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NFG 
National Fuel Gas Company (NFG)
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Upturn Advisory Summary
01/09/2026: NFG (3-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Moderate Performance
These Stocks/ETFs, based on Upturn Advisory, typically align with the market average, offering steady but unremarkable returns.
Number of Analysts
6 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $100
1 Year Target Price $100
| 1 | Strong Buy |
| 1 | Buy |
| 3 | Hold |
| 1 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 39.18% | Avg. Invested days 83 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  4.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 01/09/2026 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 7.45B USD | Price to earnings Ratio 13.8 | 1Y Target Price 100 |
Price to earnings Ratio 13.8 | 1Y Target Price 100 | ||
Volume (30-day avg) 6 | Beta 0.62 | 52 Weeks Range 61.31 - 93.18 | Updated Date 01/9/2026 |
52 Weeks Range 61.31 - 93.18 | Updated Date 01/9/2026 | ||
Dividends yield (FY) 2.69% | Basic EPS (TTM) 5.68 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 22.77% | Operating Margin (TTM) 39.33% |
Management Effectiveness
Return on Assets (TTM) 7.24% | Return on Equity (TTM) 17.45% |
Valuation
Trailing PE 13.8 | Forward PE 9.95 | Enterprise Value 10210756907 | Price to Sales(TTM) 3.27 |
Enterprise Value 10210756907 | Price to Sales(TTM) 3.27 | ||
Enterprise Value to Revenue 4.48 | Enterprise Value to EBITDA 7.82 | Shares Outstanding 95017438 | Shares Floating 89112918 |
Shares Outstanding 95017438 | Shares Floating 89112918 | ||
Percent Insiders 1.23 | Percent Institutions 75.77 |
Upturn AI SWOT
National Fuel Gas Company
Company Overview
History and Background
National Fuel Gas Company (NFG) was founded in 1902 as the Forest City Gas Company. Over the decades, through a series of mergers, acquisitions, and organic growth, it evolved into a diversified energy company. Its primary focus has shifted from manufactured gas to natural gas and oil exploration, production, and distribution. Key milestones include significant pipeline expansions and the acquisition of substantial reserves.
Core Business Areas
- Exploration and Production: This segment is responsible for the exploration, development, and production of natural gas and oil reserves, primarily in the Appalachian Basin.
- Pipeline and Storage: This segment operates a regulated interstate natural gas pipeline system that transports and stores natural gas, serving utility and industrial customers.
- Utility: This segment operates regulated natural gas local distribution utilities in New York, Pennsylvania, and Ohio, serving residential, commercial, and industrial customers.
- Retail Energy Marketing: This segment markets natural gas and electricity to retail customers in various states.
Leadership and Structure
National Fuel Gas Company is a publicly traded company with a Board of Directors overseeing its operations. The executive leadership team is responsible for strategic direction and day-to-day management. The company is structured into its various operating segments, each with dedicated management teams.
Top Products and Market Share
Key Offerings
- Natural Gas Production: NFG produces significant volumes of natural gas from its reserves in the Appalachian Basin. While specific market share for its produced gas is difficult to quantify due to commodity trading, it is a significant player in the regional supply. Competitors include other independent producers and major integrated oil and gas companies operating in the same basins.
- Natural Gas Distribution: NFG's utility segment distributes natural gas to over 760,000 customers. It holds a dominant market share in the service territories of its regulated utilities. Competitors in this segment are primarily other regulated local distribution companies (LDCs) serving adjacent regions.
- Natural Gas Transportation and Storage: The pipeline and storage segment provides critical infrastructure services. Its market share is influenced by the contracts it secures with shippers and the capacity of its network. Competitors include other interstate pipeline operators.
Market Dynamics
Industry Overview
The natural gas and oil industry is characterized by volatile commodity prices, regulatory oversight, and increasing focus on environmental, social, and governance (ESG) factors. Demand for natural gas is driven by power generation, industrial use, and residential heating. The transition to cleaner energy sources presents both challenges and opportunities.
Positioning
National Fuel Gas Company is positioned as a diversified energy company with significant integrated operations, spanning upstream production, midstream transportation, and downstream distribution. Its regulated utility operations provide a stable revenue stream, while its exploration and production segment offers growth potential. Its competitive advantages include its extensive infrastructure, established customer base, and expertise in the Appalachian Basin.
Total Addressable Market (TAM)
The total addressable market for natural gas is vast, encompassing residential, commercial, and industrial consumption across North America. NFG's TAM is primarily defined by its service territories for its utility operations and the regions where its E&P and pipeline segments operate. NFG holds a significant position within its specific regional markets.
Upturn SWOT Analysis
Strengths
- Integrated business model with diverse revenue streams (E&P, Pipeline, Utility).
- Strong regulatory framework for utility operations providing stable earnings.
- Significant proved reserves of natural gas and oil.
- Extensive and well-maintained pipeline and storage infrastructure.
- Experienced management team with deep industry knowledge.
Weaknesses
- Exposure to commodity price volatility in the E&P segment.
- Capital intensive nature of the industry requires continuous investment.
- Potential for regulatory changes impacting utility operations.
- Dependence on natural gas demand in its service territories.
Opportunities
- Growth in natural gas demand for power generation and industrial use.
- Potential for further acquisitions and consolidation in the E&P sector.
- Expansion of pipeline capacity to serve growing markets.
- Leveraging existing infrastructure for new energy sources (e.g., hydrogen blending).
- Increased production efficiency and cost optimization.
Threats
- Increasing competition from renewable energy sources.
- Stringent environmental regulations and climate change policies.
- Geopolitical events impacting energy supply and demand.
- Interest rate hikes increasing cost of capital.
- Potential for infrastructure failures or natural disasters.
Competitors and Market Share
Key Competitors
- EQT Corporation (EQT)
- Antero Resources Corporation (AR)
- Range Resources Corporation (RRC)
- Dominion Energy (D)
- NiSource Inc. (NI)
Competitive Landscape
NFG competes across its segments. In E&P, it faces intense competition for leases, drilling rights, and market access. In pipelines, it competes with other major interstate operators for shipper contracts. Its utility segment faces competition from other LDCs for customer acquisition in adjacent areas, though its regulated territories are largely protected. NFG's advantage lies in its integrated model, providing a degree of insulation from commodity price swings through its regulated utility and midstream assets.
Growth Trajectory and Initiatives
Historical Growth: NFG has exhibited steady historical growth, driven by organic expansion of its pipeline network, development of its natural gas reserves, and strategic acquisitions. Its utility segment provides a stable foundation, while its E&P segment has contributed to volume growth.
Future Projections: Future growth projections for National Fuel Gas Company are typically based on analyst estimates, which consider factors such as projected natural gas prices, production growth targets, capital expenditure plans, and the regulatory environment. Analysts generally forecast moderate but consistent growth in earnings and dividends.
Recent Initiatives: Recent initiatives have likely focused on enhancing production efficiency, expanding its midstream infrastructure to meet demand, and potentially exploring opportunities in lower-carbon energy solutions. The company also continually evaluates its asset portfolio for optimization.
Summary
National Fuel Gas Company is a robust, diversified energy company with a strong foundation in regulated utility operations that provide stable earnings. Its integrated model, spanning exploration, production, and distribution, offers resilience. While exposed to commodity price volatility in its E&P segment, its strategic position in the Appalachian Basin and consistent dividend history are key strengths. The company needs to vigilantly manage regulatory shifts and the evolving energy landscape, while capitalizing on growing natural gas demand.
Similar Stocks
Sources and Disclaimers
Data Sources:
- National Fuel Gas Company Investor Relations
- SEC Filings (10-K, 10-Q)
- Financial News and Data Providers (e.g., Refinitiv, Bloomberg, Yahoo Finance)
- Industry Analyst Reports
Disclaimers:
This information is for informational purposes only and does not constitute investment advice. Financial data, market share, and growth projections are subject to change and should be independently verified. Past performance is not indicative of future results.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About National Fuel Gas Company
Exchange NYSE | Headquaters Williamsville, NY, United States | ||
IPO Launch date 1987-09-01 | President, CEO & Director Mr. David P. Bauer | ||
Sector Energy | Industry Oil & Gas Integrated | Full time employees 2322 | Website https://www.nationalfuel.com |
Full time employees 2322 | Website https://www.nationalfuel.com | ||
National Fuel Gas Company operates as a diversified energy company. It operates through Integrated Upstream and Gathering, Pipeline and Storage, and Utility segments. The Integrated Upstream and Gathering segment explores for, develops, and produces natural gas and oil. It also builds, owns, and operates gathering facilities in the Appalachian region, as well as provides gathering services to Seneca. The Pipeline and Storage segment provides interstate natural gas transportation services through an integrated gas pipeline system in Pennsylvania and New York; and storage services through its underground natural gas storage fields. This segment also transports and stores natural gas for National Fuel Gas Distribution Corporation, as well as for utilities, industrial companies, and power producers in New York State. The Utility segment sells natural gas to retail customers; and provides natural gas utility services to various customers in Buffalo, Niagara Falls, and Jamestown, New York, as well as in Erie and Sharon, Pennsylvania. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.
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