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UBS Ups National Fuel Gas to Buy


UBS raised its investment recommendation on National Fuel Gas (NFG) to buy from hold.

Analyst Ronald Barone said the company enjoys an enviable position of having cash to deploy from the recent sale of its Czech business, while generating growing free cash flow over the next five years. The analyst expects excess cash flow to be reinvested in: 1) E&P, 2) Empire Connector, 3) Tuscarora storage interconnection, and also returned to shareholders through: 1) dividend increase and 2) share repurchases. The analyst raised his $35 target to $40, which is 13.8 times his $2.90 2007 earnings per share estimate.


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