NFG
EnergyNational Fuel Gas Company · Oil & Gas Integrated · $8B
What is National Fuel Gas Company?
National Fuel Gas Company is a diversified energy business operating across the natural gas value chain — from exploration and production through pipeline transport, gathering, and retail utility distribution. Headquartered in Williamsville, New York, it serves customers across the northeastern United States.
National Fuel Gas generates revenue through four integrated segments. Its Exploration and Production arm develops natural gas and oil reserves in California and the Appalachian region. The Pipeline and Storage segment operates an interstate gas transportation network across Pennsylvania and New York, including the Empire Pipeline. A Gathering segment supports upstream production with processing and pipeline infrastructure. Finally, the Utility segment delivers natural gas directly to roughly 753,000 customers in western New York and northwestern Pennsylvania.
National Fuel Gas was founded in 1973 and is headquartered in Williamsville, New York.
- Natural gas and oil exploration and production in Appalachia and California
- Interstate pipeline transportation and underground storage services
- Midstream gathering and processing infrastructure in Appalachia
- Retail natural gas utility serving residential and commercial customers
- Industrial and wholesale gas marketing across the northeastern US
Is NFG a Good Stock to Buy?
UQS Score rates NFG as Good overall, reflecting a balanced profile across the five quality pillars.
The Growth pillar stands out as the clearest positive signal, suggesting National Fuel Gas is expanding its earnings base at a pace that compares favorably within the energy sector. Quality also registers as Good, indicating the business generates returns and manages its balance sheet in a disciplined manner consistent with its integrated utility-and-upstream model.
The Moat and Risk pillars both land at Neutral, pointing to a competitive position and risk profile that are neither exceptional nor alarming — typical for a regulated utility with upstream exposure.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does NFG pay dividends?
Yes — National Fuel Gas Company pays a dividend.
National Fuel Gas pays a regular dividend, a practice consistent with its long history as a regulated utility operator. The combination of stable pipeline and utility cash flows supports ongoing distributions to shareholders. Investors drawn to income-oriented energy holdings often consider NFG for its dividend continuity alongside its upstream growth exposure.
When does NFG report earnings?
National Fuel Gas reports earnings on a quarterly cadence, typical for US-listed equities.
The company's integrated structure — spanning regulated utility revenues and commodity-linked upstream production — means quarterly results can reflect both stable fee-based income and variability tied to natural gas prices. Segment-level disclosures give investors visibility into how each part of the business is performing.
For the most recent quarter's results and guidance, visit National Fuel Gas Company's investor relations page.
NFG Price History
+94.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in National Fuel Gas Company?
Based on National Fuel Gas Company's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
NFG Long-term Outlook
The Strong Growth pillar suggests National Fuel Gas is positioned to expand its earnings and cash flow base over the medium term, driven by its integrated model spanning regulated and unregulated energy activities. The Neutral Risk pillar indicates the company carries a manageable risk profile, though natural gas price swings and regulatory decisions remain variables to watch. Valuation is rated Good, meaning the stock does not appear stretched relative to its fundamental profile — a constructive setup for investors focused on quality-adjusted value in the energy sector.
Growth drivers
- Appalachian upstream development expanding proved natural gas reserves
- Pipeline and gathering infrastructure growth supporting fee-based revenue
- Utility customer base providing stable, regulated earnings contribution
Key risks
- Natural gas commodity price volatility affecting upstream segment results
- Regulatory rate decisions impacting pipeline and utility segment margins
- Capital-intensive infrastructure spending pressuring near-term free cash flow
NFG vs Peers
National Fuel Gas operates in a competitive energy landscape alongside a range of midstream, upstream, and integrated gas companies.
TGS focuses on natural gas transportation and processing in Argentina, giving it a geographically concentrated Latin American footprint rather than NFG's regulated US utility base.
YPF is Argentina's state-controlled integrated energy company with broad oil and gas operations, operating under a very different regulatory and sovereign-risk environment than NFG.
Ecopetrol is Colombia's national oil company with large-scale upstream and refining operations, contrasting with NFG's focus on northeastern US natural gas infrastructure and utility services.
Frequently Asked Questions
What does National Fuel Gas Company do?
National Fuel Gas operates across four segments of the natural gas industry: exploring and producing gas and oil in Appalachia and California, transporting gas through interstate pipelines, gathering and processing gas in the field, and distributing gas directly to roughly 753,000 utility customers in western New York and northwestern Pennsylvania.
Does NFG pay dividends?
Yes, National Fuel Gas pays a regular dividend. The company's regulated utility and pipeline segments generate relatively stable cash flows that support consistent distributions. NFG has a long track record as a dividend-paying utility-linked energy company, making it a consideration for income-focused investors.
When does NFG report earnings?
National Fuel Gas reports earnings on a quarterly cadence, in line with standard US-listed company practice. For exact reporting dates and the most recent results, check the investor relations section of the National Fuel Gas Company website.
Is NFG a good stock to buy?
UQS Score rates NFG as Good overall. The Growth pillar is the standout strength, while Moat and Risk sit at Neutral. Whether NFG fits your portfolio depends on your own investment criteria — the full pillar breakdown is available to UQS Pro members.
Is NFG overvalued?
The UQS Valuation pillar for NFG is rated Good, suggesting the stock is not trading at an extreme premium relative to its fundamental profile. Valuation is one of five pillars in the UQS composite — Pro members can view the complete metric-level detail behind this rating.
How does NFG compare to its competitors?
NFG's closest listed peers in the UQS database include Transportadora de Gas del Sur, YPF, and Ecopetrol — all Latin American energy companies with different regulatory environments and business mixes. NFG's integrated US utility and upstream model gives it a distinct profile relative to these international peers.
What is NFG's market cap bracket?
National Fuel Gas Company is classified as a mid-cap stock. This places it in a tier that typically offers more liquidity than small-cap names while remaining smaller than the large integrated energy majors.
Who founded National Fuel Gas Company?
National Fuel Gas Company's founding history and leadership background are widely available through the company's official investor relations materials and public filings. The company has operated in the northeastern US energy market for decades.
Is NFG a long-term quality investment?
As a long-term quality indicator, NFG's Good UQS Score reflects a business with stable regulated revenues, an expanding upstream segment, and a consistent dividend history. The Neutral Moat rating suggests the competitive advantage is present but not exceptional — a factor worth weighing alongside the Growth and Quality signals.
What is the main competitive advantage of National Fuel Gas?
National Fuel Gas benefits from its vertically integrated structure — owning assets across production, gathering, pipeline, and utility distribution. This integration allows the company to capture value at multiple points in the natural gas supply chain and provides a degree of earnings stability through regulated utility and pipeline revenues.
What sector does NFG belong to?
NFG operates in the Energy sector, specifically within the natural gas subsector. Its business spans regulated utility operations and unregulated upstream and midstream activities, giving it exposure to both commodity markets and rate-regulated infrastructure.
Is NFG a growth stock or value stock?
Based on UQS pillar ratings, NFG leans toward a blend of the two. The Growth pillar is rated Strong, indicating meaningful expansion potential, while the Valuation pillar is rated Good rather than Elevated — suggesting the market has not yet priced in extreme growth expectations.
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Pro Analysis
NFG — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 60.8 | 63.9 | 47.0 | 70.7 | 46.9 | 79.6 | +0.3 |
| May 21, 2026 | 60.5 | 63.8 | 47.0 | 70.7 | 46.9 | 77.5 | -0.1 |
| May 18, 2026 | 60.6 | 63.9 | 47.0 | 70.7 | 46.9 | 78.2 | -0.1 |
| May 16, 2026 | 60.7 | 63.9 | 47.0 | 70.7 | 46.9 | 78.5 | -0.1 |
| May 14, 2026 | 60.8 | 63.9 | 47.0 | 70.7 | 46.9 | 79.4 | -0.2 |
| May 12, 2026 | 61.0 | 64.0 | 47.0 | 70.7 | 46.9 | 80.2 | +6.5 |
| May 10, 2026 | 54.5 | 28.3 | 47.0 | 70.7 | 43.9 | 100.0 | 0.0 |
| May 8, 2026 | 54.5 | 28.3 | 47.0 | 70.7 | 43.9 | 99.4 | -4.4 |
| May 7, 2026 | 58.9 | 60.7 | 47.0 | 70.7 | 43.9 | 75.4 | +0.1 |
| May 3, 2026 | 58.8 | 60.7 | 47.0 | 70.7 | 43.9 | 74.5 | +0.4 |
NFG — Pillar Breakdown
Quality
— 63.9/100 (25%)National Fuel Gas Company shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 70.7/100 (20%)National Fuel Gas Company demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 46.9/100 (15%)National Fuel Gas Company has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 79.7/100 (15%)National Fuel Gas Company appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 47/100 (25%)National Fuel Gas Company possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for NFG.
Score Composition
Financial Data
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How is the NFG UQS Score Calculated?
The UQS (Unified Quality Score) for National Fuel Gas Company is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses National Fuel Gas Company's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether National Fuel Gas Company is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.