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National Fuel Gas Stock: Downside Possible, But Upgrading...
Wolf Report · 2026-06-19 · via All Articles on Seeking Alpha

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.'
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Refinery zone and logistics facility glowing under city lights in oil export terminal in industrial energy complex

primeimages/E+ via Getty Images

Investing in energy companies is a tricky venture—so is investing in National Fuel Gas (NFG). I cited "HOLD" in my last article on the company, which was published about 6 months back, and why, until

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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