BofA Global Research upgraded NFG to "buy" from "underperform"
Natural gas stock National Fuel Gas Co (NYSE:NFG) was last seen up 4% at $87.45, trading at all-time highs after a double upgrade from BofA Global Research to "buy" from "underperform" with a price-target hike to $107 from $85. This follows the firm's analysis of production data from NFG’s Eastern Development Area, which the company acquired from Shell in 2020.
Since the start of the year, NFG is up 45%, with any and all pullbacks caught by the 80-day moving average. On track for its third-straight win, the stock earlier jumped as high as $88.22 out of the gate this morning.
There's plenty of room for more bull notes, too. Of the six analysts in coverage, three carry a "buy" or better, while the other three still carry a tepid "hold" rating. Plus, the consensus 12-month price target of $96.67 is only a 8% premium to its current perch, implying bull notes could be imminent.