National Fuel Gas Dividends and Buybacks
Dividend criteria checks 4/6
National Fuel Gas is a dividend paying company with a current yield of 2.71% that is well covered by earnings.
Key information
2.7%
Dividend yield
-4.3%
Buyback Yield
| Total Shareholder Yield | -1.5% |
| Future Dividend Yield | 2.7% |
| Dividend Growth | 3.0% |
| Next dividend pay date | n/a |
| Ex dividend date | n/a |
| Dividend per share | n/a |
| Payout ratio | 30% |
Recent dividend and buyback updates
Recent updates
Narrative Update • Aug 16
NFG: Ohio Acquisition And Dividend Growth Will Support Higher Future P/E
Analysts have trimmed their price target on National Fuel Gas from $98.50 to $92.00, citing updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E that align with the recent reduction in the Street target from $99 to $93. What’s in the News for National Fuel Gas National Fuel Gas reported Q3 2026 adjusted EPS of $1.54, which was slightly below the prior year, and discussed ongoing progress on its Ohio utility acquisition, according to the Q3 2026 earnings call transcript.Narrative Update • Aug 02
NFG: Rising Dividend And Solid Margins Will Support Higher Future P/E
Analysts have trimmed their price target on National Fuel Gas to $98.50 from $101.50, citing updated assumptions for revenue growth, profit margin, and the future P/E multiple. What’s in the News for National Fuel Gas National Fuel Gas issued production guidance for 2026, with expected output between 420 Bcf and 430 Bcf.Narrative Update • Jun 25
NFG: Dividend Strength And Margin Profile Will Support Higher Future P/E
Analysts have lifted their price target on National Fuel Gas by $3, reflecting updated views on the stock after recent research that highlights supportive fundamentals and valuation assumptions, including a fair value estimate of $101.50 and a future P/E of 17.14x. Analyst Commentary Recent Street research around National Fuel Gas centers on how current fundamentals stack up against the updated fair value estimate and future P/E assumptions.Seeking Alpha • Jun 19
National Fuel Gas: Downside Possible, But Upgrading Price Target
Summary National Fuel Gas is rated as a 'Hold' with a modestly raised price target of $75.50/share. NFG's vertical integration and recent Ohio utility acquisition drive operational complexity, increased leverage, and exposure to commodity and regulatory risks. The current 2.92% yield and growth outlook do not sufficiently compensate for risk, especially with recent dilution and higher CapEx. Despite quality operations and a well-covered dividend, NFG's valuation and risk/reward profile are not compelling enough to warrant a 'Buy.' Read the full article on Seeking AlphaNarrative Update • Jun 07
NFG: Dividend Commitment And Margin Outlook Will Support Future Multiple Expansion
Narrative Update on National Fuel Gas Analysts have raised their price targets on National Fuel Gas by $3, citing updated views on revenue, profit margins, and future P/E assumptions. Analyst Commentary Recent research pieces on National Fuel Gas focus on revised price targets and fresh coverage that highlight how analysts are thinking about valuation, growth prospects, and execution risk.Narrative Update • May 16
NFG: Refined Production Outlook Will Support Future Multiple Expansion Potential
National Fuel Gas' updated analyst price target edges to $101.50 from $102.00, as analysts factor in slightly lower revenue growth and profit margin assumptions, along with a higher discount rate, partially offset by a higher future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts focusing on National Fuel Gas highlight recent price target increases as support for the updated valuation framework that relies on a higher future P/E multiple.Analysis Article • May 08
National Fuel Gas' (NYSE:NFG) Earnings Are Weaker Than They Seem
Last week's profit announcement from National Fuel Gas Company ( NYSE:NFG ) was underwhelming for investors, despite...Narrative Update • Apr 22
NFG: Recent Bullish Coverage Will Support Future Production And Execution Confidence
Analysts have lifted their price target on National Fuel Gas by $2, reflecting updated expectations for revenue, profit margins and future P/E in light of recent bullish initiations and target revisions. Analyst Commentary Recent research points to a more constructive stance on National Fuel Gas, with fresh coverage and updated targets reflecting how analysts see the balance between valuation, earnings power and execution risk.Narrative Update • Apr 07
NFG: Future Equity Plans Will Support Balanced Production And Execution Outlook
Analysts have lifted their price target on National Fuel Gas by $2 to $102, citing updated assumptions around fair value, growth, and the price-to-earnings ratio that reflect recent Street research. Analyst Commentary Recent Street research around National Fuel Gas reflects a mix of optimism and caution, with price targets moving in both directions and fresh coverage coming in with a constructive stance.Narrative Update • Jan 10
NFG: Future Equity Raise Will Support Production Expansion Upside
Analysts have slightly adjusted their view on National Fuel Gas, trimming their fair value estimate from US$101.33 to US$100.00 as they factor in expectations for more moderate revenue growth, a softer profit margin profile, and a higher assumed future P/E multiple. What's in the News On December 12, 2025, National Fuel Gas Company entered into a common stock subscription agreement with accredited investors for 4,402,513 common shares at US$79.50 per share, for expected gross proceeds of about US$350.0m.Narrative Update • Dec 18
NFG: Future Production Expansion Will Drive Attractive Share Price Upside
Analysts have raised their price target on National Fuel Gas to approximately 101.33 dollars from 101 dollars, reflecting modestly updated assumptions around long term growth, profitability, and valuation multiples. What's in the News Entered into a common stock subscription agreement with accredited investors to issue 4,402,513 shares at 79.50 dollars per share, raising about 350 million dollars in gross proceeds, with closing expected on December 17, 2025, subject to customary conditions (Key Developments) Shares in the private offering are being issued without registration under the Securities Act, relying on Section 4(a)(2), Rule 506 of Regulation D, and similar state law exemptions (Key Developments) Updated buyback tranche disclosure shows no shares repurchased from July 1, 2025 to September 30, 2025, while the company has cumulatively repurchased 1,974,979 shares, or 2.16 percent, for 118.29 million dollars under the March 11, 2024 authorization (Key Developments) Reiterated 2026 production guidance, expecting total production of 440 to 455 Bcf, indicating confidence in medium term operating plans (Key Developments) Valuation Changes The fair value estimate increased slightly to approximately 101.33 dollars from 101 dollars, reflecting modestly revised long-term assumptions.Narrative Update • Dec 04
NFG: Future Production And Buybacks Will Drive Share Price Upside
Analysts have trimmed their price target for National Fuel Gas by 1 dollar to 101 dollars, reflecting slightly lower fair value assumptions despite largely unchanged expectations for growth, margins, and the discount rate. What's in the News Updated share repurchase activity showed no additional buybacks between July 1 and September 30, 2025, with the company having completed repurchases of 1,974,979 shares for approximately 118.29 million dollars under its March 11, 2024 authorization (Key Developments).Narrative Update • Nov 20
NFG: Improved Margins Will Drive Upside as Production Outlook Remains Solid
Analysts have raised their price target for National Fuel Gas slightly, increasing it from $101.33 to $102.00. They cite a modest improvement in profit margin estimates, despite expectations of slower revenue growth.Narrative Update • Nov 05
NFG: Improving Capital Efficiencies Will Drive Future Outperformance Amid Sector Volatility
Analysts have raised their price target for National Fuel Gas from $99.67 to $101.33 per share. This change is driven by expectations of improved capital efficiencies and positive cash flow as key developments unfold in the industry.Narrative Update • Oct 21
Analyst Commentary Highlights Upgraded Price Target and Improved Outlook for National Fuel Gas
Analysts have raised National Fuel Gas's price target by $1.67 to $99.67. They cite improved capital efficiencies, positive cash flow expectations, and the company's continued positioning as a high-quality, lower-risk sector name.Narrative Update • Aug 28
Pipeline Expansion And Marcellus Shale Will Drive Future Demand
Analysts have raised their price target for National Fuel Gas to $98.00, citing improved capital efficiencies, positive cash flow visibility from the One Big Beautiful Bill, and near-term data center growth catalysts. Analyst Commentary Improved capital efficiencies are driving higher earnings potential.Seeking Alpha • Apr 22
National Fuel Gas Q2 Preview: I'm Not Too Confident In The Short Term
Summary Analysts expect strong Q2 '25 earnings for National Fuel Gas Company, but I remain cautious due to the company's history of missing estimates and macroeconomic uncertainties. I will watch for any updates on the 2025 outlook, especially given recent economic shifts and potential impacts from the tariff war. The company's exposure to natural gas price fluctuations and infrastructure costs due to tariffs could affect future profitability and capex plans. Despite uncertainties, NFG's long history of dividend payouts and potential for long-term growth make it worth monitoring for future investment. Read the full article on Seeking AlphaSeeking Alpha • Feb 06
National Fuel Gas: Dividend Aristocrat With Strong Growth Catalysts
Summary National Fuel Gas has delivered a market-beating returns since my last visit. NFG's vertically integrated model and strong fiscal Q1 2025 results highlight its robust growth potential and operational efficiency. Key growth catalysts include the Tioga Pathway project and multi-year rate case settlements, supporting a favorable natural gas demand outlook. With a near 3% dividend yield, a well-covered payout ratio, and 53 years of dividend growth, NFG remains an attractive long-term investment. Read the full article on Seeking AlphaSeeking Alpha • Nov 25
Why National Fuel Gas Is Still On My 'Buy' List
Summary National Fuel Gas is a dividend king with 54 years of increases, offering a 3.21% yield and a BBB credit rating. NFG's mixed regulated and unregulated business model provides resilience and potential for significant cash injections during favorable market conditions. Despite higher commodity exposure, NFG's valuation is attractive, with a P/E of 10-12x and potential for 19-25% annualized returns. I maintain a "BUY" rating for NFG with a target price of $70/share, supported by strong fundamentals and realistic growth prospects. Read the full article on Seeking AlphaSeeking Alpha • Aug 31
National Fuel Gas Wasn't Necessarily A 'Buy', But Might Be Now
Summary National Fuel Gas has underperformed, showing a negative RoR of over 10%, while the S&P500 rose by over 40%. Despite recent earnings declines, NFG's fundamentals are solid, with a 3.5% dividend yield and a strong history of dividend increases. The company's mix of regulated and non-regulated operations, along with reduced leverage and potential nat gas recovery, supports a "Buy" rating. My target remains $70/share, expecting double-digit RoR, driven by conservative upside and earnings growth or multiple expansions. Read the full article on Seeking Alpha
New Narrative • Aug 29
Decisive Initiatives And Modernization Propel Growth In Utility And Energy Sectors
Strategic initiatives and operational efficiencies across all segments are set to expand revenue and net margin, enhancing earnings and free cash flow.Stability and Growth of Payments
Fetching dividends data
Stable Dividend: NFG's dividends per share have been stable in the past 10 years.
Growing Dividend: NFG's dividend payments have increased over the past 10 years.
Dividend Yield vs Market
| National Fuel Gas Dividend Yield vs Market |
|---|
| Segment | Dividend Yield |
|---|---|
| Company (NFG) | 2.7% |
| Market Bottom 25% (US) | 1.3% |
| Market Top 25% (US) | 4.0% |
| Industry Average (Gas Utilities) | 3.1% |
| Analyst forecast (NFG) (up to 3 years) | 2.7% |
Notable Dividend: NFG's dividend (2.71%) is higher than the bottom 25% of dividend payers in the US market (1.31%).
High Dividend: NFG's dividend (2.71%) is low compared to the top 25% of dividend payers in the US market (3.98%).
Earnings Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (29.7%), NFG's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its high cash payout ratio (94.9%), NFG's dividend payments are not well covered by cash flows.
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/17 19:16 |
| End of Day Share Price | 2026/08/14 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/09/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
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.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
National Fuel Gas Company is covered by 20 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | Argus Research Company |
| Jim Harmon | Barclays |
| Carl Kirst | BMO Capital Markets Equity Research |