The guidance revision and lower production outlook are modest negatives, but the dividend increase and pending Ohio acquisition provide a floor. Watch for the Ohio utility acquisition close on October 1 and the fiscal 2027 guidance update expected after that. The stock may trade range-bound until the acquisition closes and production trends stabilize.
Price Chart
Executive Summary
National Fuel Gas reported Q3 fiscal 2026 GAAP EPS of $1.45, below the consensus estimate of $1.44, but adjusted EPS of $1.54 was down from $1.64 a year ago. The company narrowed its fiscal 2026 adjusted EPS guidance to $7.40-$7.60 from $7.45-$7.75, reflecting lower expected production in the upstream segment. The pending Ohio gas utility acquisition remains on track for an October 1 close, and the board approved a 4% dividend increase to $2.22 annually, marking 56 consecutive years of increases. The headline GAAP EPS beat consensus by 0.7%, but the guidance revision and year-over-year earnings decline temper the positive read-through, making this a neutral report overall.
Key Financial Metrics
Key Facts
- GAAP EPS of $1.45 vs consensus $1.44 (beat by 0.7%)
- Adjusted EPS of $1.54, down from $1.64 in the prior year
- Fiscal 2026 adjusted EPS guidance narrowed to $7.40-$7.60 from $7.45-$7.75
- Production guidance lowered to 420-430 Bcf from 425-440 Bcf
- Board approved 4% dividend increase to $2.22 annual rate
- Pending Ohio gas utility acquisition on track to close October 1, 2026
- Net cash from operations of $1.035B for nine months; free cash flow of $280M
- Issued $1.5B of new notes in June 2026 to fund acquisition and refinance debt
Financial Impact
GAAP EPS beat consensus by $0.01; adjusted EPS down $0.10 YoY; guidance midpoint lowered by $0.10
Risk Factors
- Lower-than-expected production in the Integrated Upstream and Gathering segment
- Execution risk on the Ohio gas utility acquisition and integration
- Natural gas price volatility impacting upstream earnings
- Higher operating costs and capital expenditures pressuring margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3335633 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | 8-K | $81.72 $83.58 | ▲ +2.28% | ▲ +2.72% | $76.71 (−6.14%) |
Aug 11, 2026 7w ago | 424B5 | $81.72 $83.58 | ▲ +2.28% | ▲ +2.72% | $76.71 (−6.14%) |
Jul 30, 2026 9w ago | 8-K | $82.47 $80.63 | ▼ −2.23% | ▼ −5.85% | $76.71 (−6.99%) |
Jul 29, 2026 9w ago | Press Release | $82.47 $80.63 | ▼ −2.23% | ▼ −5.85% | $76.71 (−6.99%) |
Jun 26, 2026 13w ago | 8-K | $78.58 $78.23 | ▼ −0.45% | ▼ −1.83% | $76.71 (−2.39%) |
Jun 10, 2026 16w ago | 8-K | $77.13 $76.78 | ▼ −0.45% | ▼ −3.89% | $76.71 (−0.55%) |
May 27, 2026 18w ago | 8-K | $78.12 $77.31 | ▼ −1.04% | ▼ −1.35% | $76.71 (−1.81%) |
May 27, 2026 18w ago | 424B5 | $78.30 $76.44 | ▼ −2.38% | ▼ −3.58% | $76.71 (−2.04%) |
May 26, 2026 18w ago | 8-K | $79.84 $76.94 | ▼ −3.63% | ▼ −4.72% | $76.71 (−3.93%) |
Apr 30, 2026 22w ago | 8-K | $84.38 $81.51 | ▲ +3.40% | ▲ +5.13% | $76.71 (+9.10%) |
US Market Status
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