National Fuel Gas Company (NFG) AI Stock Analysis

• Market Cap: $7.42B
• Dividend Yield: 2.57%
• Average Volume (3M): 644.83K
• Price to Earnings (P/E): 13.8
• Beta (1Y): 0.24
• Revenue Growth: 28.56%
• EPS Growth: 593.72%
• Country: US
• Employees: 2,311
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Integrated
• EPS (TTM): 1.22
• Shares Outstanding: 95,017,440
• 10 Day Avg. Volume: 775,155
• 30 Day Avg. Volume: 644,832
• PEG Ratio: 0.03
• Price to Book (P/B): 2.70
• Price to Sales (P/S): 3.67
• P/FCF Ratio: 44.65
• Enterprise Value/Market Cap: 1.52
• Enterprise Value/Revenue: 4.96
• Enterprise Value/Gross Profit: 9.63
• Enterprise Value/Ebitda: 8.61
• 1Y Price Target: $101.00
• Price Target Upside: 29.32% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): 8.19
• Revenue Forecast (FY): $2.61B

• Rating: 77 Outperform
• Price Target: $93.00 ▲(19.08% Upside)

National Fuel Gas Company scores a solid 77, driven by strong financial performance and positive earnings call highlights. The company's strategic growth initiatives and efficient operations contribute positively to its outlook. Technical analysis and valuation provide moderate support, while the potential risks from increased debt and natural gas price volatility are notable considerations.

Positive Factors

Revenue Growth

The significant revenue growth indicates robust demand and effective business strategies, supporting long-term expansion and market position.

Capital Efficiency

Improved capital efficiency suggests better resource management and cost control, enhancing profitability and competitive advantage over time.

Inventory Expansion

Doubling inventory in a key region strengthens future production capabilities and supports sustained growth in the exploration segment.

Negative Factors

Increased Debt

Higher debt levels from acquisitions can strain financial flexibility and increase risk, potentially impacting long-term financial stability.

Volatility in Natural Gas Prices

Price volatility in natural gas poses risks to revenue and profitability, affecting cash flow predictability and strategic planning.

Regulatory Hurdles

Regulatory challenges in acquisitions can delay strategic initiatives and increase costs, impacting growth and operational efficiency.

National Fuel Gas Company Business Overview & Revenue Model

Company Description

National Fuel Gas Company operates as a diversified energy company. It operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment explores for, develops, and produces natural gas and oil in California and in the Appalachian region of the United States. As of September 30, 2021, it had proved developed and undeveloped reserves of 21,537 thousand barrels of oil and 3,723,433 million cubic feet of natural gas. The Pipeline and Storage segment provides interstate natural gas transportation and storage services through an integrated gas pipeline system in Pennsylvania and New York; and owns and operates underground natural gas storage fields. This segment also transports natural gas for National Fuel Gas Distribution Corporation, as well as for other utilities, industrial companies, and power producers in New York State; and owns and operates the Empire Pipeline. The Gathering segment builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region, as well as provides gathering services to Seneca Resources Company, LLC. The Utility segment sells natural gas or provides natural gas transportation services to approximately 753,000 customers in Buffalo, Niagara Falls, and Jamestown, New York; and Erie and Sharon, Pennsylvania. The company markets gas to industrial, wholesale, commercial, public authority, and residential customers primarily in western and central New York, and northwestern Pennsylvania. As of September 30, 2021, the company also owned approximately 95,000 acres of timber property; and managed approximately 2,500 additional acres of timber cutting rights. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.

How the Company Makes Money

National Fuel Gas Company primarily generates revenue through its various segments. The Utility segment earns money by providing natural gas distribution services, collecting fees from customers based on their usage. The Pipeline and Storage segment generates revenue by charging for the transportation and storage of natural gas, often through long-term contracts with other utilities and distributors. The Exploration and Production segment makes money by extracting and selling natural gas, leveraging its ownership of reserves in the Appalachian Basin. Key partnerships with other energy companies and utilities help to stabilize and enhance revenue streams, while regulatory frameworks and demand for natural gas also significantly impact the company’s earnings.

National Fuel Gas Company Financial Statement Overview

Summary

National Fuel Gas Company exhibits strong financial health with significant improvements in revenue growth, profitability, and cash flow generation. The balance sheet reflects a stable capital structure with a favorable debt-to-equity ratio. Overall, the company is well-positioned for future growth, with efficient operations and robust cash flow management.

Income Statement

National Fuel Gas Company has shown strong revenue growth of 4.32% in the latest year, reversing the previous year's decline. The gross profit margin improved significantly to 66.13%, indicating effective cost management. The net profit margin also increased to 22.77%, showcasing enhanced profitability. EBIT and EBITDA margins are robust at 37.32% and 57.36%, respectively, reflecting operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.92, indicating a more balanced capital structure. Return on equity is strong at 16.76%, demonstrating effective use of equity to generate profits. The equity ratio stands at 35.49%, suggesting a stable financial position with a healthy proportion of equity financing.

Cash Flow

Free cash flow growth is impressive at 71.9%, reflecting strong cash generation capabilities. The operating cash flow to net income ratio is 1.19, indicating good cash conversion efficiency. The free cash flow to net income ratio is 17.02%, showing a positive trend in cash flow relative to earnings.

Breakdown	TTM	Dec 2025	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	2.27B	―	2.28B	1.94B	2.17B	2.19B
Gross Profit	1.17B	―	1.51B	817.70M	847.85M	902.96M
EBITDA	1.31B	―	1.31B	682.98M	1.18B	1.18B
Net Income	518.50M	―	518.50M	77.51M	476.87M	566.02M
Balance Sheet
Total Assets	8.72B	―	8.72B	8.32B	8.28B	7.90B
Cash, Cash Equivalents and Short-Term Investments	43.17M	―	43.17M	38.22M	55.45M	46.05M
Total Debt	2.83B	―	2.83B	2.78B	2.67B	2.69B
Total Liabilities	5.62B	―	5.62B	5.47B	5.32B	5.82B
Stockholders Equity	3.09B	―	3.09B	2.85B	2.96B	2.08B
Cash Flow
Free Cash Flow	187.21M	―	187.21M	134.72M	227.21M	695.00K
Operating Cash Flow	1.10B	―	1.10B	1.07B	1.24B	812.52M
Investing Cash Flow	-891.70M	―	-891.70M	-933.90M	-1.11B	-518.70M
Financing Cash Flow	-203.38M	―	-203.38M	-149.28M	-207.00M	-276.24M

National Fuel Gas Company Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 78.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 78.1 is below the 20-day moving average (MA) of 81.26, below the 50-day MA of 80.82, and below the 200-day MA of 82.76, indicating a bearish trend. The MACD of -0.60 indicates Positive momentum. The RSI at 35.94 is Neutral, neither overbought nor oversold. The STOCH value of 12.57 is Positive, 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
NFG	77 Outperform	$7.42B	13.79	17.45%	2.57%	28.56%	593.72%
TGS	77 Outperform	$4.77B	12.19	18.27%	2.97%	30.37%	122.40%
EC	74 Outperform	$22.23B	8.24	13.79%	18.88%	-7.45%	-28.80%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
YPF	54 Neutral	$13.97B	-28.02	-4.00%	―	-2.76%	56.81%

National Fuel Gas Company Corporate Events

National Fuel Gas Registers Shares for Secondary Resale

On December 29, 2025, National Fuel Gas Company filed a prospectus supplement to an existing shelf registration to register for resale up to 4,402,513 shares of its $1.00 par value common stock held by certain selling stockholders. These shares were previously issued in a private placement financing disclosed on December 15, 2025, and the company concurrently filed a legal opinion from Lowenstein Sandler LLP on the validity of the registered shares, a procedural step that facilitates potential secondary market liquidity for those investors without directly raising new capital for the company.

The most recent analyst rating on (NFG) stock is a Buy with a $93.00 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 Announces $350M Stock Placement

On December 15, 2025, National Fuel Gas Company announced a private placement of common stock, expected to close on December 17, 2025, with gross proceeds of $350 million from the sale of approximately 4.4 million shares at $79.50 per share. The proceeds will be used for general corporate purposes, including financing part of the acquisition of CenterPoint Energy Resources Corp.’s Ohio regulated gas utility business, aligning with the company’s goal to maintain its investment-grade credit rating.

The most recent analyst rating on (NFG) stock is a Buy with a $91.00 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 Grants Long-Term Incentives to Executives

On December 4, 2025, National Fuel Gas Company‘s Compensation Committee granted long-term incentives, including performance shares and restricted stock units, to its executive officers, with performance shares tied to relative total shareholder return over a three-year cycle. Additionally, the company amended its Annual Incentive Plan to provide greater flexibility in setting performance goals and align compensation with market practices, awarding incentive opportunities for fiscal year 2026 based on financial, operational, and strategic performance metrics.

The most recent analyst rating on (NFG) stock is a Buy with a $91.00 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 Amends Credit Facilities for Acquisition

On October 20, 2025, National Fuel Gas Company entered into a Securities Purchase Agreement to acquire Vectren Energy Delivery of Ohio, LLC from CenterPoint Energy Resources Corp. To finance this acquisition, the company will use a $1.2 billion unsecured term loan credit facility. Subsequently, on November 6, 2025, the company amended its existing credit facilities to facilitate the fulfillment of its obligations under the Seller Note Agreement, enhancing its financial flexibility for the transaction.

The most recent analyst rating on (NFG) stock is a Hold with a $106.00 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 Updates Investor Presentation

On November 5, 2025, National Fuel Gas Company updated its Investor Presentation, which includes non-GAAP financial measures to provide investors with an alternative assessment of the company’s performance. The presentation highlights various factors that could impact the company’s future results, such as regulatory changes, economic conditions, and market pressures, emphasizing the uncertainty and potential variability in future financial outcomes.

The most recent analyst rating on (NFG) stock is a Hold with a $93.00 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 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.