Market Overview

UPDATE: Raymond James Downgrades National Fuel Gas on Fair Valuation


In a report published Thursday, Raymond James analyst Kevin Smith downgraded the rating on National Fuel Gas Co. (NYSE: NFG) from Outperform to Market Perform, and removed the $74.00 price target.

In the report, Raymond James noted, “By almost all measures, National Fuel Gas had a very strong year. Through its Western Development Area (WDA) delineation program, the company has added over 1,000 drilling locations (~1 Tcfe of reserve potential) that are economical in a sub $4/MMBtu gas price environment. Due to its increased drilling inventory, successful Lycoming drilling results, plus its solid midstream performance, the stock is up 33% year-to-date. However, after updating our total company NAV to incorporate a slower development pace vs. our previous model and higher basis differentials, in our view, the stock is fairly valued. Therefore, we are downgrading our rating on National Fuel Gas' stock to Market Perform from Outperform.”

National Fuel Gas closed on Wednesday at $67.53.

Latest Ratings for NFG

Oct 2019MaintainsNeutral
Oct 2019UpgradesHoldBuy
Apr 2018DowngradesBuyHold

View More Analyst Ratings for NFG
View the Latest Analyst Ratings

Posted-In: Kevin Smith Raymond JamesAnalyst Color Downgrades Analyst Ratings


Related Articles (NFG)

View Comments and Join the Discussion!

Latest Ratings

AMRXRaymond JamesDowngrades
CATStandpoint ResearchDowngrades
LULUWells FargoMaintains260.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

UPDATE: Raymond James Downgrades QUALCOMM Following Company Analyst Day

UPDATE: Stephens Downgrades America's Car-Mart as Competitive Pressures Continue to Weigh on the Business