It has been about a month since the last earnings report for National Fuel Gas (NFG Quick QuoteNFG - Free Report) . Shares have added about 0.5% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is National Fuel Gas due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for National Fuel Gas Company before we dive into how investors and analysts have reacted as of late.

National Fuel Gas Q3 Earnings Surpass Estimates, Revenues Increase Y/Y

National Fuel Gas Company reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.

GAAP earnings for the reported quarter were $1.45 per share compared with $1.64 in the year-ago quarter.

NFG’s Total Revenues

NFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million.

NFG's Revenue Mix Shows Uneven Trends

Utility: Revenues totaled $165.42 million, up 5.1% from $157.45 million in the year-ago quarter.

Integrated Upstream and Gathering: Revenues totaled $302.52 million, down 1.3% from $306.4 million in the year-ago quarter. Lower natural gas production more than offset the benefits of improved realized pricing, gathering revenues and other operating revenues.

Pipeline and Storage: Revenues amounted to $69.56 million, up 2.3% from $67.98 million recorded in the year-ago quarter, supported by higher transportation revenues from new long-term contracts.

NFG’s Higher Costs and Lower Production Weigh on Results

Total operating expenses increased 8.9% year over year to $328.6 million. Operation and maintenance expenses rose across all three operating segments, with the sharpest increase in the Integrated Upstream and Gathering.

Operating income totaled $208.9 million, down 9.3% from $230.3 million in the year-ago quarter.

Interest expense on long-term debt totaled $33.2 million, down 3.4% from $34.3 million in the year-ago period.

Seneca produced 104.3 billion cubic feet of natural gas during the reported quarter, down 7% from the prior-year period. Production from recently completed wells was insufficient to offset natural declines from existing wells.

NFG's Balance Sheet and Cash Flow

As of June 30, 2026, National Fuel Gas had cash and temporary cash investments of $1.24 billion compared with $43.2 million as of Sept. 30, 2025.
 
Net cash provided by operating activities totaled $1.03 billion for the first nine months of fiscal 2026, up 20% year over year.
 
For the first nine months of fiscal 2026, ended June 30 capital expenditures rose 21.9 % year over year to $764.5 million.

The company completed the financing needed for its $2.62-billion acquisition of CenterPoint Energy's Ohio natural gas utility and received final regulatory approval. The transaction remains on track to close Oct. 1, 2026.

National Fuel also increased its annual dividend rate by 4% to $2.22 per share. The company has now paid dividends for 124 consecutive years and raised its annual dividend for 56 straight years.

NFG Revises 2026 Outlook

National Fuel Gas lowered its fiscal 2026 adjusted earnings guidance to $7.40-$7.60 per share from $7.45-$7.75. The Zacks Consensus Estimate for fiscal 2026 is currently pegged at $7.66.
 
Production guidance was cut to 420-430 Bcf from 425-440 Bcf. The company cited ongoing appraisal work and greater-than-expected well interactions associated with more intensive completion design testing.

Consolidated capital expenditure guidance was raised to $1-$1.08 billion from $955 million to $1.07 billion.
 
Pipeline and Storage spending is now projected at $235-$265 million, while Integrated Upstream and Gathering expenditures are expected between $580 million and $605 million, excluding discretionary land purchases.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a flat trend in fresh estimates.

VGM Scores

At this time, National Fuel Gas has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

National Fuel Gas has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.