segment on a fiscal 2013 EBITDA multiple vs. 2012 previously. The primary challenge for NFG continues to be finding the next opportunity for growth if low gas prices persist. Three potential opportunities that it is exploring are its Utica acreage, its wet gas Marcellus acreage and its midstream business." NFG closed at $ on Friday.