National Fuel reinstated with an Underperform at BofA

BofA reinstated coverage of National Fuel (NFG) with an Underperform rating and $62 price target The company’s diversified portfolio was a tailwind in 2024 as natural gas prices deteriorated, but the firm sees the same characteristics as a headwind in 2025 as the combination of share outperformance and lack of operational leverage to natural gas prices “leaves the stock with little upside to our view of fair value,” the analyst tells investors.