National Fuel Gas Company (NFG) AI Stock Analysis

• Market Cap: $7.81B
• Dividend Yield: 2.55%
• Average Volume (3M): 556.09K
• Price to Earnings (P/E): 32.4
• Beta (1Y): 0.31
• Revenue Growth: 19.59%
• EPS Growth: -21.86%
• Country: US
• Employees: 2,311
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Integrated
• EPS (TTM): 1.64
• Shares Outstanding: 90,363,650
• 10 Day Avg. Volume: 540,825
• 30 Day Avg. Volume: 556,092
• PEG Ratio: -0.86
• Price to Book (P/B): 1.95
• Price to Sales (P/S): 2.86
• P/FCF Ratio: 41.29
• Enterprise Value/Market Cap: 1.33
• Enterprise Value/Revenue: 4.77
• Enterprise Value/Gross Profit: 10.52
• Enterprise Value/Ebitda: 11.36
• 1Y Price Target: $99.67
• Price Target Upside: 21.11% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4

• Rating: 67 Neutral
• Price Target: $90.00 ▲(9.36% Upside)

National Fuel Gas Company exhibits strong financial performance and a positive earnings outlook, which are the most significant factors contributing to its score. However, technical analysis indicates bearish momentum, and the valuation suggests potential overvaluation, which tempers the overall score.

Positive Factors

Pipeline Expansion

The expansion of pipeline projects like Shippingport and Tioga Pathway will enhance revenue streams and strengthen NFG's market position in the midstream segment.

Strong Cash Flow Generation

Robust cash flow generation supports NFG's ability to invest in growth projects, pay dividends, and maintain financial flexibility, underpinning long-term stability.

Acquisition of Ohio Assets

The acquisition of Ohio assets will significantly expand NFG's customer base and distribution network, enhancing its competitive position and long-term growth potential.

Negative Factors

Increased Operating Costs

Rising operating costs can pressure profit margins and reduce financial flexibility, potentially impacting NFG's ability to invest in growth opportunities.

Decreased Gathering Revenues

A decrease in gathering revenues may affect the profitability of NFG's midstream operations, limiting revenue growth and impacting overall financial performance.

Paused Buyback Program

Pausing the buyback program may disappoint investors seeking immediate returns, potentially affecting stockholder sentiment and share price stability.

National Fuel Gas Company Business Overview & Revenue Model

Company Description

National Fuel Gas Company (NFG) is a diversified energy company headquartered in Buffalo, New York. It operates primarily in the natural gas and energy sectors, focusing on the exploration, production, transportation, and distribution of natural gas. NFG's core services include the operation of its regulated utility segment, which delivers natural gas to residential, commercial, and industrial customers, as well as its midstream and upstream segments, which involve the gathering, storage, and transportation of natural gas, as well as its production from various natural gas fields.

How the Company Makes Money

National Fuel Gas Company generates revenue primarily through three main segments: utility operations, pipeline and storage operations, and exploration and production. The utility segment earns revenue by providing natural gas distribution services to customers, charging them for the gas consumed as well as service fees. The pipeline and storage segment generates revenue through transportation and storage services, often based on long-term contracts with customers. The exploration and production segment contributes by selling natural gas extracted from its fields, with revenue dependent on market prices for natural gas. Additionally, NFG may have partnerships with other energy companies that can enhance its operational efficiency and market reach, further bolstering its revenue streams.

National Fuel Gas Company Financial Statement Overview

Summary

National Fuel Gas Company demonstrates solid financial health with strong revenue growth and improved profitability. The balance sheet reflects a stable leverage position, while cash flow generation is notably strong. Continued focus on operational efficiencies and asset utilization could further enhance financial performance.

Income Statement

National Fuel Gas Company shows strong revenue growth with a 5.42% increase in TTM, supported by a solid gross profit margin of 50.44%. The net profit margin improved to 11.17%, indicating enhanced profitability. However, the EBIT margin of 21.63% and EBITDA margin of 47.09% suggest room for operational efficiency improvements.

Balance Sheet

The company's debt-to-equity ratio of 0.92 reflects a reasonable leverage position, showing improvement from previous years. Return on equity at 8.59% indicates moderate profitability for shareholders. The equity ratio of 35.21% suggests a stable capital structure, though there's potential for optimizing asset utilization.

Cash Flow

The cash flow statement is robust, with a significant free cash flow growth rate of 165.41% in TTM, indicating strong cash generation capabilities. The operating cash flow to net income ratio of 1.19 and free cash flow to net income ratio of 0.18 highlight effective cash management, despite some volatility in free cash flow growth historically.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.18B	1.94B	2.17B	2.19B	1.74B	1.55B
Gross Profit	991.03M	817.70M	847.85M	902.96M	759.72M	567.70M
EBITDA	917.75M	682.98M	1.18B	1.18B	959.99M	318.20M
Net Income	243.54M	77.51M	476.87M	566.02M	363.65M	-123.77M
Balance Sheet
Total Assets	8.45B	8.32B	8.28B	7.90B	7.46B	6.96B
Cash, Cash Equivalents and Short-Term Investments	39.32M	38.22M	55.45M	46.05M	31.53M	20.54M
Total Debt	2.74B	2.78B	2.67B	2.69B	2.79B	2.66B
Total Liabilities	5.47B	5.47B	5.32B	5.82B	5.68B	4.99B
Stockholders Equity	2.98B	2.85B	2.96B	2.08B	1.79B	1.97B
Cash Flow
Free Cash Flow	185.87M	134.72M	227.21M	695.00K	39.82M	-481.60M
Operating Cash Flow	1.06B	1.07B	1.24B	812.52M	791.55M	740.81M
Investing Cash Flow	-866.30M	-933.90M	-1.11B	-518.70M	-633.22M	-1.22B
Financing Cash Flow	-236.02M	-149.28M	-207.00M	-276.24M	-58.74M	476.09M

National Fuel Gas Company Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 82.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NFG, the sentiment is Negative. The current price of 82.3 is below the 20-day moving average (MA) of 87.86, below the 50-day MA of 87.19, and above the 200-day MA of 79.98, indicating a neutral trend. The MACD of -1.20 indicates Positive momentum. The RSI at 34.21 is Neutral, neither overbought nor oversold. The STOCH value of 22.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NFG.

National Fuel Gas Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EC	71 Outperform	$17.74B	5.97	15.94%	20.45%	-7.51%	-29.04%
NFG	67 Neutral	$7.81B	32.36	8.00%	2.55%	19.59%	-21.86%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
YPF	64 Neutral	$10.43B	7.92	10.88%	―	4.28%	―
TGS	62 Neutral	$3.48B	9.52	17.09%	4.24%	30.25%	170.05%

National Fuel Gas Company Corporate Events

National Fuel Gas Acquires CenterPoint Energy’s Ohio Business

On October 20, 2025, National Fuel Gas Company announced a definitive agreement to acquire CenterPoint Energy’s Ohio natural gas utility business for $2.62 billion. This acquisition is expected to double National Fuel’s gas utility rate base and expand its operations into Ohio, enhancing its regulated cash flows and investment grade balance sheet. The transaction, anticipated to close in the fourth quarter of 2026, will be financed through a combination of cash, a promissory note, and a bridge loan facility. The acquisition aligns with National Fuel’s strategic objective to grow its regulated operations and is expected to be accretive to earnings per share, supporting long-term dividend growth and improving the company’s credit profile.

The most recent analyst rating on (NFG) stock is a Buy with a $96.00 price target. To see the full list of analyst forecasts on National Fuel Gas Company stock, see the NFG Stock Forecast page.

National Fuel Gas Reports Strong Q2 Earnings Growth

National Fuel Gas Company is an integrated energy company involved in the exploration, production, transportation, storage, and distribution of natural gas, primarily operating in the Appalachian region. In its latest earnings report, National Fuel Gas Company announced a significant increase in earnings for the second quarter of fiscal 2025, with GAAP net income reaching $216 million, or $2.37 per share, marking a 32% increase per share compared to the previous year. The company’s adjusted operating results also showed a 34% increase per share, driven by record natural gas production and favorable rate settlements in its utility segment.

National Fuel Gas Reports Strong Growth Amid Challenges

The recent earnings call for National Fuel Gas Company painted a generally positive picture, with strong production growth, operational efficiency, and strategic pipeline projects contributing to an optimistic financial outlook. However, the company faces challenges with the pause in its share buyback program and anticipated cost increases.

National Fuel Gas Updates Investor Presentation

On July 30, 2025, National Fuel Gas Company updated its Investor Presentation, highlighting the use of non-GAAP financial measures to provide investors with an alternative method for assessing the company’s performance. The release also discussed various factors that could impact future results, such as regulatory changes, economic conditions, and operational challenges, emphasizing the uncertainty in achieving projected outcomes.

The most recent analyst rating on (NFG) stock is a Buy with a $80.00 price target. To see the full list of analyst forecasts on National Fuel Gas Company stock, see the NFG Stock Forecast page.