Bank of America Corp DE Buys New Shares in National Fuel Gas Company $NFG

Key Points

• Bank of America acquired 755,644 shares of National Fuel Gas in the second quarter, valued at approximately $58.3 million and representing a 0.80% stake. Institutional investors collectively own 73.96% of the company.
• National Fuel Gas reported quarterly earnings of $1.54 per share, beating estimates of $1.44, while revenue of $537.5 million fell short of expectations. The stock opened at $80.80, near the lower end of its 52-week range.
• The company declared a quarterly dividend of $0.555 per share, equivalent to an annualized $2.22 dividend and a 2.7% yield. Analyst sentiment remains moderately positive, with a consensus price target of $105.50.

Bank of America Corp DE acquired a new stake in shares of National Fuel Gas Company (NYSE:NFG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 755,644 shares of the oil and gas producer's stock, valued at approximately $58,343,000. Bank of America Corp DE owned 0.80% of National Fuel Gas at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of NFG. Freestone Grove Partners LP bought a new position in shares of National Fuel Gas during the 2nd quarter valued at about $710,000. Man Group plc purchased a new position in National Fuel Gas during the 2nd quarter valued at approximately $6,340,000. Jupiter Topco LLC purchased a new position in National Fuel Gas during the 2nd quarter valued at approximately $3,168,000. Hsbc Holdings PLC purchased a new stake in shares of National Fuel Gas during the 2nd quarter worth approximately $989,000. Finally, Castleark Management LLC bought a new position in shares of National Fuel Gas during the 2nd quarter valued at approximately $591,000. Hedge funds and other institutional investors own 73.96% of the company's stock.

Analyst Upgrades and Downgrades

NFG has been the topic of several recent research reports. Wall Street Zen cut shares of National Fuel Gas from a "hold" rating to a "sell" rating in a research report on Saturday, August 29th. Weiss Ratings cut National Fuel Gas from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Finally, KeyCorp restated an "overweight" rating on shares of National Fuel Gas in a research report on Monday, August 31st. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, National Fuel Gas has an average rating of "Moderate Buy" and a consensus price target of $105.50.

National Fuel Gas Trading Down 0.2%

NYSE:NFG opened at $80.80 on Monday. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 1.80 and a beta of 0.37. National Fuel Gas Company has a 52 week low of $75.17 and a 52 week high of $97.06. The company has a quick ratio of 3.07, a current ratio of 3.20 and a debt-to-equity ratio of 0.91. The firm has a 50 day moving average of $81.95 and a 200 day moving average of $83.90.

National Fuel Gas (NYSE:NFG - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.10. National Fuel Gas had a return on equity of 19.04% and a net margin of 26.97%.The business had revenue of $537.50 million during the quarter, compared to the consensus estimate of $564.33 million. During the same quarter last year, the company earned $1.64 earnings per share. The company's quarterly revenue was up 1.1% on a year-over-year basis. As a group, sell-side analysts anticipate that National Fuel Gas Company will post 7.49 earnings per share for the current fiscal year.

National Fuel Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.555 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $2.22 dividend on an annualized basis and a yield of 2.7%. National Fuel Gas's dividend payout ratio is currently 30.83%.

National Fuel Gas Profile

National Fuel Gas Company NYSE: NFG is a diversified energy company with operations spanning natural gas exploration and production, pipeline transportation and storage, and utility distribution. Through its subsidiaries, the company develops, produces, gathers, stores and transports natural gas, primarily serving markets in the northeastern United States.

National Fuel's exploration and production business is operated through Seneca Resources Company, which focuses on developing natural gas reserves in the Appalachian region, including the Marcellus and Utica shale formations.

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