National Fuel Gas (NFG)
Market Price (12/27/2025): $80.865 | Market Cap: $7.3 BilSector: Utilities | Industry: Gas Utilities
National Fuel Gas (NFG)
Market Price (12/27/2025): $80.865Market Cap: $7.3 BilSector: UtilitiesIndustry: Gas Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5% | Weak multi-year price returns3Y Excs Rtn is -40% | Key risksNFG key risks include [1] criminal charges from the Commonwealth of Pennsylvania alleging 100 violations of state environmental laws related to fracking-wastewater spills. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% | ||
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42% | ||
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48% | ||
| Low stock price volatilityVol 12M is 21% | ||
| Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Renewable Fuel Production, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Renewable Fuel Production, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -40% |
| Key risksNFG key risks include [1] criminal charges from the Commonwealth of Pennsylvania alleging 100 violations of state environmental laws related to fracking-wastewater spills. |
Why The Stock Moved
Qualitative Assessment
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I cannot provide the requested information as the specified time period (August 31, 2025, to December 27, 2025) is in the future.
Show moreStock Movement Drivers
Fundamental Drivers
The -13.6% change in NFG stock from 9/26/2025 to 12/26/2025 was primarily driven by a -59.4% change in the company's P/E Multiple.| 9262025 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 93.72 | 80.93 | -13.65% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2183.33 | 2277.54 | 4.32% |
| Net Income Margin (%) | 11.15% | 22.77% | 104.10% |
| P/E Multiple | 34.77 | 14.10 | -59.44% |
| Shares Outstanding (Mil) | 90.36 | 90.36 | -0.01% |
| Cumulative Contribution | -13.65% |
Market Drivers
9/26/2025 to 12/26/2025| Return | Correlation | |
|---|---|---|
| NFG | -13.6% | |
| Market (SPY) | 4.3% | 5.3% |
| Sector (XLU) | -1.4% | 21.0% |
Fundamental Drivers
The -3.6% change in NFG stock from 6/27/2025 to 12/26/2025 was primarily driven by a -92.7% change in the company's P/E Multiple.| 6272025 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 83.94 | 80.93 | -3.59% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2068.94 | 2277.54 | 10.08% |
| Net Income Margin (%) | 1.91% | 22.77% | 1090.48% |
| P/E Multiple | 192.00 | 14.10 | -92.65% |
| Shares Outstanding (Mil) | 90.50 | 90.36 | 0.15% |
| Cumulative Contribution | -3.59% |
Market Drivers
6/27/2025 to 12/26/2025| Return | Correlation | |
|---|---|---|
| NFG | -3.6% | |
| Market (SPY) | 12.6% | -1.0% |
| Sector (XLU) | 5.9% | 25.3% |
Fundamental Drivers
The 37.2% change in NFG stock from 12/26/2024 to 12/26/2025 was primarily driven by a 471.2% change in the company's Net Income Margin (%).| 12262024 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 58.98 | 80.93 | 37.22% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1944.81 | 2277.54 | 17.11% |
| Net Income Margin (%) | 3.99% | 22.77% | 471.20% |
| P/E Multiple | 69.44 | 14.10 | -79.69% |
| Shares Outstanding (Mil) | 91.27 | 90.36 | 0.99% |
| Cumulative Contribution | 37.21% |
Market Drivers
12/26/2024 to 12/26/2025| Return | Correlation | |
|---|---|---|
| NFG | 37.2% | |
| Market (SPY) | 15.8% | 27.4% |
| Sector (XLU) | 14.5% | 53.3% |
Fundamental Drivers
The 37.1% change in NFG stock from 12/27/2022 to 12/26/2025 was primarily driven by a 47.9% change in the company's P/E Multiple.| 12272022 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 59.02 | 80.93 | 37.12% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2186.05 | 2277.54 | 4.19% |
| Net Income Margin (%) | 25.89% | 22.77% | -12.07% |
| P/E Multiple | 9.54 | 14.10 | 47.87% |
| Shares Outstanding (Mil) | 91.48 | 90.36 | 1.22% |
| Cumulative Contribution | 37.10% |
Market Drivers
12/27/2023 to 12/26/2025| Return | Correlation | |
|---|---|---|
| NFG | 71.9% | |
| Market (SPY) | 48.0% | 23.8% |
| Sector (XLU) | 43.1% | 53.8% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NFG Return | -8% | 61% | 2% | -18% | 25% | 37% | 114% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| NFG Win Rate | 58% | 75% | 50% | 33% | 58% | 67% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| NFG Max Drawdown | -29% | -2% | -8% | -21% | -9% | 0% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See NFG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | NFG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -34.2% | -25.4% |
| % Gain to Breakeven | 52.1% | 34.1% |
| Time to Breakeven | 630 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.9% | -33.9% |
| % Gain to Breakeven | 40.6% | 51.3% |
| Time to Breakeven | 331 days | 148 days |
| 2018 Correction | ||
| % Loss | -29.0% | -19.8% |
| % Gain to Breakeven | 40.9% | 24.7% |
| Time to Breakeven | 777 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -56.1% | -56.8% |
| % Gain to Breakeven | 127.6% | 131.3% |
| Time to Breakeven | 721 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
National Fuel Gas's stock fell -34.2% during the 2022 Inflation Shock from a high on 6/7/2022. A -34.2% loss requires a 52.1% gain to breakeven.
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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.
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Here are 1-3 brief analogies to describe National Fuel Gas (NFG):
- Imagine a company like Consolidated Edison (a large utility company) that not only distributes natural gas to homes and businesses but also owns the natural gas production wells and major pipelines that bring the gas to its utility customers.
- It's similar to a smaller Kinder Morgan (a major natural gas pipeline and storage company) that also operates a local natural gas distribution utility, delivering gas directly to consumers.
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- Natural Gas Distribution: Delivers natural gas to residential, commercial, and industrial customers.
- Natural Gas Pipeline and Storage: Provides interstate natural gas transportation and storage services for various markets.
- Natural Gas and Oil Exploration and Production: Engages in the acquisition, exploration, and development of natural gas and oil properties.
- Natural Gas Gathering: Collects natural gas from wells and transports it to processing plants or major transmission pipelines.
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National Fuel Gas (NFG) - Major Customers
National Fuel Gas (NFG) is a diversified energy company operating in natural gas utility, pipeline and storage, and exploration and production. A significant portion of its business is conducted through its utility segment, National Fuel Gas Distribution Corporation, which directly serves a large base of end-use customers across western New York and northwestern Pennsylvania. Given the substantial number of direct end-users served by its regulated utility operations, National Fuel Gas can be considered to serve primarily individuals and related end-use entities.
The categories of customers served by National Fuel Gas, primarily through its utility segment, include:
- Residential Customers: These are individual households that rely on National Fuel Gas for their natural gas needs, primarily for heating, cooking, water heating, and other domestic uses.
- Commercial Customers: This category encompasses various businesses, institutions, and other non-residential entities, such as retail stores, restaurants, office buildings, schools, and hospitals, which use natural gas for heating, cooling, water heating, and specific operational requirements.
- Industrial Customers: This segment includes manufacturing plants and other industrial facilities that utilize natural gas as a fuel source for their industrial processes, power generation, and space heating needs.
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- Kinder Morgan, Inc. (KMI)
- Enbridge Inc. (ENB)
- Williams Companies, Inc. (WMB)
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David P. Bauer President and Chief Executive Officer Mr. Bauer has been President and Chief Executive Officer of National Fuel Gas Company since July 2019. He joined the company in 2001. Prior to his current role, he held several leadership positions including President of National Fuel Gas Supply Corporation (from 2016 to 2019) and Treasurer and Principal Financial Officer (from 2010 to 2019). Before joining National Fuel, Mr. Bauer worked in public accounting at PricewaterhouseCoopers LLP (PwC) from 1991 to 2001. He is also a director of the American Gas Association and Invest Buffalo Niagara. Timothy J. Silverstein Treasurer and Chief Financial Officer Mr. Silverstein was appointed Treasurer and Principal Financial Officer of National Fuel Gas Company, effective May 1, 2023. He previously served as Treasurer of National Fuel Gas Distribution Corporation since July 2021, and also as Treasurer for National Fuel Gas Supply Corporation, Empire Pipeline, Inc., and National Fuel Gas Midstream Company, LLC. Mr. Silverstein also held the role of the company's former Director of Investor Relations. Prior to joining National Fuel, he held positions at Citi and HSBC Bank. Elena G. Mendel Controller and Chief Accounting Officer Ms. Mendel was promoted to Controller and Principal Accounting Officer of National Fuel Gas Company effective July 1, 2019. She had been serving as Assistant Controller of National Fuel's regulated subsidiaries since 2017. Martin A. Krebs Chief Information Officer Mr. Krebs serves as Chief Information Officer for National Fuel Gas Company. He is also a Senior Vice President for National Fuel Gas Distribution Corporation. Lee E. Hartz General Counsel and Secretary Mr. Hartz holds the position of General Counsel and Secretary for National Fuel Gas Company. He also serves as General Counsel, Secretary, and Vice President for National Fuel Gas Distribution Corporation.AI Analysis | Feedback
The key risks to National Fuel Gas (NFG) are primarily centered around regulatory and environmental challenges, commodity price volatility, and interest rate and debt considerations.
- Regulatory and Environmental Landscape: National Fuel Gas faces significant and acute risks stemming from the regulatory and environmental landscape. This includes ongoing and potential future regulations related to climate change and greenhouse gas emissions, which necessitate substantial resources for compliance and may lead to operational delays or increased costs. Notably, the Commonwealth of Pennsylvania filed criminal charges against NFG in October 2025, alleging 100 violations of state environmental laws related to fracking-wastewater spills, highlighting a clear and present danger to shareholder value. This investigation focuses on potential oversight and environmental compliance failures, including how the company's board and senior officers monitored compliance risks.
- Commodity Price Volatility: The company's financial results, particularly within its Exploration and Production (E&P) segment, are materially dependent on the prices received for its natural gas production. Fluctuations in natural gas prices, driven by external factors beyond NFG's control, can adversely affect revenues, cash flows, and profitability, despite the company's use of hedging strategies to mitigate some of this impact. Significant changes in market conditions, particularly if natural gas prices drop below current forward curves, can pressure unregulated business margins.
- Interest Rate & Debt Risk: As a capital-intensive utility, National Fuel Gas is sensitive to changes in interest rates. A prolonged period of high interest rates increases the cost of capital for future modernization and expansion projects, potentially impairing the company's ability to cost-effectively finance capital expenditures and refinance maturing debt. The company also relies on capital and credit markets to finance its operations and growth strategies, and any turmoil in these markets or downgrades in its credit ratings could adversely affect its financial performance and ability to obtain financing on acceptable terms.
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Accelerated decarbonization policies and electrification mandates, particularly in states where National Fuel Gas operates such as New York, pose a clear emerging threat. These policies aim to transition away from fossil fuels by incentivizing or mandating the electrification of heating, promoting renewable energy, and restricting the use of natural gas in new construction. This trend threatens to diminish long-term demand for natural gas, directly impacting National Fuel Gas's core business across its exploration and production, pipeline and storage, and utility distribution segments.
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National Fuel Gas (NFG) operates across several key segments in the natural gas industry, primarily within the Appalachian region and the Northeastern United States. The addressable markets for their main products and services are sized as follows:Exploration and Production (Upstream)
National Fuel Gas's upstream operations, conducted through Seneca Resources Company, LLC, focus on exploring for, developing, and producing natural gas and oil in the Appalachian Region, particularly in the Marcellus and Utica Shales in Pennsylvania.
- Appalachian Basin Natural Gas Production: The Appalachian region (including Pennsylvania, Ohio, and West Virginia) produced approximately 33 billion cubic feet per day (Bcf/d) of natural gas in 2023, making it the second-largest natural gas-producing area globally when compared independently to other countries. Production remained steady at around 33 Bcf/d during the first half of 2025 and reached an estimated 35 Bcf/d in July 2024. By 2025, the East region's output is projected to be 33.9 Bcf/d, and is expected to climb to 53.8 Bcf/d by 2050. Pennsylvania's annual natural gas production grew to 7.1 trillion cubic feet (Tcf) in 2020.
Pipeline and Storage & Gathering (Midstream)
NFG's midstream operations involve interstate natural gas transportation and storage services through an integrated system of pipelines and underground storage fields in western New York and Pennsylvania. Their gathering segment builds, owns, and operates facilities in the Appalachian region.
- U.S. Midstream Oil and Gas Market: The overall United States Midstream Oil and Gas Market was valued at USD 9.2 billion in 2023 and is anticipated to reach USD 17.10 billion in 2025, with an expected growth to USD 20.41 billion by 2030, at a compound annual growth rate (CAGR) of 3.60% during 2025–2030. The Northeast US oil and gas market, specifically driven by natural gas production from the Marcellus and Utica Shale formations, is a major contributor to the country's natural gas output.
Utility (Downstream)
National Fuel Gas Distribution Corporation, NFG's utility segment, sells natural gas or provides natural gas transportation services to more than 754,000 customers in western New York and northwestern Pennsylvania.
- U.S. Natural Gas Distribution Market: The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024 and is expected to increase to USD 186.0 billion by 2032, growing at a CAGR of 1.0% during 2025–2032.
- Natural Gas Customers in New York and Pennsylvania: New York has 5 million natural gas customers, while Pennsylvania has nearly 3.1 million natural gas customers. National Fuel Gas serves over 740,000 customers across western New York and northwestern Pennsylvania.
Energy Marketing
The Energy Marketing segment markets natural gas to industrial, commercial, public authority, and residential end-users located in New York and Pennsylvania.
- Natural Gas Consumption in New York and Pennsylvania: Total annual natural gas sendout in New York is about 1,235 Bcf and in Pennsylvania about 1,400 Bcf (based on 2020 data).
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National Fuel Gas (NFG) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and anticipated market dynamics:
- Rate Case Settlements and Increases in Regulated Businesses: The Utility segment is expected to see continued revenue growth from rate settlements. A three-year settlement proposal filed with the New York State utility commission is anticipated to increase annual revenue by $86 million over three years, with a $57 million impact in fiscal 2025 and the remainder in fiscal 2026 and 2027. This follows a prior rate settlement in its Pennsylvania service territory that became effective in August 2023.
- Infrastructure Expansion Projects in Pipeline & Storage: National Fuel Gas is advancing significant pipeline and storage projects. The Tioga Pathway Project, for which an application has been filed, is projected to provide 190,000 dekatherms per day of firm transportation capacity and generate $15 million in annual expansion revenues, with an expected online date in late 2026. Additionally, the company has filed an application for the Shippingport Lateral Project, aiming to enhance pipeline capacity and generate further revenue. These projects, along with new firm transportation agreements, are intended to capitalize on regional population growth and rising industrial demand.
- Increased Natural Gas Production from Exploration & Production (E&P): Seneca Resources, NFG's E&P segment, achieved record natural gas production of 426 Bcf in fiscal year 2025, a 9% increase. The company forecasts continued production growth, projecting 440-455 BCFE for fiscal 2026. This growth is supported by optimized development plans in its Eastern Development Area, including the Upper Utica zone, which extends its development runway to over 15 years of core locations.
- Acquisition of CenterPoint Energy's Ohio Natural Gas Utility: A significant driver of future regulated earnings growth is the acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, expected to close in late 2026. This acquisition is anticipated to effectively double National Fuel Gas's regulated rate base.
- Growth in Gathering Segment Throughput: The Gathering segment experienced a 6% increase in throughput and revenues in the prior year, driven by expanding volumes from both affiliated and third-party customers. This trend is expected to continue as Seneca's production increases and additional third-party volumes are transported.
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Share Repurchases
- In March 2024, National Fuel Gas authorized a new share repurchase program of up to $200 million, targeting completion by the end of fiscal 2025.
- During fiscal year 2024, the company repurchased $65 million of common stock as part of this program.
Share Issuance
- In May 2020, National Fuel Gas announced a public offering of 3,800,000 shares of common stock at $39.50 per share, yielding approximately $144.8 million in net proceeds for general corporate purposes, including potential acquisitions.
- In October 2025, as part of the financing for the CenterPoint Energy Ohio acquisition, National Fuel plans to utilize approximately $300 to $400 million of common equity.
Outbound Investments
- National Fuel Gas is acquiring CenterPoint Energy's Ohio natural gas utility business for $2.62 billion; this transaction is expected to close in late 2026 and will significantly expand the company's regulated rate base.
- In 2020, NFG acquired upstream and gathering assets from Shell (SWEPI LP) in Pennsylvania for $282.8 million.
Capital Expenditures
- For fiscal year 2025, consolidated capital expenditures are projected to be between $885 million and $970 million, consistent with fiscal 2024 levels. Integrated Upstream and Gathering segment expenditures are expected to decrease by 3% at the midpoint to $550 million to $610 million, with a focus on improving capital efficiency.
- Capital expenditures are expected to increase by approximately 10% from fiscal 2025, primarily driven by growth-related spending on the Tioga Pathway and Shipping Port Lateral pipeline projects.
- From fiscal 2023 to fiscal 2024, the E&P segment achieved a 30% improvement in capital efficiency, with production increasing by 20% while capital expenditures were reduced by 15%. The primary focus remains on organic investments in regulated growth and mid-single-digit production growth in Appalachian shale development (Marcellus and Utica).
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| ARTICLES |
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Select ideas related to NFG. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.3% | -0.3% | -2.4% |
| 09262025 | PCG | PG&E | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.5% | 5.5% | -0.8% |
| 09052025 | AES | AES | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 10.2% | 10.2% | -3.2% |
| 06302022 | NFG | National Fuel Gas | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -1.6% | -19.6% | -23.1% |
| 03312020 | NFG | National Fuel Gas | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 12.8% | 39.7% | -5.1% |
Research & Analysis
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Wealth Management
Peer Comparisons for National Fuel Gas
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 79.55 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 2.3% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 13.2% |
| FCF/Rev 3Y Avg | 13.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 158.8 |
| P/S | 3.8 |
| P/EBIT | 21.2 |
| P/E | 33.0 |
| P/CFO | 16.2 |
| Total Yield | 5.2% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.1% |
| 3M Rtn | 4.9% |
| 6M Rtn | 10.9% |
| 12M Rtn | 23.9% |
| 3Y Rtn | 73.6% |
| 1M Excs Rtn | -2.1% |
| 3M Excs Rtn | 0.6% |
| 6M Excs Rtn | -1.3% |
| 12M Excs Rtn | 9.6% |
| 3Y Excs Rtn | -6.2% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Exploration and Production | 2,645 | 2,814 | 2,508 | 2,286 | 1,979 |
| Pipeline and Storage | 2,446 | 2,427 | 2,395 | 2,296 | 2,205 |
| Utility | 2,399 | 2,248 | 2,299 | 2,148 | 2,068 |
| Gathering | 987 | 913 | 879 | 838 | 945 |
| All Other | 6 | 5 | 2 | 4 | 114 |
| Corporate and Intersegment Eliminations | -163 | -127 | -186 | -107 | -346 |
| Total | 8,320 | 8,280 | 7,896 | 7,465 | 6,965 |
Price Behavior
Price Behavior
| Market Price | $80.93 | |
| Market Cap ($ Bil) | 7.3 | |
| First Trading Date | 09/01/1987 | |
| Distance from 52W High | -13.6% | |
| 50 Days | 200 Days | |
| DMA Price | $81.32 | $82.61 |
| DMA Trend | up | down |
| Distance from DMA | -0.5% | -2.0% |
| 3M | 1YR | |
| Volatility | 19.6% | 20.8% |
| Downside Capture | 77.62 | 5.60 |
| Upside Capture | -8.69 | 35.98 |
| Correlation (SPY) | 5.9% | 27.5% |
NFG Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.14 | 0.10 | 0.02 | 0.01 | 0.31 | 0.45 |
| Up Beta | -0.24 | 0.16 | 0.32 | 0.32 | 0.28 | 0.37 |
| Down Beta | -0.55 | -0.90 | -0.41 | -0.29 | 0.54 | 0.52 |
| Up Capture | 27% | -1% | -1% | 4% | 22% | 17% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 12 | 19 | 31 | 61 | 136 | 402 |
| Down Capture | -25% | 87% | 29% | 4% | 9% | 70% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 23 | 32 | 65 | 113 | 347 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of NFG With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| NFG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 38.8% | 15.2% | 17.8% | 72.1% | 8.6% | 4.4% | -8.3% |
| Annualized Volatility | 20.7% | 15.9% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 1.47 | 0.70 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 53.4% | 27.6% | 22.6% | 31.8% | 42.2% | 7.7% | |
ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of NFG With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| NFG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 17.2% | 9.7% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 22.4% | 17.2% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.67 | 0.43 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 52.5% | 38.8% | 13.7% | 30.3% | 48.7% | 15.8% | |
ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of NFG With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| NFG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 10.9% | 10.5% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 24.2% | 19.2% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.44 | 0.48 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 54.0% | 46.6% | 10.0% | 30.6% | 50.1% | 11.7% | |
ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | -1.8% | 0.1% | 2.6% |
| 7/31/2025 | -1.7% | -1.5% | -1.6% |
| 5/1/2025 | 3.2% | 7.4% | 7.5% |
| 1/30/2025 | 2.7% | 6.0% | 9.8% |
| 11/7/2024 | -5.6% | -2.3% | -2.2% |
| 8/1/2024 | 1.0% | 0.4% | 1.3% |
| 5/2/2024 | 3.4% | 5.5% | 8.0% |
| 2/8/2024 | 6.5% | 2.1% | 10.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 17 | 18 |
| # Negative | 8 | 7 | 6 |
| Median Positive | 2.7% | 2.1% | 3.8% |
| Median Negative | -2.1% | -1.7% | -1.9% |
| Max Positive | 6.5% | 7.4% | 20.3% |
| Max Negative | -5.6% | -5.2% | -8.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11212025 | 10-K 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 5012025 | 10-Q 3/31/2025 |
| 12312024 | 1302025 | 10-Q 12/31/2024 |
| 9302024 | 11222024 | 10-K 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2082024 | 10-Q 12/31/2023 |
| 9302023 | 11172023 | 10-K 9/30/2023 |
| 6302023 | 8032023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2032023 | 10-Q 12/31/2022 |
| 9302022 | 11182022 | 10-K 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 2042022 | 10-Q 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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