Significant Drilling Results: Lake Victoria Gold's ongoing 4,000-meter drilling program at the Imwelo Gold Project in Tanzania has revealed assays of 20.77 g/t gold at 93.34 meters depth, confirming mineralization extends to 250 meters, surpassing historical resource limits and enhancing confidence in future resource expansion.
Resource Upgrade Potential: To date, 16 of the 24 planned holes have been completed, with results aligning with the existing resource model, thereby increasing the likelihood of inferred resources being upgraded to indicated status, further solidifying the company's position in the gold market.
Dual-Track Strategy Advancement: Concurrently, Lake Victoria Gold is advancing its 3,000-meter drilling program at the Tembo Project, targeting the Ngula 1 zone, where past intercepts showed high-grade gold at 28.57 g/t, which is expected to support future resource growth.
Robust Funding Support: The company has secured a gold prepay facility with Monetary Metals and a strategic investment of C$11.52 million from Taifa Group, ensuring a stable financial runway that lays the groundwork for transitioning from explorer to producer.
NFG
$82.4+Infinity%1D
Analyst Views on NFG
Wall Street analysts forecast NFG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NFG is 102.00 USD with a low forecast of 95.00 USD and a high forecast of 106.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
Wall Street analysts forecast NFG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NFG is 102.00 USD with a low forecast of 95.00 USD and a high forecast of 106.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Buy
3 Hold
0 Sell
Hold
Current: 82.250
Low
95.00
Averages
102.00
High
106.00
Current: 82.250
Low
95.00
Averages
102.00
High
106.00
JPMorgan
Zach Parham
Neutral
maintain
$95 -> $96
2025-12-08
Reason
JPMorgan
Zach Parham
Price Target
$95 -> $96
2025-12-08
maintain
Neutral
Reason
JPMorgan analyst Zach Parham raised the firm's price target on National Fuel to $96 from $95 and keeps a Neutral rating on the shares. The firm adjusted ratings and targets in the exploration and production space as part of its 2026 outlook. JPMorgan sees supply side risks for oil and liquids, but says the "long-awaited demand inflection for natural gas has finally arrived." The magnitude of the crude oil oversupply, plus a potential end to the Russia-Ukraine conflict in 2026, is a "double whammy" for lower oil prices, the analyst tells investors in a research note.
Scotiabank
Outperform
maintain
$98 -> $102
2025-08-13
Reason
Scotiabank
Price Target
$98 -> $102
2025-08-13
maintain
Outperform
Reason
Scotiabank raised the firm's price target on National Fuel to $102 from $98 and keeps an Outperform rating on the shares. The Q2 earnings from U.S. Natural Gas stocks under its coverage featured "mixed" results, the analyst tells investors. Looking ahead, the firm sees two positive themes, improving capital efficiencies and positive cash flow implications from the One Big Beautiful Bill, and expects further developments on data centers as a key factor over the next few quarters. The firm continues to see National Fuel as a high-quality, lower-risk name in the sector.
BofA
Underperform
to
Buy
upgrade
$107
2025-07-15
Reason
BofA
Price Target
$107
2025-07-15
upgrade
Underperform
to
Buy
Reason
BofA upgraded National Fuel to Buy from Underperform with a $107 price target.
BofA
Underperform -> Buy
upgrade
$85 -> $107
2025-07-15
Reason
BofA
Price Target
$85 -> $107
2025-07-15
upgrade
Underperform -> Buy
Reason
BofA double upgraded National Fuel to Buy from Underperform with a price target of $107, up from $85. The firm believes production at the company's Eastern Development Area is tracking ahead of management's expectations. This should enable a more capital efficient program through at the end of 2030 for National Fuel, the analyst tells investors in a research note. BofA sees an attractive entry point at current share levels.
About NFG
National Fuel Gas Company is a diversified, integrated energy company with a complementary mix of natural gas assets. It is engaged in the production, gathering, transportation, storage and distribution of natural gas. Its segments include Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment is engaged in the exploration for, and the development and production of, primarily natural gas in the Appalachian region of the United States. The Pipeline and Storage segment provides interstate natural gas transportation services for affiliated and nonaffiliated companies through integrated natural gas pipeline systems in Pennsylvania and New York. The Gathering segment builds, owns, and operates gathering facilities in the Appalachian region. The Utility segment provides natural gas utility services to approximately 755,000 customers through a local distribution system located in western New York and northwestern Pennsylvania.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
