National Fuel Gas 2026 Forecast | Price, Valuation & Growth

National Fuel Gas

NYSE:NFG

$ 95,29

+ $0,61 (0,64%)

95,29 $

+$0,61 (0,64%)

End-of-day quote: 03/27/2026

National Fuel Gas Stock Value

Analysts currently rate NYSE:NFG as Outperform.

Outperform

National Fuel Gas Company Info

EPS Growth 5Y

18,80%

Market Cap

$9,06 B

Long-Term Debt

$2,38 B

Short Interest

4,54%

Quarterly earnings

04/30/2026 (E)

Dividend

$2,15

Dividend Yield

2,26%

Founded

1902

Industry

Energy

Country

United States

ISIN Number

US6361801011

Website

http://www.nationalfuel.com

Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.

$99,00

3.89%

Last Update: 03/29/2026

Analysts: 3

Highest Price Target $101,00

Average Price Target $99,00

Lowest Price Target $97,00

In the last five quarters, National Fuel Gas’s Price Target has risen from $40,95 to $58,75 - a 43,47% increase. Five analysts predict that National Fuel Gas’s share price will increase in the coming year, reaching $99,00. This would represent an increase of 3,89%.

Top growth stocks in the energy sector (5Y.)

What does National Fuel Gas do?

National Fuel Gas Company, an energy company, engages in the production, gathering, transportation, storage, and distribution of natural gas. The company operates an integrated business, with assets centered in western New York and Pennsylvania, being used for, and benefiting from, the production and transportation of natural gas from the Appalachian basin. The company's development focuses primarily on the Marcellus and Utica shales. The company also develops and produces oil reserves, primari...

National Fuel Gas Company, an energy company, engages in the production, gathering, transportation, storage, and distribution of natural gas.

The company operates an integrated business, with assets centered in western New York and Pennsylvania, being used for, and benefiting from, the production and transportation of natural gas from the Appalachian basin. The company's development focuses primarily on the Marcellus and Utica shales. The company also develops and produces oil reserves, primarily in California. The common geographic footprint of the company's subsidiaries enables them to share management, labor, facilities and support services across various businesses and pursue coordinated projects designed to produce and transport natural gas from the Appalachian Basin to markets in the eastern United States and Canada. The company has also been designing and building pipeline projects for the transportation of natural gas for the non-affiliated natural gas customers in the Appalachian Basin.

Segments

The company operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility.

Exploration and Production

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (Seneca), a Pennsylvania limited liability company. Seneca engages in the exploration for, and the development and production of, primarily natural gas in the Appalachian region of the United States.

Pipeline and Storage

The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation (Supply Corporation), a Pennsylvania corporation, and Empire Pipeline, Inc. (Empire), a New York corporation. Supply Corporation and Empire provide interstate natural gas transportation services for affiliated and nonaffiliated companies through integrated gas pipeline systems in Pennsylvania and New York. Supply Corporation also provides storage services through its underground natural gas storage fields, and Empire provides storage service (via lease with Supply Corporation) to a nonaffiliated company.

The Pipeline and Storage segment operations are regulated by the FERC for both Supply Corporation and Empire. Supply Corporation transports and stores natural gas for utilities (including Distribution Corporation), natural gas marketers, exploration and production companies (including Seneca) and pipeline companies in the northeastern United States markets. Empire transports and stores natural gas for major industrial companies, utilities (including Distribution Corporation) and power producers in New York State. Empire also transports natural gas for natural gas marketers and exploration and production companies (including Seneca) from natural gas producing areas in Pennsylvania to markets in New York and to interstate pipeline delivery points with access to additional markets in the northeastern United States and Canada.

Gathering

The Gathering segment operations are carried out by wholly-owned subsidiaries of National Fuel Gas Midstream Company, LLC (Midstream Company), a Pennsylvania limited liability company. Through these subsidiaries, Midstream Company builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region.

Utility

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (Distribution Corporation), a New York corporation. Distribution Corporation provides natural gas utility services to approximately 754,000 customers through a local distribution system located in western New York and northwestern Pennsylvania. The principal metropolitan areas served by Distribution Corporation include Buffalo, Niagara Falls and Jamestown, New York and Erie and Sharon, Pennsylvania.

Sources and Availability of Raw Materials

The Exploration and Production segment seeks to discover and produce raw materials.

The Pipeline and Storage segment transports and stores natural gas owned by its customers, whose gas primarily originates in the Appalachian region of the United States, as well as other gas supply regions in the United States and Canada.

The Gathering segment gathers, processes and transports natural gas that is, in large part, produced by Seneca in the Appalachian region of the United States. In 2023, the Utility segment purchased 73.1 Billion cubic feet (Bcf) of gas (including 71.3 Bcf for delivery to retail customers and 1.8 Bcf used in operations) pursuant to its purchase contracts with firm delivery requirements. Purchases of gas in the spot market (contracts of one month or less) accounted for 50% of the Utility segment's 2023 purchases. Purchases from DTE Energy Trading, Inc. (24%), Vitol, Inc. (14%), Shell Energy North America US (9%), EQT Energy, LLC (9%), Emera Energy Services, Inc. (8%), J. Aron & Company (7%), Tenaska Marketing Ventures (5%), Chevron Natural Gas (5%), and NRG Business Marketing Inc. (5%), accounted for nearly 86% of the Utility segment's 2023 gas purchases.

Regulations

The company is subject to the jurisdiction of the Federal Energy Regulatory Commission (FERC) with respect to Supply Corporation, Empire and some transactions performed by other company subsidiaries. The operations of Distribution Corporation are subject to the jurisdiction of the state of New York Public Service Commission (NYPSC), the Pennsylvania Public Utility Commission (PaPUC) and, with respect to certain transactions, the FERC. The company is also subject to the jurisdiction of the Pipeline and Hazardous Materials Safety Administration (PHMSA). The Utility segment operations are regulated by the NYPSC and the PaPUC and are carried out by Distribution Corporation. Distribution Corporation sells natural gas to retail customers and provides natural gas transportation services in western New York and northwestern Pennsylvania.

History

National Fuel Gas Company was incorporated in 1902 under the laws of the state of New Jersey.

National Fuel Gas Questions and Answers

Which sectors generate sales and which are the top 3 markets?

**Revenue distribution by sectors:** - Natural gas extraction and production: approx. 40% - Midstream services (transport and storage): approx. 35% - Natural gas distribution: approx. 25% **TOP 3 markets and percentage shares:** - USA: approx. 70% - Canada: approx. 15% - Mexico: approx. 10% Nation...

At which locations are the company’s products manufactured?

**Production Sites:** - Appalachian Basin (USA) - California (USA) National Fuel Gas Company (NYSE:NFG) is a diversified energy company mainly engaged in the exploration and production of natural gas. The company's main production sites are located in the Appalachian Basin, particularly in the...

What strategy does National Fuel Gas pursue for future growth?

**Revenue Growth:** Estimated at 5-7% annually (2025-2027) **Investment Budget:** Approximately 700 million USD annually (2025) National Fuel Gas Company is pursuing a strategy focused on diversification and sustainable energy generation. The company plans to increase its investments in renewable...

Which raw materials are imported and from which countries?

**Main raw materials:** Natural gas, crude oil **Countries of origin:** USA, Canada National Fuel Gas Company (NFG) is mainly active in the exploration, production, storage, and transportation of natural gas and crude oil. The raw materials used by the company mainly come from the USA, particularl...

How strong is the company’s competitive advantage?

**Market share:** Estimated at 5-7% in the US natural gas market (2025) **EBITDA margin:** 32% (2024) **Leverage ratio:** 1.8 (2024) National Fuel Gas Company (NFG) has a moderate competitive advantage in the energy sector, especially in the natural gas segment. The company benefits from a ve...

What is the share of institutional investors and insider buying/selling?

**Institutional Investor Share:** approximately 70% (estimated for 2025 based on historical data) **Insider Buys/Sells:** No significant transactions in the last year (estimated) The institutional investor share at National Fuel Gas Company traditionally stands at around 70%, indicating a strong t...

What percentage market share does National Fuel Gas have?

**Market share of National Fuel Gas Company (NFG):** Estimated at around 2-3% in the US utility sector (2025) **Top competitors in the utility sector and their estimated market shares:** 1. **ExxonMobil:** around 15% 2. **Chevron:** around 12% 3. **ConocoPhillips:** around 10% 4. **Duke Energy:** a...

Is National Fuel Gas stock currently a good investment?

**Revenue Growth:** 4.5% (2024) **Profit Growth:** 3.8% (2024) **Dividend Yield:** 3.2% (2024) National Fuel Gas Company achieved a moderate revenue growth of 4.5% in 2024, attributed to stable demand in its core segments. The 3.8% profit growth demonstrates the company's ability to maintain p...

Does National Fuel Gas pay a dividend – and how reliable is the payout?

**Dividend Yield:** 3.5% (2025, estimated) **Dividend History:** 51 years of uninterrupted payouts (until 2023) National Fuel Gas Company (NYSE:NFG) is known for its reliable dividend policy. The company has consistently paid dividends over the past decades and aims to continue this tradition. T...

New support ticket

Explore

National Fuel Gas Stock Value

National Fuel Gas Company Info

Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.

Top growth stocks in the energy sector (5Y.)

What does National Fuel Gas do?

National Fuel Gas Questions and Answers

Offer & Services

Service & Collaboration

Company & Legal

New support ticket

Explore

National Fuel Gas Stock Value

National Fuel Gas Company Info

Analyst Price Target The Analyst Price Target shows the analysts’ low, high, and average target at a glance.

Top growth stocks in the energy sector (5Y.)

What does National Fuel Gas do?

National Fuel Gas Questions and Answers

Offer & Services

Service & Collaboration

Company & Legal

Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.