• In late January 2026, National Fuel Gas Company reported first‑quarter 2026 results showing revenue of US$651.51 million and net income of US$181.65 million, with diluted earnings per share from continuing operations of US$1.98, all materially higher than a year earlier.
• Beyond the earnings beat, investors also focused on the company’s reaffirmed full‑year EPS outlook and progress toward pipeline expansions and the pending CenterPoint Ohio gas utility acquisition.
• With recent share performance mixed, we’ll explore how the stronger Upstream and Gathering earnings and reaffirmed full‑year guidance shape National Fuel Gas’s investment narrative.

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What Is National Fuel Gas' Investment Narrative?

To own National Fuel Gas today, you need to be comfortable with a diversified gas business that leans heavily on its Integrated Upstream and Gathering segment, ongoing pipeline expansions and a sizeable regulated utility acquisition. The latest quarter’s strong EPS beat, higher net income and reaffirmed full year EPS guidance all support that thesis rather than change it, suggesting the core story is intact even if the stock’s recent price moves have been mixed. Short term, the key catalysts still look tied to execution on the Tioga Pathway and Shippingport Lateral projects, as well as closing and integrating the CenterPoint Ohio gas utility deal, which has already been partially funded by a US$350 million equity issue. The main risks remain high leverage, regulatory approvals and the usual exposure to gas prices and infrastructure project timing.

However, one funding decision in particular may matter more than it first appears for shareholders. National Fuel Gas' shares have been on the rise but are still potentially undervalued by 33%. Find out what it's worth.

Exploring Other Perspectives

The Simply Wall St Community’s five fair value estimates run from US$39.58 to US$140, underscoring just how far apart views can be. Set those alongside recent earnings strength and the debt and regulatory risks, and you start to see why opinions on National Fuel Gas’s future performance can differ so sharply.

Explore 5 other fair value estimates on National Fuel Gas - why the stock might be worth as much as 67% more than the current price!

Build Your Own National Fuel Gas Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your National Fuel Gas research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.
• Our free National Fuel Gas research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate National Fuel Gas' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.