National Fuel Gas Company (NFG) AI Stock Analysis

• Market Cap: $8.36B
• Dividend Yield: 2.27%
• Average Volume (3M): 511.75K
• Price to Earnings (P/E): 34.6
• Beta (1Y): 0.30
• 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: 606,209
• 30 Day Avg. Volume: 511,755
• 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: 1.25
• Enterprise Value/Revenue: 4.77
• Enterprise Value/Gross Profit: 10.52
• Enterprise Value/Ebitda: 11.36
• 1Y Price Target: $96.33
• Price Target Upside: 4.19% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5

• Rating: 76 Outperform
• Price Target: $98.00 ▲(5.99% Upside)

National Fuel Gas Company shows strong financial performance and a positive outlook from the latest earnings call, which are the most significant factors driving the score. Technical analysis presents a neutral trend, while valuation suggests the stock is somewhat overvalued. The absence of notable corporate events maintains focus on core financial and operational strengths.

Positive Factors

Production Growth

The significant production growth at Seneca Resources indicates strong operational capabilities and potential for increased revenue, supporting long-term business expansion.

Pipeline Projects

The strategic pipeline projects are expected to enhance revenue streams and strengthen the company's infrastructure, contributing to sustainable growth in the pipeline and storage segment.

Dividend Increase

The consistent dividend increase demonstrates financial stability and a commitment to returning value to shareholders, enhancing investor confidence in the company's long-term prospects.

Negative Factors

Paused Share Buyback Program

Pausing the share buyback program may limit immediate shareholder returns and suggests a shift in capital allocation priorities, potentially impacting investor sentiment.

Potential Cost Increases

Rising operational and maintenance costs could pressure profit margins and reduce overall profitability, challenging the company's ability to maintain cost efficiency.

Leadership Transition

Leadership changes can introduce uncertainty and may affect strategic direction, impacting the company's ability to execute its long-term plans effectively.

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 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: Positive
• Last Price: 92.46
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NFG, the sentiment is Positive. The current price of 92.46 is above the 20-day moving average (MA) of 88.43, above the 50-day MA of 87.33, and above the 200-day MA of 77.93, indicating a bullish trend. The MACD of 1.63 indicates Negative momentum. The RSI at 68.49 is Neutral, neither overbought nor oversold. The STOCH value of 78.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	76 Outperform	$8.36B	34.57	8.00%	2.27%	19.59%	-21.86%
EC	73 Outperform	$18.86B	6.39	14.38%	19.43%	-7.51%	-29.04%
YPF	64 Neutral	$10.22B	7.56	9116.50%	―	4.28%	―
TGS	62 Neutral	$3.37B	9.31	13.74%	4.56%	30.25%	170.05%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

National Fuel Gas Company Corporate Events

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.

National Fuel Gas Signs Consulting Agreement with DeCarolis

On June 13, 2025, National Fuel Gas Company entered into a Consulting Services Agreement with Donna L. DeCarolis, who will retire on July 1, 2025, and continue as a consultant until July 1, 2028. The agreement ensures her involvement in New York State energy policy matters and provides her a consulting fee of $15,000 per month, while Michael D. Colpoys will succeed her as President of National Fuel Gas Distribution Corporation.