Research Alert: CFRA Maintains Hold Opinion On Shares Of National Fuel Gas Company
03:55 PM EST, 02/05/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We raise our 12-month target by $1 to $46, a 12.5x multiple of our FY 21 (Sep.) EPS estimate, a discount to NFG's historical forward average. We cut our FY 21 EPS estimate to $3.67 from $3.72 and raise our FY 22 estimate to $4.36 from $3.99. NFG posts Dec-Q EPS of $1.06 vs. $1.01, beating the S&P Capital IQ Consensus Estimate by $0.01 -- driven by higher earnings from the Pipeline and Storage segment due to a 22% Y/Y increase in operating revenue from higher transportation and storage rates effective Feb. 1, 2020 from a rate case settlement, coupled with new demand charges for transportation service from NFG's Empire North expansion project, which was placed in service near the end of the fourth quarter of FY 20, partially offset by higher depreciation and interest expenses. We forecast approximately $800 million of capital spending in FY 21, focused primarily towards exploration & production and pipeline and storage, with smaller investments in the utility and gathering businesses.