BlackRock Inc. Acquires New Holdings in National Fuel Gas Company $NFG

Key Points

• BlackRock acquired 9.7 million shares of National Fuel Gas in the second quarter, worth approximately $748.6 million and representing a 10.2% stake. Institutional investors collectively own 73.96% of the company.
• National Fuel Gas reported quarterly EPS of $1.54, beating analyst expectations of $1.44, while revenue increased 1.1% year over year to $537.5 million but fell short of estimates.
• The company raised its quarterly dividend to $0.555 per share, or $2.22 annually, providing a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $105.50.

BlackRock Inc. bought a new position in National Fuel Gas Company (NYSE:NFG - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 9,695,230 shares of the oil and gas producer's stock, valued at approximately $748,569,000. BlackRock Inc. owned 10.20% of National Fuel Gas at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in 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 valued at $126,718,000 after acquiring an additional 1,372,742 shares during the last quarter. Norges Bank purchased a new stake in shares of National Fuel Gas during the 4th quarter valued at about $92,415,000. AQR Capital Management LLC increased its position in shares of National Fuel Gas by 103.4% during the 3rd 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. Yaupon Capital Management LP lifted its stake in shares of National Fuel Gas by 521.0% in the 4th quarter. Yaupon Capital Management LP now owns 1,105,979 shares of the oil and gas producer's stock worth $88,545,000 after purchasing an additional 927,873 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of National Fuel Gas in the 2nd quarter worth approximately $68,340,000. 73.96% of the stock is owned by institutional investors.

National Fuel Gas Price Performance

Shares of National Fuel Gas stock opened at $82.47 on Friday. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 11.45, 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. The stock's 50-day simple moving average is $80.05 and its 200-day simple moving average is $84.54. National Fuel Gas Company has a 52 week low of $75.17 and a 52 week high of $97.06.

National Fuel Gas (NYSE:NFG - Get Free Report) last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $1.54 earnings per share (EPS) for the quarter, beating 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 company had revenue of $537.50 million for the quarter, compared to the consensus estimate of $564.33 million. During the same quarter last year, the company earned $1.64 EPS. The firm's quarterly revenue was up 1.1% on a year-over-year basis. As a group, analysts expect that National Fuel Gas Company will post 7.5 earnings per share for the current fiscal year.

National Fuel Gas Increases Dividend

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

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wall Street Zen upgraded shares of National Fuel Gas from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings downgraded shares of National Fuel Gas from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, 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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