BofA double upgrades National Fuel on production outlook

BofA double upgraded National Fuel (NFG) to Buy from Underperform with a price target of $107, up from $85. The firm believes production at the company’s Eastern Development Area is tracking ahead of management’s expectations. This should enable a more capital efficient program through at the end of 2030 for National Fuel, the analyst tells investors in a research note. BofA sees an attractive entry point at current share levels.