Core Insights - National Fuel Gas Company reported strong first-quarter results for fiscal 2026, with adjusted EPS increasing by 24% year-over-year, driven by operational success in its Integrated Upstream and Gathering segment and growth in regulated businesses [3][7]. Financial Performance - The company achieved GAAP earnings of $181.6 million, or $1.98 per share, compared to $45.0 million, or $0.49 per share, in the prior year [7]. - Adjusted earnings were $187.7 million, or adjusted EPS of $2.06, up from $151.9 million, or $1.66 per share, in the previous year [7]. - The Integrated Upstream and Gathering segment's adjusted EPS rose by 45% to $1.36, supported by a 14% increase in natural gas price realizations and a 12% growth in natural gas production [7]. Segment Performance - The Utility segment's net income increased by 5% year-over-year, attributed to ongoing investments in system modernization in New York and Pennsylvania [7]. - The Pipeline and Storage segment experienced a slight decrease in GAAP earnings, primarily due to reduced other income [22]. - The Corporate and All Other segment reported a net loss of $7.7 million, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition [25]. Operational Highlights - The company is focused on capital efficiency improvements, with an expanding inventory of high-quality Appalachian development locations, including approximately 200 new drilling locations [4]. - Key projects such as the Tioga Pathway and Shippingport Lateral expansion are on track for completion later in the calendar year [4]. - National Fuel successfully issued $350 million in common equity to fund the acquisition of CenterPoint Energy's Ohio gas utility, expected to close in Q4 2026 [7]. Guidance and Outlook - The company reaffirmed its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share, with a midpoint of $7.85 [9]. - The guidance incorporates first-quarter results and pricing assumptions consistent with previous guidance, including an average NYMEX natural gas price of $3.75 per MMBtu [9]. - Sensitivities to adjusted EPS guidance were provided based on varying NYMEX natural gas price assumptions [9].

Core Viewpoint - National Fuel Gas Company (NFG) is a diversified energy company involved in natural gas and oil exploration, production, transportation, and storage, primarily in California and the Appalachian region [1] Price Targets - The consensus price target for NFG's stock has shown stability, with an average of $101 last month and last quarter, compared to $103.5 last year, indicating a steady outlook from analysts [2][6] - Raymond James has set a lower price target of $76 for NFG, reflecting a more cautious perspective on the company's potential earnings performance [3][6] Earnings Expectations - NFG is expected to release its first quarter fiscal 2026 earnings results on January 28, 2026, with anticipated earnings growth, although analysts have highlighted potential challenges [4][6] - Understanding key expectations surrounding NFG's performance, including price targets and market conditions, is essential for investors to prepare for future stock price movements [5]

Core Insights - New Found Gold Corp. has made significant advancements at its 100%-owned Queensway Gold Project, including entering into a Phase I EPCM contract [1][3] Project Advancements - The commencement of EPCM work is viewed as a key milestone for advancing the Queensway project, with a timeline from initial mineral resource in early 2025 to a planned first gold pour in late 2027 [3] - The project benefits from a high-grade core deposit, ownership of the Pine Cove operation with permitted milling and tailings facilities, and a favorable mining jurisdiction in Newfoundland and Labrador [3] - The region is ranked in the top 10 globally in the Fraser Institute's 2024 Annual Survey of Mining Companies, providing excellent access, infrastructure, and a skilled labor force [3] EPCM Contract Details - The EPCM contract has been awarded to WSP Canada Inc. for the development of the Queensway Phase 1 project, which includes site development and detailed engineering for an offsite milling facility [6] - The company plans to upgrade and expand the Pine Cove Mill to process both Hammerdown and Queensway Phase 1 feed from a single facility [6] Environmental and Financial Aspects - The environmental baseline work at Queensway is substantially completed, with plans to submit an Environmental Registration to the Newfoundland and Labrador Department of Environment, Conservation and Climate Change in late Q1 2026 [6] - The company has engaged Cutfield Freeman & Co. Ltd. as its project finance advisor to select an optimal financing package for the initial capital expenditure required for Queensway Phase 1 production [6] Technical and Timeline Updates - An updated Technical Report, including a new mineral resource estimate, is planned for mid-2026 [6] - The objective is to achieve the first gold pour from Queensway Phase 1 in the second half of 2027, pending all required permits [6][7]

Group 1: Company Overview - National Fuel Gas Company (NYSE:NFG) is a diversified, integrated energy business with a broad natural gas footprint, operating across the value chain, including production, gathering, transportation, storage, and distribution [5] Group 2: Market Outlook and Price Target Adjustments - BofA has trimmed its price target on National Fuel Gas Company from $102 to $99, maintaining an Underperform rating, citing a potential oversupply risk in the natural gas market by 2027 and lower gas price forecasts [2] - The firm noted that optimism around natural gas has remained strong for approximately 18 months, but the outlook is changing due to anticipated oversupply [2] Group 3: Cost Projections and Customer Impact - National Fuel Gas Distribution filed an annual Purchased Gas Cost update, projecting an increase in natural gas supply costs, which could raise overall gas supply charges by about $71.49 per year, leading to a 6.83% increase in a typical residential customer's monthly bill from $87.18 to $93.13 starting August 1, 2026 [3][4] - The company attributes the expected increase in costs mainly to higher natural gas purchase and transmission costs, with forecasts indicating higher gas prices next winter compared to the previous 12-month average [4]

Core Insights - New Found Gold Corp. has commenced its 2026 drill program at the Queensway Gold Project, focusing on resource conversion and exploration targets [1][3] - The K2 zone has shown consistent gold mineralization, with results aligning closely with the initial mineral resource block model, indicating potential for resource growth [3][11] 2026 Drill Program and Exploration Update - The 2026 drill program includes four active rigs focusing on infill drilling at the K2 and Cokes zones, aiming to convert inferred resources to indicated [4] - Exploration drilling is set to begin at the newly acquired Bullseye mineral license, targeting a 500 m corridor along the Appleton Fault Zone [4] - Regional exploration efforts are ongoing, with soil sampling programs designed to generate new trenching and drill targets for future advancement [5] K2 Infill Summary and Results - The K2 zone is defined by a mineralized footprint of approximately 490 m in length and 395 m in width, with gold mineralization starting at the surface and extending to a maximum depth of 250 m [6] - Initial 2025 K2 infill results have been released, with additional drilling continuing to demonstrate consistent gold mineralization [10][11] - Notable drill results include intersections of 5.22 g/t Au over 14.90 m and 18.9 g/t Au over 2.40 m, among others [8][12] 2025 Drill Program Summary - The 2025 drill program involved 74,377 m of drilling across 614 diamond drill holes, with 75% focused on the AFZ Core area [16] - Approximately 50% of the results from the 2025 drilling remain outstanding, including results from various zones and ongoing grade-control drilling [17] Future Plans - The 2026 infill drilling will initially target PEA Phase 2 open pit resource conversion, transitioning to Phase 3 underground resource conversion later in the year [18] - Additional grade-control drilling is planned for the Iceberg excavation, with potential expansions at the Keats and Iceberg excavations [19] - Exploration drilling will focus on resource expansion at the AFZ Core and advanced targets at Queensway South, expected to commence in H2/26 [21]

Group 1 - BofA has lowered the price target on National Fuel (NFG) to $99 from $102 while maintaining an Underperform rating on the shares [1] - There has been persistent bullish sentiment on natural gas for the past 18 months [1] - The firm anticipates rising risks of oversupply in 2027, which, along with lower price forecasts, leads to an average 12% reduction in price objectives among the gas-levered E&P group [1]

Core Viewpoint - National Fuel Gas Company will release its first quarter fiscal 2026 earnings results on January 28, 2026, after market close [1] - A conference call to discuss the results is scheduled for January 29, 2026, at 9:00 a.m. ET [1] Group 1: Earnings Release Details - The earnings results will be available after market close on January 28, 2026 [1] - A conference call will follow on January 29, 2026, featuring remarks from the executive team and a Q&A session [1] Group 2: Conference Call Participation - Participants must pre-register to join the conference call using the provided registration link [2] - A webcast link for the conference call will be available on the NFG Investor Relations website [2] - A replay of the call will be accessible until February 5, 2026, with a specific access code for dial-in [2] Group 3: Company Overview - National Fuel is an integrated energy company with three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility [2] - Additional information about the company can be found on its official website [2]

Core Viewpoint - National Fuel Gas Company (NYSE:NFG) is positioned as a strong investment opportunity, particularly following its acquisition of CenterPoint Energy's Ohio natural gas utility business, which is expected to enhance its regulated cash flows and market presence [2][4][5]. Group 1: Acquisition Details - National Fuel Gas Company has entered into a definitive agreement to acquire CenterPoint Energy's Ohio natural gas utility business for $2.62 billion on a cash-free, debt-free basis [3][4]. - The acquisition values the business at approximately 1.6 times its estimated 2026 rate base of $1.6 billion, and it includes a workforce that operates around 5,900 miles of distribution and transmission pipelines [4]. - The transaction is anticipated to close in the fourth quarter of 2026, significantly expanding National Fuel's regulated footprint and doubling its gas utility rate base [5]. Group 2: Market Outlook and Analyst Ratings - JPMorgan analyst Zach Parham raised the price target for National Fuel Gas Company to $96 from $95, maintaining a Neutral rating, citing a shift in natural gas demand and growing supply-side risks for oil and liquids [2]. - The firm notes that the long-awaited demand inflection for natural gas has finally arrived, which could positively impact National Fuel's market position [2].

Core Insights - The article discusses the significance of dividend-paying stocks in generating long-term returns and stability in the market, highlighting the performance of various categories of dividend stocks from 1973 to 2022 [1][2][4]. Dividend Performance - Dividend-paying companies achieved an average annual return of 9.18%, while non-dividend payers lagged at 3.95%. Companies that consistently raised dividends performed even better with a return of 10.24%, while those maintaining dividends saw 6.60% returns. The worst performers were companies that cut dividends, which had a -0.60% annual return [2]. Volatility Analysis - Non-dividend-paying stocks exhibited a beta of 1.18, indicating higher volatility compared to the market, while dividend-paying stocks had a beta of 0.94, suggesting steadier performance with fewer extreme price swings [3]. Investment Strategy - The article emphasizes the importance of investing in companies with a consistent history of dividend payments, as these firms are often more stable and resilient during economic downturns [4][6]. Realty Income Corporation - Realty Income Corporation (NYSE:O) is highlighted as a top dividend stock, with a dividend yield of 5.72% and 27 hedge fund holders as of December 28. Morgan Stanley recently raised its price target for the company to $65 from $62 [9][10]. - The company operates by acquiring single-tenant commercial properties and leasing them under triple-net leases, which helps maintain steady cash flow and reliable monthly dividends [10][11]. - Realty Income has a strong track record, having paid 666 consecutive monthly dividends and raised its dividend 133 times since its NYSE listing in 1994 [13]. National Fuel Gas Company - National Fuel Gas Company (NYSE:NFG) is another notable dividend stock, with a dividend yield of 2.64% and 32 hedge fund holders as of December 28. JPMorgan recently raised its price target for the company to $96 from $95 [15][16]. - The company is set to acquire CenterPoint Energy's Ohio natural gas utility business for $2.62 billion, which will significantly expand its regulated footprint and double its gas utility rate base [18][19]. - This acquisition is expected to enhance National Fuel's cash flows and reinforce its investment-grade balance sheet, as it serves a large customer base across Western New York and Northwestern Pennsylvania [20].

Industry Overview - The Zacks Oil & Gas US Integrated industry includes companies involved in upstream and midstream energy businesses, focusing on oil and natural gas exploration and production [3] - Upstream operations are positively correlated with oil and gas prices, while midstream assets generate stable fee-based revenues [3] Current Trends - **Softness in Crude Prices**: The average price of West Texas Intermediate crude is projected to be $65.32 per barrel this year, down from $76.60 last year, with expectations of further decline to $51.42 per barrel by 2026 due to rising global oil inventory [4] - **Slowdown in Production Growth**: Weak oil prices are expected to hinder production growth, as companies prioritize returning capital to shareholders over increasing production [5] - **Increasing Focus on Renewables**: The shift towards cleaner fuels and renewable energy is likely to gradually reduce demand for fossil fuels, negatively impacting both upstream and downstream operations of integrated players [6] Industry Performance - The Zacks Oil & Gas US Integrated industry has a Zacks Industry Rank of 205, placing it in the bottom 16% of over 250 Zacks industries, indicating a bearish outlook [7][8] - Over the past year, the industry has declined by 4.6%, underperforming the broader Zacks Oil - Energy sector, which gained 10.5%, and the S&P 500, which surged by 16.6% [9] Valuation Metrics - The industry is currently trading at an EV/EBITDA ratio of 4.36X, lower than the S&P 500's 18.56X and the sector's 5.36X [13] - Historically, the industry has traded between 3.10X and 13.82X over the past five years, with a median of 4.65X [13] Company Insights - **ConocoPhillips (COP)**: Expected to perform well in the soft crude pricing environment due to low breakeven costs and operations in prolific basins like Permian, Bakken, and Eagle Ford [15] - **Occidental (OXY)**: Major producer of oil and natural gas in the U.S., focusing on efficiency improvements and redirecting capital towards higher-return projects [19] - **National Fuel Gas (NFG)**: Positioned to navigate the uncertain environment with an integrated business model and a strong presence in the natural gas-rich Appalachian basin [22]