Barclays Maintains an 'Equalweight' on National Fuel Gas (NFG); The Juggle between Growth and Prudent Spending

Barclays maintains an 'Equalweight' on National Fuel Gas (NYSE: NFG) price target of $63.00.

Barclays analyst says, "Lower Commodity Prices Highlight Need for Increased Funding: We have revised our price deck for unhedged production. While this change has a minimal impact for 2012, the effect is more pronounced in outer years as our natural gas and oil price assumptions have dropped by $1 and $20, respectively. We think funding needs will exceed company expectations of ~$1.35 billion by ~$250 million in the 2012-2014 timeframe and would note that the company would also be outspending cash flow by ~$200 million in 2015-2016 assuming the rig count and E&P capex remain flat through the years."

"Rolling Out Initial 2012 Quarterly Estimates: We estimate ~96 bcfe of production for 2012 and a full-year estimate of $2.69. Our price deck for unhedged production is lower than company guidance and largely constitutes the reason for an EPS estimate below guidance of $2.85 to $3.15."

For an analyst ratings summary and ratings history on National Fuel Gas click here. For more ratings news on National Fuel Gas click here.

Shares of National Fuel Gas closed at $58.47 yesterday.

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