National Fuel price target raised to $77 from $76 at BofA

BofA analyst Kalei Akamine raised the firm’s price target on National Fuel (NFG) to $77 from $76 and keeps an Underperform rating on the shares. At $60 WTI, U.S. producers are still comfortable and generating excess cash beyond capital expenditures and dividends, so the firm expects producers to largely adopt a wait and see approach at upcoming results with few producers being pre-emptive. The firm believes producers will not cut deep unless prices dip into the $40’s, which is a level at which many producers in the analyst’s space are no longer covering capital and dividends with organic cash flows, the firm added.