As previously reported yesterday afternoon, Scotiabank upgraded National Fuel (NFG) to Outperform from Sector Perform with a $68 price target and upgraded Range Resources (RRC) to Outperform from Sector Perform with a price target of $44, up from $38. Meanwhile, the firm downgraded EQT Corporation (EQT) to Sector Perform from Outperform with an unchanged price target of $52 and downgraded CNX Resources (CNX) to Underperform from Sector Perform with an unchanged price target of $22. The firm, which updated its financial and NAV estimates, including a full refresh of economic estimates, for its U.S. natural gas coverage group, also refreshed its U.S. natural gas supply and demand models through 2025. Following the changes, the firm calls out Southwestern Energy (SWN) and and Range Resources as its best ideas in the group.
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Read More on NFG:
- National Fuel Declares Quarterly Dividend
- National Fuel upgraded to Outperform from Sector Perform at Scotiabank
- National Fuel Releases its 2022 Corporate Responsibility Report Highlighting Safe, Reliable, Affordable and Sustainable Operations
- National Fuel files automatic mixed securities shelf
- National Fuel sees FY24 adjusted EPS $5.50-$6.00, consensus $5.64