KeyBanc last night initiated coverage of National Fuel (NFG) with an Overweight rating and $110 price target The firm believes National Fuel is an “under-the-radar” energy story, despite its growth initiatives and positive catalysts. The company’s pending acquisition of CenterPoint Energy’s Ohio gas utility business creates a “much larger” local distribution company and doubles National Fuel’s rate base, the analyst tells investors in a research note. KeyBanc says the increased scale for the regulated business further stabilizes the company’s broader earnings profile while fortifying its credit rating.
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