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National Fuel Gas

DB:NFG
Snowflake Description

Established dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NFG
DB
$5B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

National Fuel Gas Company operates as a diversified energy company. The last earnings update was 79 days ago. More info.


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NFG Share Price and Events
7 Day Returns
-1.6%
DB:NFG
-0.8%
Europe Gas Utilities
1.8%
DE Market
1 Year Returns
27.1%
DB:NFG
9.6%
Europe Gas Utilities
-6%
DE Market
NFG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
National Fuel Gas (NFG) -1.6% -2% 7.7% 27.1% 11.9% -0.2%
Europe Gas Utilities -0.8% -0.4% 4.1% 9.6% 36.2% 29.1%
DE Market 1.8% 4.6% 7.4% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • NFG outperformed the Gas Utilities industry which returned 9.6% over the past year.
  • NFG outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
NFG
Industry
5yr Volatility vs Market

Value

 Is National Fuel Gas undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of National Fuel Gas to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for National Fuel Gas.

DB:NFG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:NFG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Gas Utilities Unlevered Beta Simply Wall St/ S&P Global 0.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.37 (1 + (1- 21%) (41.91%))
0.66
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:NFG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for National Fuel Gas is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:NFG DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 5%)
2019 44.59 Est @ -21.15% 42.47
2020 38.02 Est @ -14.74% 34.48
2021 34.12 Est @ -10.25% 29.48
2022 31.70 Est @ -7.11% 26.08
2023 30.14 Est @ -4.91% 23.62
2024 29.13 Est @ -3.37% 21.74
2025 28.46 Est @ -2.29% 20.23
2026 28.02 Est @ -1.53% 18.97
2027 27.74 Est @ -1% 17.89
2028 27.57 Est @ -0.63% 16.93
Present value of next 10 years cash flows $251.89
DB:NFG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $27.57 × (1 + 0.23%) ÷ (5% – 0.23%)
$579.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $579.48 ÷ (1 + 5%)10
$355.89
DB:NFG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $251.89 + $355.89
$607.78
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $607.78 / 86.28
$7.04
DB:NFG Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:NFG represents 0.88365x of NYSE:NFG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.88365x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 7.04 x 0.88365
€6.22
Value per share (EUR) From above. €6.22
Current discount Discount to share price of €52.10
= -1 x (€52.10 - €6.22) / €6.22
-737%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of National Fuel Gas is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for National Fuel Gas's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are National Fuel Gas's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:NFG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $3.44
NYSE:NFG Share Price ** NYSE (2019-04-18) in USD $58.96
Europe Gas Utilities Industry PE Ratio Median Figure of 8 Publicly-Listed Gas Utilities Companies 17.84x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of National Fuel Gas.

DB:NFG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:NFG Share Price ÷ EPS (both in USD)

= 58.96 ÷ 3.44

17.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Fuel Gas is good value based on earnings compared to the Europe Gas Utilities industry average.
  • National Fuel Gas is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does National Fuel Gas's expected growth come at a high price?
Raw Data
DB:NFG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-9.1%per year
Global Gas Utilities Industry PEG Ratio Median Figure of 29 Publicly-Listed Gas Utilities Companies 2.44x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:NFG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.14x ÷ -9.1%

-1.87x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Fuel Gas earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on National Fuel Gas's assets?
Raw Data
DB:NFG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $23.73
NYSE:NFG Share Price * NYSE (2019-04-18) in USD $58.96
Europe Gas Utilities Industry PB Ratio Median Figure of 9 Publicly-Listed Gas Utilities Companies 1.81x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:NFG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:NFG Share Price ÷ Book Value per Share (both in USD)

= 58.96 ÷ 23.73

2.48x

* Primary Listing of National Fuel Gas.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Fuel Gas is overvalued based on assets compared to the Europe Gas Utilities industry average.
X
Value checks
We assess National Fuel Gas's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Gas Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Gas Utilities industry average (and greater than 0)? (1 check)
  5. National Fuel Gas has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is National Fuel Gas expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-9.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is National Fuel Gas expected to grow at an attractive rate?
  • National Fuel Gas's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • National Fuel Gas's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • National Fuel Gas's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:NFG Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:NFG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -9.1%
DB:NFG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 10.9%
Europe Gas Utilities Industry Earnings Growth Rate Market Cap Weighted Average 40%
Europe Gas Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:NFG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:NFG Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30
2020-09-30 2,053 615 253 2
2019-09-30 1,915 573 320 2
DB:NFG Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 1,663 620 296
2018-09-30 1,593 614 392
2018-06-30 1,590 653 399
2018-03-31 1,596 622 396
2017-12-31 1,577 637 393
2017-09-30 1,580 684 283
2017-06-30 1,585 680 275
2017-03-31 1,573 628 224
2016-12-31 1,500 620 -13
2016-09-30 1,452 589 -291
2016-06-30 1,461 601 -516
2016-03-31 1,465 659 -818

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • National Fuel Gas's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • National Fuel Gas's revenue is expected to grow by 10.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:NFG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from National Fuel Gas Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NFG Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30
2020-09-30 2.92 2.92 2.92 1.00
2019-09-30 3.46 3.46 3.46 1.00
DB:NFG Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 3.44
2018-09-30 4.56
2018-06-30 4.66
2018-03-31 4.62
2017-12-31 4.60
2017-09-30 3.32
2017-06-30 3.23
2017-03-31 2.63
2016-12-31 -0.15
2016-09-30 -3.43
2016-06-30 -6.09
2016-03-31 -9.66

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if National Fuel Gas will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess National Fuel Gas's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
National Fuel Gas has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has National Fuel Gas performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare National Fuel Gas's growth in the last year to its industry (Gas Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • National Fuel Gas's year on year earnings growth rate has been positive over the past 5 years.
  • National Fuel Gas's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • National Fuel Gas's 1-year earnings growth is negative, it can't be compared to the Europe Gas Utilities industry average.
Earnings and Revenue History
National Fuel Gas's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from National Fuel Gas Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NFG Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,663.26 295.53 7.40
2018-09-30 1,592.67 391.52
2018-06-30 1,590.41 399.10
2018-03-31 1,595.87 395.79
2017-12-31 1,577.04 393.23
2017-09-30 1,579.88 283.48
2017-06-30 1,585.42 275.46
2017-03-31 1,572.67 224.03
2016-12-31 1,499.72 -12.94
2016-09-30 1,452.42 -290.96
2016-06-30 1,461.01 -516.21
2016-03-31 1,465.20 -817.63
2015-12-31 1,612.20 -653.28
2015-09-30 1,760.91 -379.43
2015-06-30 1,826.47 -134.29
2015-03-31 1,926.80 223.36
2014-12-31 2,086.92 301.90
2014-09-30 2,113.08 299.41
2014-06-30 2,085.32 289.83
2014-03-31 2,085.19 283.80
2013-12-31 1,926.77 274.31
2013-09-30 1,829.55 260.00
2013-06-30 1,803.95 260.96
2013-03-31 1,692.80 245.65
2012-12-31 1,647.28 227.32
2012-09-30 1,626.85 220.08
2012-06-30 1,599.63 208.63

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • National Fuel Gas has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • National Fuel Gas used its assets more efficiently than the Europe Gas Utilities industry average last year based on Return on Assets.
  • National Fuel Gas has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess National Fuel Gas's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Gas Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
National Fuel Gas has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is National Fuel Gas's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up National Fuel Gas's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • National Fuel Gas is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • National Fuel Gas's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of National Fuel Gas's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from National Fuel Gas Company Filings, last reported 3 months ago.

DB:NFG Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,046.99 2,131.88 109.75
2018-09-30 1,937.33 2,131.37 229.61
2018-06-30 1,927.38 2,085.58 313.31
2018-03-31 1,919.19 2,085.01 227.99
2017-12-31 1,859.92 2,084.47 166.29
2017-09-30 1,703.74 2,383.68 555.53
2017-06-30 1,684.05 2,087.95 285.33
2017-03-31 1,651.32 2,087.39 231.17
2016-12-31 1,568.94 2,086.82 136.49
2016-09-30 1,527.00 2,086.25 129.97
2016-06-30 1,527.64 2,085.69 105.57
2016-03-31 1,622.48 2,085.12 93.70
2015-12-31 1,812.68 2,115.96 36.33
2015-09-30 2,025.44 2,084.01 113.60
2015-06-30 2,247.36 2,099.00 310.03
2015-03-31 2,599.25 1,806.50 69.44
2014-12-31 2,603.13 1,821.90 43.92
2014-09-30 2,410.68 1,723.04 36.89
2014-06-30 2,340.70 1,649.00 102.65
2014-03-31 2,299.53 1,649.00 150.86
2013-12-31 2,250.74 1,649.00 23.88
2013-09-30 2,194.73 1,649.00 64.86
2013-06-30 2,137.17 1,649.00 134.58
2013-03-31 2,042.11 1,649.00 112.41
2012-12-31 2,016.21 1,637.00 61.02
2012-09-30 1,960.10 1,570.00 74.49
2012-06-30 1,989.24 1,469.20 140.82
  • National Fuel Gas's level of debt (104.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (73.2% vs 104.1% today).
  • Debt is well covered by operating cash flow (29.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).
X
Financial health checks
We assess National Fuel Gas's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. National Fuel Gas has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is National Fuel Gas's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.88%
Current annual income from National Fuel Gas dividends. Estimated to be 2.98% next year.
If you bought €2,000 of National Fuel Gas shares you are expected to receive €58 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • National Fuel Gas's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • National Fuel Gas's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:NFG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Europe Gas Utilities Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:NFG Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-09-30 1.88 1.00
2022-09-30 1.84 1.00
2021-09-30 1.79 2.00
2020-09-30 1.74 5.00
2019-09-30 1.71 5.00
DB:NFG Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-07 1.700 2.811
2018-12-06 1.700 3.030
2018-09-13 1.700 3.072
2018-06-14 1.700 3.116
2018-03-08 1.660 3.236
2017-12-07 1.660 3.105
2017-09-14 1.660 2.884
2017-06-15 1.660 2.872
2017-05-05 1.620 2.867
2016-12-08 1.620 2.800
2016-09-16 1.620 2.995
2016-06-09 1.620 2.872
2016-03-10 1.580 3.001
2015-12-08 1.580 3.631
2015-09-18 1.580 3.190
2015-06-11 1.580 2.837
2015-03-12 1.540 2.451
2014-12-09 1.540 2.329
2014-09-11 1.540 2.208
2014-06-12 1.540 2.079
2014-03-13 1.500 2.063
2013-12-10 1.500 2.061
2013-09-12 1.500 2.181
2013-06-13 1.500 2.366
2013-03-07 1.460 2.402
2013-02-08 1.460 2.526
2012-09-13 1.460 2.783
2012-06-07 1.460 3.011
2012-03-08 1.420 3.079
2011-12-08 1.420 2.759
2011-09-13 1.420 2.520
2011-06-09 1.420 2.171
2011-03-10 1.380 1.946
2010-12-09 1.380 2.015
2010-09-14 1.380 2.468
2010-06-10 1.380 2.929
2010-03-11 1.340 2.640
2009-12-10 1.340 2.689
2009-09-17 1.340 2.844
2009-06-11 1.340 3.335
2009-04-22 1.300 3.951

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of National Fuel Gas's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess National Fuel Gas's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can National Fuel Gas afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. National Fuel Gas has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of National Fuel Gas's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ron Tanski
COMPENSATION $8,084,177
AGE 66
TENURE AS CEO 6 years
CEO Bio

Mr. Ronald J. Tanski, also known as Ron, has been President of National Fuel Gas Company (the “Company”) since July 2010 and its Chief Executive Officer since April 2013 and serves as its Director. Mr. Tanski served as President and Chief Operating Officer of the Company from July 2010 to March 2013 and as Treasurer and Principal Financial Officer from April 2004 to July 2010. Mr. Tanski was President of National Fuel Gas Supply Corporation (1) from July 2008 to July 2010 and President of National Fuel Gas Distribution Corporation (1) from February 2006 to July 2008. He was previously Treasurer of Distribution, Supply, Empire Pipeline, Inc. and National Fuel Resources, Inc. (1). Mr. Tanski also served in management roles at Seneca Resources Corporation (1), and other Company subsidiaries, including Empire Exploration, Inc. (merged into Seneca), and Horizon Energy Development, Inc. (sold in 2010). He is a member of the Board of Directors of the Interstate Natural Gas Association of America (“INGAA”) and was INGAA Chairman in 2015. Mr. Tanski is a Director of the AGA and a member of the Council on Accountancy at Canisius College. He also serves on the Board of Managers of the Buffalo Museum of Science and is a Director of the Buffalo Niagara Enterprise. He holds B.A. in biology from State University of New York at Buffalo and MBA from State University of New York at Buffalo and J.D. from tate University of New York at Buffalo School of Law.

CEO Compensation
  • Ron's compensation has been consistent with company performance over the past year.
  • Ron's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the National Fuel Gas management team in years:

4.6
Average Tenure
59
Average Age
  • The tenure for the National Fuel Gas management team is about average.
Management Team

Ron Tanski

TITLE
President
COMPENSATION
$8M
AGE
66
TENURE
6 yrs

Dave Bauer

TITLE
Treasurer & Principal Financial Officer
COMPENSATION
$2M
AGE
49
TENURE
8.8 yrs

John Pustulka

TITLE
Chief Operating Officer
COMPENSATION
$4M
AGE
66
TENURE
3.2 yrs

John McGinnis

TITLE
President of Seneca Resources Corporation
COMPENSATION
$3M
AGE
57
TENURE
2.9 yrs

Karen Camiolo

TITLE
Principal Accounting Officer & Controller
AGE
59
TENURE
15 yrs

Martin Krebs

TITLE
Chief Information Officer
TENURE
0.2 yrs

Kenneth Webster

TITLE
Director of Investor Relations
TENURE
1.3 yrs

Paula Ciprich

TITLE
Senior VP & General Counsel
AGE
58
TENURE
14.3 yrs

Amy Shiley

TITLE
General Manager of Human Resources Department
TENURE
28.3 yrs

Donna DeCarolis

TITLE
President of National Fuel Gas Distribution Corporation
AGE
59
TENURE
0.2 yrs
Board of Directors Tenure

Average tenure and age of the National Fuel Gas board of directors in years:

5.1
Average Tenure
62
Average Age
  • The tenure for the National Fuel Gas board of directors is about average.
Board of Directors

Dave Smith

TITLE
Chairman of the Board
COMPENSATION
$345K
AGE
65
TENURE
9.1 yrs

Ron Tanski

TITLE
President
COMPENSATION
$8M
AGE
66
TENURE
5.1 yrs

Steven Ewing

TITLE
Lead Independent Director
COMPENSATION
$316K
AGE
74
TENURE
5.3 yrs

Jeff Shaw

TITLE
Director
COMPENSATION
$301K
AGE
60
TENURE
5.1 yrs

Rebecca Ranich

TITLE
Director
COMPENSATION
$294K
AGE
61
TENURE
2.8 yrs

David Carroll

TITLE
Director
COMPENSATION
$273K
AGE
62
TENURE
6.8 yrs

Joe Jaggers

TITLE
Director
COMPENSATION
$286K
AGE
65
TENURE
3.8 yrs

Tom Skains

TITLE
Director
COMPENSATION
$277K
AGE
61
TENURE
2.3 yrs

Steve Finch

TITLE
Independent Director
COMPENSATION
$63K
AGE
59
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • National Fuel Gas insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
25. Mar 19 Sell John McGinnis Individual 21. Mar 19 21. Mar 19 -2,357 €53.01 €-124,938
27. Feb 19 Sell Paula Ciprich Individual 25. Feb 19 25. Feb 19 -10,227 €53.24 €-544,512
11. Feb 19 Sell David Smith Individual 08. Feb 19 08. Feb 19 -8,394 €51.43 €-431,669
08. Aug 18 Sell Ronald Kraemer Individual 07. Aug 18 07. Aug 18 -3,054 €47.86 €-146,166
19. Jun 18 Sell Paula Ciprich Individual 18. Jun 18 18. Jun 18 -4,639 €45.43 €-210,736
X
Management checks
We assess National Fuel Gas's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. National Fuel Gas has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

National Fuel Gas Company operates as a diversified energy company. It operates through five segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. 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, 2018, it had proved developed and undeveloped reserves of 27,663 thousand barrels of oil and 2,357,342 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 extending from southwestern Pennsylvania to the New York-Canadian border, and eastward to Ellisburg and Leidy, Pennsylvania; and owns and operates 28 underground natural gas storage fields, as well as 3 other 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, a 266-mile pipeline system. The Gathering segment builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region. The Utility segment sells natural gas or provides natural gas transportation services to approximately 750,200 customers in Buffalo, Niagara Falls, and Jamestown, New York; and Erie and Sharon, Pennsylvania. The Energy Marketing segment markets natural gas to industrial, wholesale, commercial, public authority, and residential customers primarily in western and central New York, and northwestern Pennsylvania. As of September 30, 2018, the company also owned approximately 94,000 acres of timber property; and managed approximately 3,000 additional acres of timber cutting rights. National Fuel Gas Company was founded in 1902 and is headquartered in Williamsville, New York.

Details
Name: National Fuel Gas Company
NFG
Exchange: DB
Founded: 1902
$4,523,343,984
86,278,520
Website: http://investor.nationalfuelgas.com
Address: National Fuel Gas Company
6363 Main Street,
Williamsville,
New York, 14221,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE NFG Common Stock New York Stock Exchange US USD 02. Jan 1968
DB NFG Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
Number of employees
Current staff
Staff numbers
2,105
National Fuel Gas employees.
Industry
Gas Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 20:56
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/02/01
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.