National Fuel Gas stock trades at USD 79.22 as split review nears

Published on 09/28/2026 at 16:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

National Fuel Gas stock was trading at USD 79.22 on September 28, 2026, as the board reviews a possible separation by October 15. Fiscal Q3 revenue reached USD 537.5 million.

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National Fuel Gas stock was trading at USD 79.22 on the NYSE on September 28, 2026, up USD 0.23 or 0.29 percent from the prior close. The central corporate catalyst is a possible separation of the upstream and gathering business from the regulated utility, pipeline and storage operations.

Separation review reaches a deadline

According to National Fuel Gas on September 17, 2026, the board intends to complete its evaluation by October 15, 2026. If pursued, shareholders would receive shares in the Integrated Upstream and Gathering business through a tax-free distribution, while National Fuel would become a fully regulated natural gas company.

The proposed structure would separate two different earnings profiles. The regulated business would retain utility, pipeline and storage assets, while the independent upstream company would focus on Appalachian natural gas production and gathering.

Quarterly revenue trails estimates

For fiscal Q3 2026, National Fuel reported USD 537.50 million in revenue against a consensus estimate of USD 564.33 million, a shortfall of USD 26.83 million, according to MarketBeat. The same report said quarterly earnings were USD 1.54 per share versus USD 1.44 expected, leaving the earnings comparison more favorable than the revenue result.

MarketBeat lists a consensus rating of Moderate Buy and an average price target of USD 105.50. That target stands USD 26.28 above the September 28 share price, while the stock's 52-week range is USD 75.17 to USD 97.06.

Dividend date adds a near term checkpoint

National Fuel Gas declared a quarterly dividend of USD 0.555 per share on September 17, 2026. The dividend is payable on October 15, 2026, to shareholders of record on September 30, 2026, placing the payment date alongside the board's separation-review deadline.

For investors, the next valuation question is whether a split can make the regulated and upstream assets easier to assess separately. The board's October 15 date supplies the next concrete decision point, while the latest revenue comparison shows that the operating picture remains mixed across key measures.