What a $3 Million Add to National Fuel Gas Stock Signals to Long-Term Investors
Key Points
GAMCO Investors added 37,056 NFG shares in the fourth quarter; the estimated transaction value was $3.05 million based on quarterly average pricing.
Meanwhile, the quarter-end position value fell by $14.37 million, reflecting both trading and price movement.
As fo December 31, the fund reported holding 1,445,601 NFG shares valued at $115.73 million.
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On February 5, GAMCO Investors reported buying 37,056 shares of National Fuel Gas Company (NYSE:NFG), an estimated $3.05 million trade based on quarterly average pricing.
What happened
According to a recent SEC filing, GAMCO Investors increased its position in National Fuel Gas Company by 37,056 shares during the fourth quarter of 2025. The estimated value of the transaction was $3.05 million, calculated using the quarter’s average closing price. At quarter-end, the fund’s stake was valued at $115.73 million, a decrease of $14.37 million from the prior period’s reported value.
What else to know
GAMCO Investors executed a buy, bringing the position to 1.11% of its $10.41 billion reportable 13F assets.
Top holdings after the filing:
- NYSE:MLI: $214.36 million (2.1% of AUM)
- NYSE:GATX: $203.12 million (2.0% of AUM)
- NYSE:CR: $196.42 million (1.9% of AUM)
- NYSE:MSGS: $158.65 million (1.5% of AUM)
- NYSE:HRI: $158.28 million (1.5% of AUM)
As of February 4, NFG shares were priced at $84.16, up 19.1% over the past year and outperforming the S&P 500 by about 5.11 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.38 billion |
| Net income (TTM) | $655.16 million |
| Dividend yield | 2.50% |
| Price (as of 2/4/26) | $84.16 |
Company snapshot
- National Fuel Gas Company operates across four segments: exploration and production, pipeline and storage, gathering, and utility, with primary revenue from natural gas and oil production, transportation, and distribution.
- The business model integrates upstream and midstream operations, generating income through the sale of natural gas and oil, transportation and storage fees, and regulated utility services.
- Primary customers include industrial, wholesale, commercial, public authority, and residential clients, mainly located in western and central New York and northwestern Pennsylvania.
National Fuel Gas Company is a diversified energy enterprise with a vertically integrated structure spanning exploration, production, transportation, and distribution of natural gas and oil. The company leverages its scale and asset base in the Appalachian region and California to serve utility customers and a broad range of commercial clients. Its integrated operations and stable utility segment provide resilience and competitive advantage within the U.S. energy sector.
What this transaction means for investors
National Fuel Gas already sits among GAMCO’s larger holdings, and adding shares while the reported position value fell suggests conviction through volatility rather than performance chasing. That context matters for long-term investors looking past quarter-to-quarter noise.
Operationally, the business is doing more than just treading water. In its fiscal first quarter, National Fuel delivered adjusted earnings of $2.06 per share, up 24% year over year, driven by higher natural gas production, stronger realized prices, and steady growth in its regulated utility segment. Management reaffirmed full-year adjusted EPS guidance of $7.60 to $8.10, signaling confidence even as commodity prices remain volatile. Production, meanwhile, rose 12% year over year, while the utility business benefited from rate increases and system modernization investments.
This isn’t a pure commodity bet. The company’s integrated structure, spanning upstream production, pipelines, and a regulated utility, helps smooth cash flows in a way most gas producers can’t replicate. That stability helps explain why the stock has held up better than many peers over the past year.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mueller Industries. The Motley Fool recommends Herc. The Motley Fool has a disclosure policy.
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