National Fuel Gas
Connects Appalachian gas production with gathering, interstate infrastructure and local utility delivery.
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Profile
Produces and gathers Appalachian natural gas, transports and stores it interstate, and distributes it through a local utility. Its mix spans commodity-linked upstream operations and regulated infrastructure.
Seneca Resources produces natural gas in the Appalachian basin, and National Fuel Gas Midstream gathers that production. Pipeline and Storage moves gas interstate and operates storage assets, while the Utility distributes gas locally under one corporate group.
Operations are concentrated in Appalachia and Western New York, linking upstream wells, gathering systems, pipelines, storage and customer delivery. The company is pursuing a pending acquisition of CenterPoint's Ohio natural-gas utility.
The business combines commodity-linked production and gathering with interstate infrastructure and regulated utility activity. The Ohio acquisition remains subject to regulatory and customary closing conditions.
Company facts
Key statistics
Year to date +1.1% · Average volume (30d) 589.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jan 21, 2026 | Scotiabank | Target | $106 | $101 | ||
| Oct 9, 2025 | Scotiabank | Downgrade | Sector Outperform | Sector Perform | $106 | |
| Jul 15, 2025 | B of A Securities | Upgrade | Underperform | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q3 FY26 | $1.44 | $1.54 | +6.9% | $564.3M | $537.5M | −4.8% | +1.89% |
| Apr 29, 2026Q2 FY26 | $2.85 | $2.71 | −4.9% | $856.6M | $858.4M | +0.2% | −4.19% |
| Jan 28, 2026Q1 FY26 | $1.91 | $2.06 | +7.9% | $653.8M | $651.5M | −0.3% | +1.10% |
| Nov 5, 2025Q4 FY25 | $1.11 | $1.22 | +9.9% | $513.5M | $456.4M | −11.1% | −1.78% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $730.0M | $531.8M | $456.4M | $651.5M | $858.4M | $537.5M | |
| Gross profit | $342.5M | $254.4M | $322.2M | $300.9M | $372.4M | $231.4M | |
| Operating income | $317.3M | $230.3M | $179.8M | $276.1M | $347.1M | $208.9M | |
| Net income | $216.4M | $149.8M | $107.3M | $181.6M | $247.7M | $138.6M | |
| Diluted EPS | $2.37 | $1.64 | $1.18 | $1.98 | $2.59 | $1.45 | |
| Gross margin | 46.9% | 47.8% | 70.6% | 46.2% | 43.4% | 43.1% | |
| Operating margin | 43.5% | 43.3% | 39.4% | 42.4% | 40.4% | 38.9% |
Fiscal years (4-quarter sums)FY21 $1.74B · FY22 $2.19B · FY23 $2.17B · FY24 $1.94B · FY25 $2.27B
Revenue by product · Q3 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.24B · Total debt $3.57B · Total assets $10.45B · Shareholders' equity $3.92B
Dividends
Raised for 37 straight years — most recently to $0.555 from $0.535 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.555 | raised from $0.535 |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.535 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.535 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.535 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.535 | raised from $0.515 |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.515 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.515 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.515 |
Ownership
Shares outstanding 95.05M · Float 93.65M · 98.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.70M | 10.20% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 8.03M | 8.45% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 4.28M | 4.51% | 13F | Aug 13, 2026 |
| State Street Corp | 4.20M | 4.42% | 13F | Aug 7, 2026 |
| Energy Income Partners, LLC | 3.00M | 3.15% | 13F | Aug 7, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- EQT
Appalachian gas production, gathering, and transmission overlap.
- Range Resources
Marcellus natural-gas production overlap in Pennsylvania.
- Williams
Northeast gas gathering plus interstate pipeline and storage overlap.
- Antero Resources
Appalachian shale gas development overlap in Ohio and West Virginia.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| National Fuel Gas | $82.97 | +0.02% | $7.89B | 11.5 | 11.0 | 3.1 | +1.1% |
| EQT | $54.67 | +0.19% | $34.13B | 12.0 | 16.3 | 3.7 | −29.2% |
| Range Resources | $41.10 | −0.86% | $9.69B | 11.5 | 11.3 | 2.9 | +19.1% |
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| Antero Resources | $38.50 | +0.13% | $11.82B | 11.0 | 9.0 | 2.1 | +29.6% |
| Median | 11.7 | 13.8 | 3.3 | +14.7% |