National Fuel downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded National Fuel (NFG) to Sector Perform from Outperform with a price target of $106, up from $102. With shares up 47% year-to-date, the firm believes the company’s peer leading share price performance over the last several months has resulted from the combination of several positive catalysts, but it sees fewer catalysts on the horizon, the analyst tells investors. The firm also thinks share price performance could lag over the next several months given the company’s lower sensitivity to natural gas prices compared to several of its peers.