NATIONAL FUEL GAS CO (NFG)

Natural Gas Distribution

Latest Price

$81.70

TTM P/E

11.35

Normalized P/E

16.47

Div Yield

2.64%

Book Value

41.29

P/B Ratio

1.98

Valuation metrics

Norm. op. income: $640M (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$23.70

71% downside

Base FCF: $135M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$80.07

2% downside

EPS: $5.68

Target P/E: 16×

Formula: EPS × P/E

P/E Fair Value

$90.88

+11% upside

79.8% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	9.70M	$748.0M	10.20%	+538.7K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	8.03M	$620.0M	8.45%	+206.9K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	4.28M	$330.0M	4.51%	+37.3K	2026-06-30
STATE STREET CORP	4.20M	$326.0M	4.42%	+328.0K	2026-06-30
Energy Income Partners, LLC	3.00M	$231.0M	3.15%	+406.0K	2026-06-30
LSV ASSET MANAGEMENT	2.36M	$182.0M	2.48%	+130.4K	2026-06-30
PRICE T ROWE ASSOCIATES INC /MD/	2.36M	$182.0M	2.48%	-509.6K	2026-06-30
AQR CAPITAL MANAGEMENT LLC	1.97M	$152.0M	2.07%	+767.9K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.96M	$151.0M	2.07%	+20.8K	2026-06-30
Yaupon Capital Management LP	1.86M	$143.0M	1.96%	+816.3K	2026-06-30