National Fuel Gas Co Stock Research

Market Summary

USD55.29+0.65

Market Closed

1.19%

NFG Stock Price

NFG RSI Chart

NFG Valuation

Market Cap

5.1B

Price/Earnings (Trailing)

8.41

Price/Sales (Trailing)

2.21

EV/EBITDA

3.91

Price/Free Cashflow

37.16

NFG Price/Sales (Trailing)

NFG Profitability

EBT Margin

31.88%

Return on Equity

23.78%

Return on Assets

7.42%

Free Cashflow Yield

2.69%

NFG Fundamentals

NFG Revenue

Revenue (TTM)

2.3B

Revenue Y/Y

20.55%

Revenue Q/Q

51.41%

NFG Earnings

Earnings (TTM)

603.3M

Earnings Y/Y

28.17%

Earnings Q/Q

7.3%

Price Action

52 Week Range

53.9475.44

(Low)(High)

Last 7 days

-0.9%

Last 30 days

-1.8%

Last 90 days

-15.2%

Trailing 12 Months

-14.1%

NFG Financial Health

Current Ratio

0.57

NFG Investor Care

Dividend Yield

3.39%

Dividend/Share (TTM)

1.87

Shares Dilution (1Y)

0.57%

Diluted EPS (TTM)

6.55

Peers (Alternatives to National Fuel Gas)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
NEE	148.7B	21.0B	1.63%	-7.91%	35.87	7.1	22.77%	16.06%
SO	72.4B	29.3B	2.11%	0.11%	21.13	2.47	26.68%	48.46%
DUK	71.6B	28.8B	-4.83%	-10.47%	29.16	2.49	16.84%	-31.41%
D	44.3B	17.2B	-8.69%	-34.49%	44.56	2.58	22.99%	-69.77%
ATO	15.3B	4.7B	-7.62%	-4.49%	19.26	3.28	33.29%	14.34%
MID-CAP
NFG	5.1B	2.3B	-1.81%	-14.10%	8.41	2.21	24.37%	44.24%
NJR	4.9B	3.0B	-0.53%	16.56%	17.53	1.66	24.20%	88.67%
OGS	4.2B	2.6B	-4.56%	-7.09%	18.88	1.62	42.54%	7.42%
SWX	4.1B	5.0B	-5.26%	-18.92%	-19.97	0.82	34.77%	-201.25%
SR	3.6B	3.0B	-5.65%	2.01%	10.02	1.2	16.25%	16.47%
SJW	2.2B	620.7M	-5.30%	10.31%	29.91	3.56	8.19%	22.07%
SMALL-CAP
MSEX	1.3B	162.4M	-12.03%	-24.43%	31.22	8.15	13.48%	16.11%
SPH	945.6M	1.5B	-4.01%	1.27%	5.77	0.62	12.11%	54.37%
SGU	442.8M	2.2B	0.41%	17.27%	12.9	0.2	34.39%	-46.65%
RGCO	227.3M	94.2M	-4.67%	10.74%	-7.09	2.41	19.34%	-457.69%

Financials for National Fuel Gas

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	5.1%	2,298	2,186	2,107	1,999	1,848
EBITDA	4.9%	1,235	1,177	1,103	1,024	-
EBITDA Margin	-0.2%	0.54*	0.54*	0.55*	0.55*	-
Earnings Before Taxes	7.3%	733	683	645	621	548
EBT Margin	2.1%	0.32*	0.31*	0.31*	0.31*	-
Interest Expenses	-	124	-	-	-	-
Net Income	6.6%	603	566	495	473	418
Net Income Margin	1.4%	0.26*	0.26*	0.23*	0.24*	-
Free Cahsflow	19550.2%	137	1.00	-57.69	-28.24	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	3.0%	8,135	7,896	8,112	7,805	7,590
Current Assets	14.7%	873	761	1,150	671	567
Cash Equivalents	430.9%	244	46.00	433	53.00	79.00
Net PPE	2.0%	6,699	6,566	6,385	6,574	6,491
Goodwill	0%	5.00	5.00	5.00	5.00	5.00
Current Liabilities	-21.0%	1,535	1,943	2,166	2,006	896
. Short Term Borrowings	316.7%	250	60.00	400	218	166
LT Debt, Current	-27.3%	399	549	549	549	-
LT Debt, Non Current	0.0%	2,084	2,083	2,082	2,082	2,630
Shareholder's Equity	22.0%	2,537	2,080	2,004	1,864	2,110
Retained Earnings	7.9%	1,713	1,587	1,472	1,408	1,282
Additional Paid-In Capital	-0.1%	1,026	1,027	1,023	1,019	1,014
Accumulated Depreciation	1.5%	6,075	5,985	5,914	6,883	6,802
Shares Outstanding	0.3%	92.00	91.00	91.00	91.00	91.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	19.2%	968	813	774	800	758
Share Based Compensation	0.5%	20.00	20.00	20.00	19.00	19.00
Cashflow From Investing	-7.5%	-557	-518	-530	-769	-736
Cashflow From Financing	11.8%	-243	-276	224	44.00	-52.58
Dividend Payments	1.2%	170	168	166	165	164
Buy Backs	-22.6%	7.00	10.00	9.00	9.00	9.00

Risks for NFG

What is the probability of a big loss on NFG?

35.8%

Probability that National Fuel Gas stock will be more than 20% underwater in next one year

6.9%

Probability that National Fuel Gas stock will be more than 30% underwater in next one year.

1.9%

Probability that National Fuel Gas stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does NFG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if National Fuel Gas was unfortunately bought at previous high price.

Drawdowns

Returns for NFG

Cumulative Returns on NFG

2.0%

10-Year Cumulative Returns

4.3%

7-Year Cumulative Returns

5.4%

5-Year Cumulative Returns

22.3%

3-Year Cumulative Returns

What are the long-term rolling returns for NFG?

FIve years rolling returns for National Fuel Gas.

Annualized Returns

Which funds bought or sold NFG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	2.02	139,618	2,966,620	-%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	-	23,000	-%
2023-03-03	TIAA, FSB	new	-	230,665	230,665	-%
2023-02-28	Voya Investment Management LLC	added	1.98	937,140	20,168,100	0.03%
2023-02-24	NATIXIS	new	-	898,860	898,860	-%
2023-02-23	CHELSEA COUNSEL CO	new	-	165,388	165,388	0.08%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	24,000	884,000	0.01%
2023-02-21	Empowered Funds, LLC	reduced	-58.8	-1,530,890	1,126,110	0.07%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-82.3	-28,670	6,330	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-35.92	-277,102	535,898	0.01%

Latest Funds Activity

Are funds buying NFG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own NFG

No. of Funds

National Fuel Gas News

Schedule 13G FIlings of National Fuel Gas

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	13.72%	12,553,811	SC 13G/A
Jan 24, 2023	blackrock inc.	9.3%	8,540,231	SC 13G
Mar 07, 2022	gamco investors, inc. et al	2.70%	2,470,600	SC 13D/A
Feb 11, 2022	state street corp	6.63%	6,045,884	SC 13G/A
Feb 09, 2022	vanguard group inc	10.29%	9,386,368	SC 13G/A
Feb 01, 2022	blackrock inc.	8.8%	8,050,417	SC 13G/A
Jan 14, 2022	jpmorgan chase & co	5.5%	5,091,756	SC 13G/A
Dec 09, 2021	vanguard group inc	10.18%	9,280,754	SC 13G/A
Feb 11, 2021	state street corp	7.57%	6,890,119	SC 13G
Feb 10, 2021	vanguard group inc	9.37%	8,531,496	SC 13G/A

NFG Fair Value

National Fuel Gas fair value in different scenarios

The table shows the Fair Value estimates for National Fuel Gas for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	60.59 9.59%	72.44 31.02%	117.98 113.38%	143.47 159.49%	175.46 217.34%
Current Inflation	55.81 0.94%	65.91 19.21%	104.44 88.89%	125.63 127.22%	152.29 175.44%
Very High Inflation	49.86 -9.82%	57.94 4.79%	88.51 60.08%	104.93 89.78%	125.69 127.33%

Historical National Fuel Gas Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of National Fuel Gas

View All Filings

Date Filed	Form Type	Document
Mar 09, 2023	8-K	Current Report
Feb 10, 2023	SC 13G/A	Major Ownership Report
Feb 09, 2023	SC 13G/A	Major Ownership Report
Feb 03, 2023	10-Q	Quarterly Report
Feb 03, 2023	8-K	Current Report
Feb 02, 2023	8-K	Current Report
Jan 24, 2023	SC 13G	Major Ownership Report
Jan 20, 2023	ARS	ARS
Jan 20, 2023	DEF 14A	DEF 14A
Jan 20, 2023	DEFA14A	DEFA14A

Latest Insider Trading transactions for NFG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-01-03	JAGGERS JOSEPH N	acquired	43,757	61.63	710	-
2023-01-03	SHAW JEFFREY W	acquired	43,757	61.63	710	-
2023-01-03	TANSKI RONALD J	acquired	43,757	61.63	710	-
2023-01-03	BAUMANN BARBARA M	acquired	43,757	61.63	710	-
2022-12-28	Bauer David P	gifted	-	-	-1,497	president and ceo
2022-12-28	Bauer David P	gifted	-	-	499	president and ceo
2022-12-12	TANSKI RONALD J	acquired	2,278,440	53.045	42,953	-
2022-12-12	TANSKI RONALD J	back to issuer	-2,278,500	63.94	-35,635	-
2022-12-10	DeCarolis Donna L	acquired	-	-	2,425	president - nfg dist. corp.
2022-12-10	Bauer David P	acquired	-	-	9,855	president and ceo

About National Fuel Gas

David P. Bauer

www.natfuel.com

2190

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.

NFG Income Statement

2022-09-30

Consolidated Statements Of Income And Earnings Reinvested In The Business - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
INCOME
Operating Revenues	$ 2,186,046	$ 1,742,659	$ 1,546,291
Operating Expenses:
Purchased Gas	392,093	171,827	233,890
Property, Franchise and Other Taxes	101,182	94,713	88,400
Depreciation, Depletion and Amortization	369,790	335,303	306,158
Impairment of Oil and Gas Producing Properties	0	76,152	449,438
Total Operating Expenses	1,384,266	1,153,801	1,516,433
Gain on Sale of Assets	(12,736)	(51,066)	0
Operating Income	814,516	639,924	29,858
Other Income (Expense):
Other Income (Deductions)	(1,509)	(15,238)	(17,814)
Interest Expense on Long-Term Debt	(120,507)	(141,457)	(110,012)
Other Interest Expense	(9,850)	(4,900)	(7,065)
Income (Loss) Before Income Taxes	682,650	478,329	(105,033)
Income Tax Expense	116,629	114,682	18,739
Net Income (Loss) Available for Common Stock	566,021	363,647	(123,772)
EARNINGS REINVESTED IN THE BUSINESS
Balance at Beginning of Year	1,191,175	991,630	1,272,601
Beginning Retained Earnings Unappropriated And Current Period Net Income	1,757,196	1,355,277	1,148,829
Dividends on Common Stock	(170,111)	(164,102)	(156,249)
Balance at End of Year	$ 1,587,085	$ 1,191,175	$ 991,630
Earnings (Loss) Per Common Share, Basic:
Net Income (Loss) Available for Common Stock (in dollars per share)	$ 6.19	$ 3.99	$ (1.41)
Earnings (Loss) Per Common Share, Diluted:
Net Income (Loss) Available for Common Stock (in dollars per share)	$ 6.15	$ 3.97	$ (1.41)
Weighted Average Number of Shares Outstanding:
Used in Basic Calculation	91,410,625	91,130,941	87,968,895
Used in Diluted Calculation	92,107,066	91,684,583	87,968,895
Utility and Energy Marketing [Member]
INCOME
Operating Revenues	$ 897,916	$ 667,549	$ 728,336
Operating Expenses:
Operation and Maintenance	193,058	179,547	181,051
Exploration and Production and Other [Member]
INCOME
Operating Revenues	1,010,629	837,597	611,885
Operating Expenses:
Operation and Maintenance	191,572	173,041	148,856
Pipeline and Storage and Gathering [Member]
INCOME
Operating Revenues	277,501	237,513	206,070
Operating Expenses:
Operation and Maintenance	136,571	123,218	108,640
Guidance for Hedging [Member] \| Cumulative Effect of Adoption of Authoritative Guidance [Member]
EARNINGS REINVESTED IN THE BUSINESS
Balance at Beginning of Year	$ 0	0	(950)
Balance at End of Year		$ 0	$ 0

NFG Balance Sheet

2022-09-30

Consolidated Balance Sheets - USD ($)
$ in Thousands

Sep. 30, 2022

Sep. 30, 2021

ASSETS

Property, Plant and Equipment

$ 12,551,909

$ 13,103,639

Less - Accumulated Depreciation, Depletion and Amortization

5,985,432

6,719,356

Property, Plant and Equipment, Net, Total

6,566,477

6,384,283

Current Assets

Cash and Temporary Cash Investments

46,048

31,528

Hedging Collateral Deposits

^[1]

91,670

88,610

Receivables - Net of Allowance for Uncollectible Accounts of $40,228 and $31,639, Respectively

361,626

205,294

Unbilled Revenue

30,075

17,000

Gas Stored Underground

32,364

33,669

Materials, Supplies and Emission Allowances

40,637

53,560

Unrecovered Purchased Gas Costs

99,342

33,128

Other Current Assets

59,369

59,660

Total Current Assets

761,131

522,449

Other Assets

Recoverable Future Taxes

106,247

121,992

Unamortized Debt Expense

8,884

10,589

Other Regulatory Assets

67,101

60,145

Deferred Charges

77,472

59,939

Other Investments

95,025

149,632

Goodwill

5,476

Prepaid Pension and Post-Retirement Benefit Costs

196,597

149,151

Fair Value of Derivative Financial Instruments

9,175

Other

2,677

1,169

Total Other Assets

568,654

558,093

Total Assets

7,896,262

7,464,825

Capitalization:

Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 91,478,064 Shares and 91,181,549 Shares, Respectively

91,478

91,182

Paid In Capital

1,027,066

1,017,446

Earnings Reinvested in the Business

1,587,085

1,191,175

Accumulated Other Comprehensive Loss

(625,733)

(513,597)

Total Comprehensive Shareholders' Equity

2,079,896

1,786,206

Long-term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs

2,083,409

2,628,687

Total Capitalization

4,163,305

4,414,893

Current and Accrued Liabilities

Notes Payable to Banks and Commercial Paper

60,000

158,500

Current Portion of Long-Term Debt

^[2]

549,000

Accounts Payable

178,945

171,655

Amounts Payable to Customers

419

Dividends Payable

43,452

41,487

Interest Payable on Long-Term Debt

17,376

Customer Advances

26,108

17,223

Customer Security Deposits

24,283

19,292

Other Accruals and Current Liabilities

257,327

194,169

Fair Value of Derivative Financial Instruments

785,659

616,410

Total Current and Accrued Liabilities

1,942,569

1,236,133

Other Liabilities

Deferred Income Taxes

698,229

660,420

Taxes Refundable to Customers

362,098

354,089

Cost of Removal Regulatory Liability

259,947

245,636

Other Regulatory Liabilities

188,803

200,643

Pension and Other Post-Retirement Liabilities

3,065

7,526

Asset Retirement Obligations

161,545

209,639

Other Liabilities

116,701

135,846

Total Other Liabilities

1,790,388

1,813,799

Commitments and Contingencies (Note L)

Total Capitalization and Liabilities

$ 7,896,262

$ 7,464,825

[1]	Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
[2]	Current Portion of Long-Term Debt at September 30, 2022 consists of $500.0 million of 3.75% notes and $49.0 million of 7.395% notes that each mature in March 2023. The Company has committed to redeeming $150.0 million of the 3.75% notes on November 25, 2022. None of the Company's long-term debt as of September 30, 2021 had a maturity date within the following twelve-month period.