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National Fuel Gas (NFG)

Utilities · integrated natural gas utilities · NYSE

A vertically integrated Appalachian energy company operating across the natural gas value chain with a growing regulated utility footprint.

What National Fuel Gas does

National Fuel Gas is a diversified energy company with integrated operations spanning the entire natural gas value chain, including exploration and production, gathering, transportation, storage, and distribution. Its primary assets are concentrated in the Appalachian Basin, with utility operations serving customers in New York, Pennsylvania, and expanding into Ohio. The company also develops pipeline infrastructure to support both its own production and third-party customers, including power generation and data center projects.

Themes: Appalachian Basin natural gas, natural gas infrastructure development, utility rate base expansion, energy modernization, data center energy supply

Fundamentals

  • Price$78.21 as of 2026-10-08 close
  • Market cap$7.4B as of 2026-07-29 (share count; price 2026-10-08)
  • 1-year return-11.9% 2025-10-08 close $88.76 → 2026-10-08 close $78.21
  • P/E10.88 as of 2026-10-08
  • Net margin+22.8% FY2025, SEC XBRL
  • ROE+16.8% FY2025, SEC XBRL
  • Debt / equity0.91 as of 2026-09-03
  • Revenue growth (YoY)+17.1% FY2025 vs FY2024, SEC XBRL
  • Revenue CAGR (3y)+1.4% SEC XBRL
  • Beta0.19 as of 2026-09-03
  • Last reported earnings2026-07-30 SEC EDGAR Form 8-K (Item 2.02)

Dividend: yield +2.8%; at least 3 years of non-decreasing per-share dividends (SEC XBRL) — we do not hold the year before it, so the real streak may be longer.

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How NFG compares in its sector

  • price-to-earnings ratiobottom 10% 67 covered Utilities peers, as of 2026-10-08
  • net profit margintop 10% 65 covered Utilities peers, as of 2026-09-03
  • operating margintop 10% 62 covered Utilities peers, as of 2026-09-03
  • return on equitytop 10% 72 covered Utilities peers, as of 2026-09-03
  • 3-year revenue CAGRmiddle range 70 covered Utilities peers
  • indicated dividend yieldmiddle range 67 covered Utilities peers, as of 2026-09-03
  • free cash flow (absolute dollars, latest fiscal year)top 25% 57 covered Utilities peers, as of FY2025

Position among covered Utilities companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.

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Top 10 scores & list membership

NFG is not currently in any published Top 10 list. Its scores are below.

Top 10 score

52.8 #580 of 1,379 scored · #7 of 54 in Utilities

  • Profitability80.0
  • Growth25.5
  • Financial health39.3
  • Valuation91.8
  • Capital return56.0
  • Trend32.3

Valuation 92nd (price to earnings 10.9 (within its sector)) and profitability 80th (operating margin 35.7%, return on equity 16.8%); weakest is growth (26th, 3-year revenue CAGR 1.4%).

Scores as of 8 Oct 2026. Each bar is a percentile: how this company ranked against every company the score ranked, 0–100. A list is a published formula and its output, not a recommendation. Method version 4.

Dividend coverage (FY2025)

Exceeded at least one reported measure. In FY2025, NFG's dividend exceeded at least one reported measure of what it earned or generated (earnings payout 36%, free-cash-flow payout 101%). A payout above 100% in one year is not necessarily unsustainable, but it is not fully covered by that measure.

  • Earnings payout36% dividends / net income
  • Free-cash-flow payout101% dividends / (operating cash flow − capex)

Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.

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How National Fuel Gas looks technically

National Fuel Gas (NFG) is trading 6.3% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed below its 200-day average about 82 trading days ago — a "death cross", a bearish long-term signal. A trend is forming but not yet strong — ADX, a 0–100 trend-strength gauge, is 22 (a reading of 25+ marks a strong trend). Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 45, neither overbought (above 70) nor oversold (below 30). MACD, a trend-momentum gauge, turned bullish about 1 trading day ago (its momentum flipped positive). It made a new 20-day low about 7 trading days ago. It is 4.2% above its 52-week low (its lowest price of the past year).

Trend

7
Distance from the 200-dayit is trading 6.3% below its 200-day average, the long-term trend line — a long-term downtrend-6.3%
50-day moving averageits average price over the last 50 trading days — a short-term trend line — is $80.97$80.97
200-day moving averageits average price over the last 200 trading days — the long-term trend line — is $83.49$83.49
Swing structureits recent peaks and dips disagree — one of them is rising while the other is not, so there is no clean up or down pattern in the swingsmixed — one of the two is not confirming
Last swing turnits last significant turn was a swing low 7 calendar days ago — the swings before that are what the structure reading is measured on7 sessions
Since the 50/200 crossits 50-day average crossed below its 200-day average about 82 trading days ago — a "death cross", a bearish long-term signal82 sessions
Trend strength (14-day ADX)a trend is forming but not yet strong — ADX, a 0–100 trend-strength gauge, is 22 (a reading of 25+ marks a strong trend)22.4

Momentum

3
14-day RSImomentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 45, neither overbought (above 70) nor oversold (below 30)44.7
Position in its 14-day rangeit is trading around the middle of its 14-day range ($75.03 to $80.89) — its "stochastic" reading is 54 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been climbing within that range over the last few sessions.54.3
Since the MACD crossed zeroMACD, a trend-momentum gauge, turned bullish about 1 trading day ago (its momentum flipped positive)1 session

Range

12
52-week highits highest closing price over the past year (about 252 trading days) was $97.06$97.06
From the 52-week highit is 19.4% below its 52-week high (its highest price of the past year)-19.4%
Above the 52-week lowit is 4.2% above its 52-week low (its lowest price of the past year)+4.2%
Below the 52-week highit is 19.4% below its highest point of the past year19.4%
Since a 20-day breakoutit made a new 20-day low about 7 trading days ago7 sessions
Since a 55-day breakoutit made a new 55-day low about 7 trading days ago7 sessions
All-time highits highest closing price on record is $97.06 (set on 2026-03-16)$97.06
Given back of the 52-week moveover the past year its closes ranged ($75.86 to $96.30), and it has recovered only a small part of its fall from last year’s high — 12% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $88.49 to $89.15. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast.11.5%
From the all-time highit is 19.4% below its all-time high-19.4%
Nearest price levelit is sitting right on a resistance level at $78.34 — a price it turned at six times since 2025-05-14, most recently on 2026-08-05. Since 2024-10-08 it has 5 such levels below the current price and 9 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go.+0.2%
All-time lowits lowest closing price on record is $26.67 (set on 2009-03-06)$26.67
Above the all-time lowit is 193.3% above its all-time low+193.3%

Volatility

5
Band width vs its own 6 monthsday-to-day price swings are about average versus its own recent 6-month history60th percentile
Typical daily rangein a typical session it travels about $1.59 between its high and its low — about 2.0% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was$1.59
Bollinger bands (20-day, ±2σ)most of its recent trading has stayed between about $75.28 and $82.23 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles$75.28 – $78.76 – $82.23
Typical daily range (% of price)its price moves about 2.0% in a typical session — calmer than most companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price2.0%
Stretch from the 200-day averageit is trading 3.3 daily ranges below its 200-day average price (6.3% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale3.3 daily ranges below its 200-day average

Volume

1
Volume vs its 30-day averagetrading volume is about normal versus its 30-day average1.05×

Analyst

2
Change in the average price targetanalysts have raised their average price target by 1.1% since the prior reading+1.1%
Change in the consensus ratingthe analyst consensus rating is unchanged since the prior readingunchanged

Candlestick patterns

1
Since a bearish engulfing8 sessions ago it opened above the previous session's close and finished below that session's open — a "bearish engulfing" pair, where one down day more than undid the up day before it8 sessions ago

Price gaps

1
Gap at the openit opened on 2026-10-08 0.5% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and had not traded back through that level by the close+0.5%

Price streaks

1
Closing streakit closed higher in its latest session, after a session that did not close higher — a single up day rather than a run1 session up

Relative strength

4
vs market, 1 monthover the past 1 month this stock lagged the market by 7.7 percentage points (the stock lost 6.7% while the market gained 1.0%)-7.7%
vs market, 3 monthsover the past 3 months this stock lagged the market by 4.8 percentage points (the stock lost 1.0% while the market gained 3.8%)-4.8%
vs market, 6 monthsover the past 6 months this stock lagged the market by 34.6 percentage points (the stock lost 17.2% while the market gained 17.5%)-34.6%
vs market, 12 monthsover the past 12 months this stock lagged the market by 26.9 percentage points (the stock lost 11.9% while the market gained 15.0%)-26.9%

Signal agreement

2
Bullish technical signals1 of the 9 technical signals we can compute for it is currently in a bullish state: MACD momentum is positive — these describe past price behaviour, not a forecast1 of 9
Bearish technical signals4 of the 9 technical signals we can compute for it are currently in a bearish state: a "death cross" — its 50-day average is below its 200-day, trading below its 200-day average, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast4 of 9

Trend (Ichimoku cloud)

1
Vs the Ichimoku cloudtrading 2.3% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-01 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is moderate, spanning 3.2% of the share price.-2.3%

Volume-weighted price

2
Vs this year’s average price paidthe price is 6% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $83.22 — a volume-weighted average of daily closes over 190 sessions, not a true tick-by-tick VWAP.-6.0%
Vs the average paid since it last reportedthe price is 3% below the average price paid since it last reported on 2026-07-30 (its 10-Q), so the typical buyer over that stretch is under water. That average is $80.39 — a volume-weighted average of daily closes over 50 sessions, not a true tick-by-tick VWAP.-2.7%

Price levels it has turned at before

NFG last closed at $78.21 on 2026-10-08. Since 2024-10-08 it has turned at 5 prices below its last close and 9 above; the 3 nearest below and the 3 nearest above are listed, nearest first.

LevelSideDistanceEvidence
$78.34Resistance0.2% above the last closeturned there six times · 2025-05-14 to 2026-08-05
$75.61Support3.3% below the last closeturned there five times · 2025-03-03 to 2026-10-01
$80.81Resistance3.3% above the last closeturned there 7 times · 2025-04-02 to 2026-08-25
$73.11Support6.5% below the last closeturned there twice · 2025-01-30 to 2025-03-06
$83.71Resistance7.0% above the last closeturned there 7 times · 2025-05-08 to 2026-09-09
$70.41Support10.0% below the last closeturned there twice · 2025-02-13 to 2025-04-07

A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.

Wave structure

No Elliott-wave labelling currently fits its swings: the recent highs and lows do not satisfy the three rules a five-wave count has to obey, so there is no count to show rather than a count we are unsure about.

Read from daily closes as of 2026-10-08.

An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.

Based on daily closing prices as of 2026-10-08. Describes past price behavior only — informational, not financial advice.

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Analyst consensus

  • Consensus ratingBuy (2.00 mean, 1=Strong Buy…5=Strong Sell) — 2 analysts
  • Mean price target$93.00 range $91.00 – $95.00

Analyst estimates, as of 2026-10-04. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.

Analyst EPS estimate for NFG

  • Consensus EPS estimate$1.07 next reporting period, as of 2026-10-04
  • Estimate change, 30 days-$0.09512 (-8.2%) from $1.17, on 2026-08-29, 36-day window
  • Readings revised upward0% of 5 comparable readings

The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.

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Key risks (from latest filing)

["regulatory risk regarding rate case approvals and revenue recovery mechanisms","operational risk associated with natural gas pipeline infrastructure modernization and expansion","commodity price volatility affecting the exploration and production segment"]

See NFG's biggest risks from its latest 10-Q →

What changed in the latest 10-Q

AI-assisted comparison of NFG's 10-Q filed 2026-04-30 against the prior one filed 2026-01-29.

Management's Discussion & Analysis (MD&A)

  • Added:
    • Added detail that Shippingport Power Station 'will support a co-located data center that is currently under development' (newer filing)
    • Added new paragraph describing Line N System Upgrade Project in Beaver County with 100% shipper precedent agreement executed in April 2026 and projected in-service date of late calendar 2028 (newer filing)
    • Added statement that 'construction commenced in March 2026' for Shippingport Lateral Project (newer filing)
    • Added statement that Supply Corporation filed NGA Section 4 rate case at FERC on April 30, 2026 requesting approximately $404 million annual cost of service, an increase of approximately $95 million (newer filing)
    • Added reference to February 19, 2026 PaPUC Order suspending Pennsylvania rate filing until October 29, 2026 (newer filing)
    • Added disclosure about 364-day senior unsecured term loan facility and senior unsecured bridge loan facility commitment letters with specific description that they are 'related to the consideration to be paid at closing' and 'related to repayment of the promissory note' (newer filing)
  • Removed:
    • Removed language stating Tioga Pathway construction 'is expected to commence in February 2026' in favor of stating 'Construction on the Tioga Pathway Project commenced in February 2026' (newer filing)
    • Removed reference to 'notice filing and review with the PUCO, Hart-Scott-Rodino review' from closing conditions language; newer version states only 'completion of a review with the PUCO and other customary closing conditions' (newer filing)
    • Removed discussion of specific impairment charge recorded in quarter ended December 31, 2024 of $108.3 million ($79.1 million after-tax) and ceiling test results at December 31, 2025 (older filing)
    • Removed statement that 'Permanent financing, inclusive of the amount to repay the promissory note, will consist of' replaced with 'is expected to consist of' (wording change, listed as removal of older phrasing)
    • Removed detailed disclosure paragraph describing specific bridge loan and term loan facilities with detailed structure; replaced with more concise combined description (newer filing)
    • Removed text continuing beyond impairment discussion regarding expected uses of cash and financing needs discussion (text truncation in older filing makes full assessment impossible for remainder)
  • Reworded:
    • Changed 'is expected to commence' to 'commenced' for Tioga Pathway Project construction timing (newer filing)
    • Changed 'Permanent financing...will consist of' to 'is expected to consist of' regarding long-term debt and equity (newer filing)
    • Revised net proceeds from private placement from '$338.6 million' to '$338.4 million' (newer filing)
    • Restructured description of bridge loan and term loan facilities from two separate sentences into one combined sentence with different emphasis on what is 'related to' (newer filing)
    • Changed closing conditions language from listing specific items (notice filing, Hart-Scott-Rodino review) to generic 'other customary closing conditions' phrasing (newer filing)
  • Notes:
    • Older filing text is truncated at end; full comparison of final sections not possible
    • Newer filing also appears truncated mid-sentence at very end; comparison limited to complete content available

Risk Factors

  • Added:
    • Newer filing (2026-04-30) references amendment to 2025 Form 10-K 'as amended by Item 1A of Part II of the Company's Form 10-Q for the quarter ended December 31, 2025'
    • Newer filing includes Item 2 on Unregistered Sales of Equity Securities with January 2, 2026 issuance of 5,410 shares to directors and January 15, 2026 dividend reinvestment of 689 shares
    • Newer filing includes Issuer Purchases of Equity Securities table with monthly data for January-March 2026 (31,683 total shares at average $85.29)
    • Newer filing includes Item 5 on Trading Arrangements confirming no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements adopted or terminated during quarter ended March 31, 2026
    • Newer filing includes Item 6 Exhibits listing with Amended and Restated Credit Agreement dated March 27, 2026 and various certifications and XBRL data
    • Newer filing includes Signatures section dated April 30, 2026
  • Removed:
    • Older filing (2026-01-29) included detailed Strategic Risks section with subsections on capital and credit markets dependency, credit facility compliance, and climate change regulatory impacts
    • Older filing included discussion of downgrade impacts on $2.4 billion of outstanding long-term debt
    • Older filing included detailed climate change risk factor content regarding CLCPA, cap-and-invest programs, New York emissions reduction requirements, and related legislative impacts
    • Older filing included specific discussion of New York State fossil fuel ban legislation (May 2023) and residential natural gas service cost requirements (December 2025)
  • Reworded:
    • Older filing stated 'have not materially changed other than as set forth below'; newer filing states 'have not materially changed' without qualification about items below
    • Older filing explicitly stated risk factors 'presented below supersede the corresponding risk factors in the 2025 Form 10-K'; newer filing contains no such supersession language
  • Notes:
    • The newer filing's Item 1A appears to be a summary statement rather than detailed risk factor disclosure, suggesting substantive risk factor content was moved or consolidated
    • The older filing appears truncated at the end of the climate change risk factor discussion ('could impact our future earn'); comparison of full climate change section completeness is not fully assessable
    • The two filings cover different quarter-end periods (March 31, 2026 vs. December 31, 2025) which may account for different content presentation

AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.

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Insider activity (SEC Form 4)

No open-market insider purchases or sales are on record for NFG — recent Form 4 activity was compensation-related (awards, option exercises, or tax withholding), not open-market buying or selling.

View full insider trading history → View SEC Form 3/4/5 filings

Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.

Institutional ownership (13F)

6 institutional 13F filers reported holding NFG as of 2026-06-30 (quarter-end position, filed within 45 days).

  • Distinct 13F filers 6
  • Reported shares held 14,453,371
  • Reported value $1,118,243,240

reported quarterly holdings change (2026-03-31 → 2026-06-30): 0 new, 3 increased, 3 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".

Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.

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Short interest (FINRA)

NFG had 5,068,195 shares of reported short interest as of the 2026-09-15 FINRA settlement date (delayed, bi-monthly; not real-time).

NFG had 5.33% of its shares outstanding sold short as of the 2026-09-15 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 10.66 days to cover at the same settlement.

  • Reported short interest (shares) 5,068,195
  • Short interest (% of shares outstanding) 5.33%
  • Prior settlement (shares) 4,922,028
  • Reported change 2.97%
  • Days to cover (reported) 10.66

Reported to FINRA as of the 2026-09-15 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.

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Competitors & peers

AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.

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Frequently asked questions

What does National Fuel Gas (NFG) do?

National Fuel Gas is a diversified energy company with integrated operations spanning the entire natural gas value chain, including exploration and production, gathering, transportation, storage, and distribution. Its primary assets are concentrated in the Appalachian Basin, with utility operations serving customers in New York, Pennsylvania, and expanding into Ohio.

What sector is National Fuel Gas (NFG) in?

National Fuel Gas (NFG) is classified in the Utilities sector. Its industry is integrated natural gas utilities. It trades on NYSE.

Does NFG pay a dividend?

Yes — National Fuel Gas (NFG) pays a dividend, with an indicated yield of about 2.77% and at least 3 years of non-decreasing per-share dividends (SEC EDGAR XBRL) — we do not hold the year before it, so the real streak may be longer (market data, as of 2026-09-03). Informational only — not financial advice.

Who are National Fuel Gas's (NFG) competitors?

Notable peers of National Fuel Gas (NFG) include Equitrans Midstream, CNX Resources, Range Resources, UGI Corporation and Southwest Gas. This peer set is informational only — not financial advice.

Is National Fuel Gas (NFG) overbought or oversold right now?

National Fuel Gas (NFG) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 45, in the neutral middle (as of 2026-10-08). RSI describes recent price momentum, not a forecast — informational only, not financial advice.

Where does stocks-llm's data on NFG come from?

Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest; prices are market data, as of 2026-09-03; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.

Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.

Last updated 2026-10-08.

Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.