National Fuel Gas jumps to record high after BofA double upgrade

Shares of National Fuel Gas NFG.N jump 5.9% to record high $89.05 early Tues after BofA Global Research upgrades to 'buy' from 'underperform'

Brokerage boosts PT by $22 to Street-high $107, implying ~27% upside to stock's last close

BofA says in note it estimates FY26 EPS of $9.12/sh helped by improving productivity from the natural gas utility firm's Utica Shale acreage in Tioga County, Pennsylvania

Co's volume growth is "stellar" and its inventory duration is almost 2x that of peers, BofA says

This combined with NFG's investment grade credit rating and midstream expertise, BofA believes co is the best positioned name to benefit from a long-term supply agreement and/or any new egress into New York from potential projects like Millennium or Constitution

Now, 3 of 6 brokerages rate NFG "strong buy" or "buy", rest rate "hold" and median PT is $98, up from $85 a month ago, LSEG data reflects

With move on Tues, NFG shares up ~46% YTD compared to ~19% gain in S&P 400 Gas Utilities sector .SPMDCGAUT