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UPDATE: Raymond James Downgrades National Fuel Gas on Fair Valuation

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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

DateFirmActionFromTo
Oct 2019MaintainsNeutral
Oct 2019UpgradesHoldBuy
Apr 2018DowngradesBuyHold

View More Analyst Ratings for NFG
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Posted-In: Kevin Smith Raymond JamesAnalyst Color Downgrades Analyst Ratings

 

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