National Fuel Gas (NYSE: NFG) Maintains "Overweight" Rating Amidst Strategic Growth and Strong Dividends

• KeyBanc reaffirmed its "Overweight" rating on National Fuel Gas (NYSE: NFG), citing its diversified energy business and strategic acquisitions.
• The company's acquisition of CenterPoint Energy's Ohio utility is set to significantly expand its regulated rate base, promising more stable earnings.
• Despite a slight year-over-year earnings decline, National Fuel Gas exceeded Q3 fiscal 2026 EPS estimates and boasts a strong outlook with projected growth and a 56-year dividend increase streak.

On August 31, 2026, KeyBanc maintained its "Overweight" rating on National Fuel Gas (NYSE: NFG) when the NFG stock was priced at $82.97. National Fuel Gas is a diversified energy company. Its business is vertically integrated, meaning it is involved in various stages of the natural gas industry, from exploration to customer delivery.

A key recent event for National Fuel Gas is its acquisition of CenterPoint Energy (NYSE: CNP)'s Ohio utility. This strategic move is expected to double the company's regulated rate base. A larger rate base means more of its income comes from government-regulated utility services, which often provides more stable and predictable earnings for a company.

The positive rating is supported by National Fuel Gas's recent earnings performance. For its third-quarter fiscal 2026, National Fuel Gas reported adjusted earnings per share of $1.54. This result, as highlighted by Zacks, exceeded the consensus estimate of $1.47 by 4.8%, showing the company performed better than analysts had predicted for the period.

However, National Fuel Gas faces some challenges. The adjusted earnings of $1.54 mark a 6.1% decline from $1.64 in the year-ago quarter. Additionally, National Fuel Gas's stock has only increased by 0.5% since its last earnings report, a performance that has underperformed the broader S&P 500 index.

Despite this, the outlook for National Fuel Gas remains positive for some investors. As highlighted by Seeking Alpha, National Fuel Gas has a projected earnings per share growth of 8.5% for fiscal year 2026. The company also trades at the lowest forward price-to-earnings ratio among its peers and has a 56-year streak of dividend increases.