Core Viewpoint - New Found Gold Corp. has announced a financing agreement involving a bought deal for charity flow-through common shares, aiming to raise approximately C$49 million to advance its Queensway Gold Project [1][4]. Financing Details - The company will issue 21,400,000 charity flow-through common shares at a price of C$2.29 per share, with gross proceeds expected to be around C$49 million [1]. - An additional option allows underwriters to purchase up to 15% more shares within 30 days post-closing of the first tranche [1]. - A non-brokered private placement of up to 12,269,939 non-flow-through common shares at C$1.63 per share is also planned, targeting gross proceeds of approximately C$20 million [2]. Shareholder Participation - Eric Sprott intends to participate in both the offering and the private placement to increase his shareholding from approximately 19% to over 20% [3]. - The company will seek disinterested shareholder approval due to Mr. Sprott's increased control post-private placement [3]. Use of Proceeds - Proceeds from the offering will be allocated to eligible Canadian exploration expenses related to the Queensway Gold Project, with a deadline for these expenditures set for December 31, 2026 [4]. - Funds from the private placement will be used to advance the Queensway Gold Project and for general corporate purposes [5]. Project Overview - New Found Gold holds a 100% interest in the Queensway Gold Project, located in Newfoundland and Labrador, which is recognized for its excellent infrastructure and skilled workforce [11]. - The project has shown promising results from recent drilling, indicating significant district-scale potential across its 175,600 hectares [12].

Core Insights - New Found Gold continues to report high-grade gold mineralization from its 2024 exploration program, particularly at the Dropkick and Pistachio zones, indicating potential for resource expansion [1][2][10] - The exploration program included 13,768 meters of drilling across 38 diamond drill holes, focusing on high-grade mineralization and strike extensions [2][10] Dropkick Zone - Significant drill results from the Dropkick zone include 42.8 g/t Au over 14.95 m and 47.6 g/t Au over 3.95 m, with mineralization now intersected over a 580 m strike extent [5][6] - The mineralization at Dropkick is open in all directions, with potential for further expansion [6][10] - The new domain of mineralization discovered east of the Appleton Fault Zone (AFZ) returned 5.30 g/t Au over 15.20 m, marking the first mineralization found in that area [6][10] Pistachio Zone - The Pistachio zone has shown promising results with 5.34 g/t Au over 7.30 m, extending the high-grade mineralization by 40 m down-dip [12][14] - The zone spans a strike length of 240 m and remains open down plunge and to depth [12][14] - Systematic reconnaissance drilling has identified additional target areas for future exploration [12][14] Future Plans - The company plans to conduct follow-up drilling at Dropkick starting in June 2025, with additional work planned at a soil anomaly located north of Pistachio [10][12] - The total drilling for the 2024 exploration program reached 89,974 m across 271 diamond drill holes, with results from 37,750 m in 82 holes to be included in the next mineral resource estimate [10][12] Company Overview - New Found Gold holds a 100% interest in the Queensway project located in Newfoundland and Labrador, which covers a significant area with a 110 km strike extent along two prospective fault zones [31][32] - The company is focused on growth and value creation, supported by a solid shareholder base, including a 19% holding by Eric Sprott [32]

Industry Overview - Energy stocks are gaining strength as macro conditions improve and demand drivers increase, with recession fears easing and tariff negotiations progressing [1] - The global buildout of data centers is expected to significantly increase electricity demand, benefiting utilities, natural gas providers, and midstream energy firms [2] Crude Oil Market - Crude oil prices have shown technical strength, indicating a potential bottom, with recent price action suggesting a bullish reversal pattern [5][6] - A key resistance level has emerged near $64, and a breakout above this level could lead to a sustained move towards $70 [7] Company Highlights - **National Fuel Gas (NFG)**: - Vertically integrated natural gas company with a diverse business model, benefiting from multiple points along the energy value chain [8] - Currently holds a Zacks Rank 2 (Buy) with upward earnings revisions indicating analyst confidence [9] - Shares trade at 11.7x forward earnings, below the 10-year median of 14x and the industry average of 16.8x, with projected earnings growth of 20.4% annually over the next three to five years, resulting in a PEG ratio of 0.58 [10] - **Epsilon Energy (EPSN)**: - Small-cap natural gas exploration and production company focused on the Appalachian Basin, emphasizing capital efficiency and shareholder returns [11] - Holds a Zacks Rank 1 (Strong Buy) with earnings estimates surging, including a 38% increase for the current quarter [14] - Technical analysis shows a bullish flag pattern, with a breakout above $7.30 likely to trigger further buying [15] - **Global Partners (GLP)**: - Diversified midstream energy company involved in the wholesale, distribution, and retail of petroleum products, with a strong cash flow and market exposure [16] - Offers a 6% dividend yield, supported by consistent cash generation and a 10% average annual dividend increase over the last five years [17] - Holds a Zacks Rank 1 (Strong Buy) with significant earnings estimate revisions, including a 42.9% increase for the current quarter [18] Investment Outlook - With improving macro conditions, rising energy demand, and technical support in crude oil prices, the outlook for energy stocks is strengthening [20] - National Fuel Gas, Epsilon Energy, and Global Partners present a compelling mix of value, growth, and yield, making them attractive options for investors [20]

Core Insights - National Fuel Gas (NFG) is currently viewed as a better value opportunity compared to Cactus, Inc. (WHD) based on various financial metrics and Zacks Rank [1][3][7] Valuation Metrics - NFG has a forward P/E ratio of 12.01, while WHD has a forward P/E of 14.86, indicating that NFG is potentially undervalued [5] - The PEG ratio for NFG is 0.59, suggesting a favorable earnings growth outlook compared to WHD's PEG ratio of 5.09, which indicates a less attractive growth perspective [5] - NFG's P/B ratio stands at 2.63, compared to WHD's P/B of 2.69, further supporting NFG's valuation advantage [6] Earnings Outlook - NFG is experiencing an improving earnings outlook, which enhances its attractiveness in the Zacks Rank model, contrasting with WHD's weaker outlook [3][7]

Core Viewpoint - New Found Gold Corp. has commenced its 2025 work program at the Queensway Gold Project, focusing on development and resource expansion following an initial mineral resource announcement in Q1 2025 and a fully-funded Preliminary Economic Assessment (PEA) expected to be completed later this quarter [1][2][15]. Drilling and Excavation Activities - The company has initiated diamond drilling with four rigs at the Keats West and Lotto zones within the AFZ Core of the Queensway mineral resource, focusing on infill drilling before excavating near-surface portions [3][8]. - Following the completion of infill drilling at Keats West and Lotto, the company plans to drill priority open pits and underground portions of the mineral resource, as well as further explore the Dome and Golden Dome zones, which are located close to the initial mineral resource [4][8]. - An additional two drill rigs are scheduled to be mobilized in early June 2025 to target exploration areas 10 to 12 kilometers north of the AFZ Core, including the Dropkick zone, which has shown promising drill results [5][8]. Excavation Program - The excavation of shallow overburden at key zones in the AFZ Core has begun, with successful mapping and sampling conducted at Keats in 2023 and 2024, enhancing confidence in the geological model and grade distribution [6][8]. - The Iceberg zone has been excavated over a 220 m by 105 m area, revealing broad zones of gold-bearing quartz veins, with channel sampling expected to commence in late May 2025 [7][9]. Future Plans - The company is evaluating the potential to add more drills to expand the 2025 work program and will provide updates once the full program is finalized [10]. - Excavation of Keats West and Lotto is anticipated to be completed in Q4 2025, with channel sampling planned for Q2 2026 [9]. Investor Relations - New Found Gold has entered into an investor relations agreement with Target IR & Communications, which will provide investor relations services for a monthly fee of $8,500 for an initial term of six months [11][12].

For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Is National Fuel Gas (NFG) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.National Fuel Gas is a member of our Oils-Energy group, which includes 246 different companies and currently sits at #14 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring ...

Core Insights - The S&P 500 has rebounded slightly after a significant drop but remains in negative territory for the year, while Dividend Kings are outperforming the index [1][3] - There are currently 55 Dividend Kings, with 31 of them beating the S&P 500 year to date as of May 1, 2025 [3] - Some Dividend Kings have shown remarkable performance, such as Consolidated Edison with a 25% increase and National Fuel Gas with over 30% gain year to date [4] Dividend Kings Performance - Not all Dividend Kings are performing well; for instance, Genuine Parts is barely positive, and Cincinnati Financial is down year to date but still better than the S&P 500 [4] - Income investors may find Altria and Universal Corporation appealing due to their high forward dividend yields of 6.88% and 5.57% respectively, despite potential reluctance due to their tobacco products [5] - Consumer defensive stocks like Coca-Cola and Wal-Mart are considered safe havens, with Coca-Cola's shares increasing nearly 15% [6] Sector Analysis - Healthcare stocks such as Abbott Labs and Kenvue have also shown double-digit percentage increases year to date, although they may face risks from potential tariffs [7] - The utilities sector is performing exceptionally well, with several Dividend Kings like Consolidated Edison and National Fuel Gas continuing to outperform the market [8] Top Picks - Coca-Cola and National Fuel Gas are highlighted as the best Dividend Kings to buy currently [9] - Coca-Cola is recognized as a strong blue-chip stock with a robust brand and a resilient business model [10] - National Fuel Gas is noted for its integrated energy operations and projected compound annual growth rate of over 10% through 2027, driven by the growing demand for natural gas in AI data centers [11][12]

Revenue Growth - Utility revenues increased to $343,574,000 for the three months ended March 31, 2025, compared to $290,198,000 for the same period in 2024, representing a growth of 18.4%[11] - Exploration and production revenues rose to $311,958,000 for the three months ended March 31, 2025, up from $264,614,000 in 2024, marking an increase of 17.9%[11] - Total revenues for the quarter ended March 31, 2025, were $729.95 million, a significant increase compared to $629.94 million for the same quarter in 2024, reflecting a year-over-year growth of approximately 15.9%[43][45]. - For the six months ended March 31, 2025, total revenues were $1.28 billion, up from $1.15 billion in the same period in 2024, representing an increase of approximately 10.7%[44][46]. Net Income and Earnings - Net income available for common stock for the three months ended March 31, 2025, was $216,358,000, compared to $166,272,000 in 2024, reflecting a year-over-year increase of 30.2%[12] - Earnings per common share (diluted) increased to $2.37 for the three months ended March 31, 2025, from $1.80 in 2024, a rise of 31.7%[11] - Net Income Available for Common Stock for the six months ended March 31, 2025, was $261,344,000, down from $299,292,000 for the same period in 2024, representing a decrease of about 12.7%[19]. Operating Performance - Operating income for the three months ended March 31, 2025, was $317,252,000, compared to $250,623,000 in 2024, representing a growth of 26.5%[11] - Segment profit for the Exploration and Production segment was $97.83 million for the quarter ended March 31, 2025, compared to $62.07 million in the same quarter of 2024, reflecting a year-over-year increase of approximately 57.7%[83][85]. Assets and Liabilities - Total assets as of March 31, 2025, were $8,479,963,000, compared to $8,319,770,000 as of September 30, 2024, indicating an increase of 1.9%[15] - Long-Term Debt increased from $2,188,243,000 in September 2024 to $2,381,126,000 in March 2025, an increase of approximately 8.8%[17]. - As of March 31, 2025, total net assets amounted to $58,102,000, while total liabilities were $201,464,000, resulting in total net liabilities of $(143,317,000)[50]. Cash Flow and Capital Expenditures - Net Cash Provided by Operating Activities decreased to $473,870,000 for the six months ended March 31, 2025, compared to $586,261,000 for the same period in 2024, a decline of approximately 19.2%[19]. - Capital Expenditures for the six months ended March 31, 2025, were $434,260,000, down from $481,958,000 in 2024, reflecting a decrease of about 9.9%[19]. Dividends and Shareholder Equity - The company declared dividends per common share of $0.515 for the three months ended March 31, 2025, compared to $0.495 in 2024, an increase of 4%[11]. - Total Comprehensive Shareholders' Equity decreased from $2,848,343,000 in September 2024 to $2,765,611,000 in March 2025, a decline of approximately 2.9%[17]. Impairments and Other Charges - The company reported a comprehensive income of $69,536,000 for the three months ended March 31, 2025, down from $174,231,000 in 2024, a decrease of 60%[12]. - The company recorded an impairment charge of $33,453,000 for water disposal assets during the six months ended March 31, 2024[51]. - The company recognized a deferred income tax benefit of $29.2 million related to the non-cash impairment charge for the quarter ended December 31, 2024[29]. Regulatory and Rate Orders - The 2024 Rate Order approved by the NYPSC authorizes a revenue requirement increase of $57.3 million in fiscal 2025, with additional increases of $15.8 million in fiscal 2026 and $12.7 million in fiscal 2027[91]. - The revenue decoupling and weather normalization adjustment mechanisms were approved in the 2024 Rate Order[92]. - Empire is required to file a Section 4 rate case by May 31, 2031, and cannot file a new rate case before April 30, 2027[96]. Financial Instruments and Derivatives - The company recorded a derivative financial instruments revenue of $(7.83) million for the quarter, indicating a loss in this area[43]. - For the three months ended March 31, 2025, the total derivative loss was $209.046 million, compared to a gain of $71.164 million for the same period in 2024, indicating a significant decline in performance[64]. - As of March 31, 2025, the fair market value of derivative financial instrument liabilities with a credit-risk related contingency feature was $147.3 million, with no hedging collateral deposits required[66].

National Fuel Gas Company (NFG) reported second-quarter fiscal 2025 adjusted operating earnings of $2.39 per share, which surpassed the Zacks Consensus Estimate of $2.18 by 9.6%. The bottom line also increased 33.5% from the year-ago quarter’s reported figure of $1.79. (See the Zacks Earnings Calendar to stay ahead of market-making news.)GAAP earnings for the quarter were $2.37 per share compared with $1.80 in the year-ago quarter.NFG’s Total RevenuesNFG reported sales of $730 million, which missed the Zack ...

Financial Data and Key Metrics Changes - National Fuel Gas Company reported a more than 30% increase in earnings compared to the previous year, with adjusted operating results increasing by 32% for the quarter [4][16]. - Earnings per share for the utility segment increased by $0.22, driven by a rate settlement approved by the New York PSC [6][16]. - The company expects adjusted operating results guidance to be in the range of $6.75 to $7.05 per share, reflecting a $0.15 per share increase from prior guidance [18][19]. Business Line Data and Key Metrics Changes - At Seneca, production grew by 8% sequentially, with record production levels of almost 106 Bcf and all-time high gathering volumes of nearly 130 Bcf [5][26]. - The utility segment benefited from a modernization tracker in Pennsylvania, with expectations for growth over the next two fiscal years [6][7]. - The FERC regulated pipeline and storage business continues to benefit from a rate settlement that went into effect last February [7][8]. Market Data and Key Metrics Changes - The outlook for natural gas remains strong, with demand increasing rapidly and significant LNG export growth anticipated [12][24]. - Natural gas prices have seen structural improvements, with a shift from a 5% surplus to a 10% deficit compared to the five-year average [16][17]. - The company has layered in favorable hedges for fiscal 2026 and 2027, with swaps executed at an average price of over $4 [17][19]. Company Strategy and Development Direction - National Fuel is focused on optimizing well-designed facilities to enhance productivity and inventory life, with a long-term outlook for its Appalachian development program [5][13]. - The company is positioned to capture market share in Appalachia as other operators moderate activity levels [13][14]. - There is a strong emphasis on operational excellence and capital efficiency gains, with plans to maintain a one to two rig development program [26][32]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for natural gas, citing robust domestic energy demand and the critical role of natural gas in providing reliable baseload generation [12][13]. - The company is optimistic about new opportunities arising from increased interest from data center developers and independent power producers [14][24]. - Management highlighted the importance of permitting reform to facilitate the construction of significant energy infrastructure projects [11][24]. Other Important Information - The company issued $1 billion in new notes, the largest bond issuance in its history, to manage fixed income liabilities and reduce refinancing risk [23][24]. - National Fuel's balance sheet is on track towards a 2x debt to EBITDA ratio by the end of the year, providing flexibility for capital allocation [22][24]. Q&A Session Summary Question: Thoughts on the buyback program and stock price impact - Management remains committed to the buyback program, considering stock price as a factor but prioritizing growth opportunities [34][36]. Question: Infrastructure build and potential for the Constitution pipeline - The main roadblock for the Constitution pipeline is New York State, and the new administration could help by addressing the Clean Water Act and judicial review processes [37]. Question: Leading edge EUR for recent EDA wells - Recent pads are showing pressure declines exceeding expectations, with sustained rates anticipated for several months [40][42]. Question: Outlook for regulated M&A - The company is focused on gaining scale in the regulated business, with interest in larger acquisitions rather than just bolt-ons [53][75]. Question: CapEx cadence beyond 2025 - The company anticipates continued reductions in capital expenditures while maintaining production growth, with a multiyear trend expected [68][70].