National Fuel Gas (NFG)
NYSEUtilitiesOil & Gas IntegratedSnapshot 2026-09-04
$83.32-0.25%
Close 2026-09-04 · 1-day change
NYSEUtilitiesOil & Gas IntegratedSnapshot 2026-09-04
QuarterlyIQ Insights · NFG
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within utilities on a research-validated quality screen. As of 2026-09-04.
The screen ranks NFG against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 4 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Utilities names rated strong grew net income 70% of the time over the next year (vs 63% for the rest of the cohort, n=1106).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Close the acquisition of CenterPoint Energy's Ohio natural gas utility business to significantly expand regulated assets and increase rate base.
Stated as a priority in 4 of last 4 quarters. The acquisition of CenterPoint Energy's Ohio natural gas utility business is on track to close on October 1, 2026, following completion of financing and regulatory approvals. The purchase price is $2.62 billion, doubling National Fuel's gas utility rate base. Management has consistently emphasized this acquisition as a key growth driver, and the trajectory is delivering as planned.
“The Company completed the necessary financing needed to close the pending Ohio gas utility acquisition and received its final regulatory approval during the quarter, which places the acquisition on t…”
“The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026, as previously planned.”
“The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026 and, therefore, is not expected to impact fiscal 2026 guidance.”
“National Fuel Gas Company entered into a Securities Purchase Agreement with CenterPoint Energy Resources Corp. to acquire the Ohio natural gas local distribution company business, with closing expect…”
Deliver average annual adjusted earnings per share growth of 7% to 10% through fiscal 2029.
Stated as a priority in 3 of last 3 quarters. Management projects average annual adjusted EPS growth of 7% to 10% through 2029, with fiscal 2026 guidance revised to $7.40-$7.60 per share. Adjusted EPS grew from $1.66 in 2025-Q1 to $2.06 in 2026-Q1, supporting the growth outlook. The trajectory is delivering consistent growth aligned with management's guidance.
Maintain disciplined capital allocation including prudent financing to support growth and maintain investment grade credit rating.
Stated as a priority in 3 of last 3 quarters. The Company issued $1.5 billion of notes in June 2026 and completed a $350 million equity private placement in 2026-Q1 to fund the CenterPoint acquisition. Management plans to maintain investment grade credit rating through disciplined financing. The trajectory shows active capital allocation aligned with stated priorities.
Optimize well designs and development plans to improve capital efficiency and sustain production growth in Appalachian natural gas assets.
Stated as a priority in 3 of last 3 quarters. Seneca's production grew 12% year-over-year in 2025-Q4 but declined 3% in 2026-Q1 due to weather and well testing impacts. Management emphasizes ongoing well design optimization and integrated development planning to improve capital efficiency. The trajectory shows continued focus with mixed production results reflecting operational challenges.
Maintain and grow the dividend, continuing a 124-year history of payments and 56 consecutive years of increases.
Stated as a priority in 2 of last 2 quarters. The Board approved a 4% dividend increase to $2.22 per share annually in 2026-Q2, continuing a 124-year payment history and 56 consecutive years of increases. Dividend per share rose from approximately $2.14 to $2.22 annually, demonstrating delivery on this priority.
Over the trailing year it converted 2.45x of net income into operating cash flow. Historically, Utilities names rated robust grew net income 72% of the time over the next year (vs 62% for the rest of the cohort, n=929).
Not enough signal yet.
Not enough signal to read sensitivity to the broad stock market, long-term interest rates, the US dollar, Fed net liquidity, real (inflation-adjusted) rates (low R² over the window).
26 material management or governance events in the past 24 months, led by legal/regulatory items. Historically, Utilities names rated volatile grew net income 67% of the time over the next year (vs 66% for the rest of the cohort, n=183).
Not investment advice. As of 2026-09-04.
“National Fuel is expected to deliver approximately 7% to 10% average annual EPS growth through 2029.”
“National Fuel is well positioned to deliver long-term value with expected 7% to 10% average annual EPS growth through 2029.”
“The Company is reaffirming its fiscal 2026 adjusted EPS guidance range and has a new long-term annual adjusted EPS target of 7-10% through 2029.”
“In June 2026, the Company issued $1.5 billion of new notes to fund a portion of the CenterPoint acquisition and refinance early redemption of $300 million of notes.”
“The Company successfully issued $350 million in common equity through a private placement, fulfilling expected equity needed to fund the CenterPoint Ohio acquisition.”
“National Fuel intends to execute permanent financing using approximately $300 to $400 million of common equity, long-term debt, and free cash flow to fund the acquisition.”
“Ongoing appraisal activities and well design testing will allow further optimization of future development planning and capital allocation decisions.”
“Ongoing testing to optimize well designs across our development footprint and focus on improving integrated development plans.”
“Expanding inventory of high-quality Appalachian locations and ongoing well design optimization positions us for continued capital efficiency improvements.”
“The Board of Directors approved a 4% increase in the Company's dividend, to an annual rate of $2.22 per share.”
“Dividend per share remained at $0.535, reflecting the Company's long history of dividend growth.”