Bank of New York Mellon Corp Acquires Shares of 885,116 National Fuel Gas Company $NFG

Key Points

• Bank of New York Mellon acquired 885,116 National Fuel Gas shares worth approximately $68.3 million, representing about 0.93% of the company. Institutional investors collectively own 73.96% of NFG.
• National Fuel Gas reported quarterly EPS of $1.54, exceeding estimates of $1.44, while revenue of $537.5 million fell short of expectations. Analysts project full-year EPS of $7.50.
• The company increased its quarterly dividend to $0.555 per share, or $2.22 annually, yielding about 2.7%. Analysts maintain a “Moderate Buy” consensus with an average price target of $105.50.

Bank of New York Mellon Corp acquired a new position in shares of National Fuel Gas Company (NYSE:NFG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 885,116 shares of the oil and gas producer's stock, valued at approximately $68,340,000. Bank of New York Mellon Corp owned approximately 0.93% of National Fuel Gas at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp grew its position in shares of National Fuel Gas by 3.4% in the 2nd quarter. State Street Corp now owns 4,035,345 shares of the oil and gas producer's stock worth $343,962,000 after acquiring an additional 132,855 shares in the last quarter. Energy Income Partners LLC increased its stake in National Fuel Gas by 1.1% during the first quarter. Energy Income Partners LLC now owns 2,589,824 shares of the oil and gas producer's stock valued at $243,340,000 after purchasing an additional 28,755 shares during the last quarter. AQR Capital Management LLC increased its stake in National Fuel Gas by 103.4% during the third quarter. AQR Capital Management LLC now owns 2,138,153 shares of the oil and gas producer's stock valued at $197,501,000 after purchasing an additional 1,087,067 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of National Fuel Gas by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 1,816,217 shares of the oil and gas producer's stock worth $145,446,000 after purchasing an additional 121,099 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of National Fuel Gas by 653.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,582,782 shares of the oil and gas producer's stock worth $126,718,000 after purchasing an additional 1,372,742 shares during the period. Institutional investors own 73.96% of the company's stock.

National Fuel Gas Stock Performance

NFG stock opened at $82.29 on Wednesday. The company has a 50-day simple moving average of $80.27 and a 200 day simple moving average of $84.53. The company has a market capitalization of $7.82 billion, a P/E ratio of 11.43, a PEG ratio of 1.83 and a beta of 0.37. The company has a quick ratio of 3.07, a current ratio of 3.20 and a debt-to-equity ratio of 0.91. National Fuel Gas Company has a fifty-two week low of $75.17 and a fifty-two week high of $97.06.

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 analysts' consensus estimates of $1.44 by $0.10. The company had revenue of $537.50 million during the quarter, compared to analyst estimates of $564.33 million. National Fuel Gas had a net margin of 26.97% and a return on equity of 19.04%. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.64 EPS. Sell-side analysts predict that National Fuel Gas Company will post 7.5 earnings per share for the current fiscal year.

National Fuel Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.555 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.22 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from National Fuel Gas's previous quarterly dividend of $0.54. National Fuel Gas's dividend payout ratio (DPR) is presently 30.83%.

Wall Street Analyst Weigh In

NFG has been the topic of a number of recent research reports. Wall Street Zen raised shares of National Fuel Gas from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings downgraded National Fuel Gas from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, National Fuel Gas has a consensus rating of "Moderate Buy" and an average price target of $105.50.

About National Fuel Gas

National Fuel Gas Company NYSE: NFG is a diversified energy company engaged primarily in the production, gathering, transmission, distribution and marketing of natural gas. The company operates through four principal segments: Exploration & Production, Pipeline & Storage, Utilities, and Energy Marketing. Its integrated asset base spans upstream development in the Appalachian Basin, regional pipeline networks, underground storage facilities, and regulated utility distribution systems.

In its Exploration & Production segment, National Fuel Gas focuses on developing natural gas reserves in the Marcellus and Utica shales, leveraging modern drilling and completion techniques.

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