NATIONAL FUEL GAS CO NFG
COM · Common Stock · CUSIP 636180101 · ISIN US6361801011
- SectorUtilities
- IndustryNatural Gas Distribution
- HeadquartersWilliamsville, NY
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($68.7m this quarter). Holder counts are more reliable. Shares outstanding: 90.4m as of 2025-07-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $84.74. Options: 7 managers hold calls ($3.9m notional), 6 hold puts ($11.5m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 456 |
| Q4 2022 | 474 |
| Q1 2023 | 434 |
| Q2 2023 | 417 |
| Q3 2023 | 433 |
| Q4 2023 | 426 |
| Q1 2024 | 422 |
| Q2 2024 | 452 |
| Q3 2024 | 480 |
| Q4 2024 | 492 |
| Q1 2025 | 575 |
| Q2 2025 | 585 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 214 | 178 |
| Q4 2023 | 175 | 212 |
| Q1 2024 | 199 | 207 |
| Q2 2024 | 219 | 170 |
| Q3 2024 | 219 | 193 |
| Q4 2024 | 223 | 201 |
| Q1 2025 | 301 | 219 |
| Q2 2025 | 281 | 265 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $38.8m | $5.9m | 0.15 |
| Q4 2024 | $23.3m | $4.4m | 0.19 |
| Q1 2025 | $6.4m | $6.7m | 1.06 |
| Q2 2025 | $3.9m | $11.5m | 2.93 |
Biggest buyers
| Aventail Capital Group, LP | Added | +495.4k |
| Qube Research & Technologies Ltd | Added | +403.1k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | New | +392.2k |
| Clark Capital Management Group, Inc. | Added | +355.6k |
| ROYAL BANK OF CANADA | Added | +292.4k |
| Yaupon Capital Management LP | Added | +238.2k |
| Bridgewater Associates, LP | Added | +205.6k |
| RENAISSANCE TECHNOLOGIES LLC | New | +171.6k |
| Gotham Asset Management, LLC | Added | +158.3k |
| AQR CAPITAL MANAGEMENT LLC | Added | +157.2k |
Biggest sellers
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -769.1k |
| FIRST TRUST ADVISORS LP | Reduced | -308.4k |
| VANGUARD GROUP INC | Reduced | -280.6k |
| VOYA INVESTMENT MANAGEMENT LLC | Reduced | -258.4k |
| BARCLAYS PLC | Reduced | -215.7k |
| Allspring Global Investments Holdings, LLC | Reduced | -195.1k |
| UBS Group AG | Reduced | -192.7k |
| THOMPSON SIEGEL & WALMSLEY LLC | Reduced | -181.2k |
| LSV ASSET MANAGEMENT | Reduced | -169.1k |
| AMERIPRISE FINANCIAL INC | Reduced | -134.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.4m16.9k shares |
| PEAK6 LLC | Added | $1.0m12.0k shares |
| CITADEL ADVISORS LLC | Reduced | $889.5k10.5k shares |
| WOLVERINE TRADING, LLC | New | $390.8k4.6k shares |
| GROUP ONE TRADING LLC | New | $135.5k1.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $59.0k700 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| Walleye Trading LLC | New | $5.7m67.4k shares |
| CITADEL ADVISORS LLC | Added | $5.3m63.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $381.2k4.5k shares |
| Walleye Capital LLC | New | $33.9k400 shares |
| SIMPLEX TRADING, LLC | Reduced | $16.0k200 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 8.2% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 1 | $23.7k | — |
| Q2 2024 | 0 | — | 1 | $348.6k | — |
| Q3 2024 | 0 | — | 2 | $552.1k | — |
| Q4 2024 | 0 | — | 2 | $1.8m | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.02% of their portfolio | 12.3m $1.0bn | Reduced -280.6k |
| BlackRock, Inc. 0.01% of their portfolio | 8.5m $722.4m | Reduced -89.5k |
| STATE STREET CORP 0.01% of their portfolio | 4.0m $344.0m | Added +132.9k |
| GABELLI FUNDS LLC 1.43% of their portfolio | 2.4m $201.4m | Reduced -74.0k |
| Energy Income Partners, LLC 3.81% of their portfolio | 2.3m $194.4m | Added +46.6k |
| LSV ASSET MANAGEMENT 0.39% of their portfolio | 2.0m $168.1m | Reduced -169.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 1.7m $143.5m | Added +5.0k |
| GAMCO INVESTORS, INC. ET AL 1.26% of their portfolio | 1.5m $128.0m | Added +15.0k |
| VICTORY CAPITAL MANAGEMENT INC 0.07% of their portfolio | 1.2m $104.5m | Reduced -769.1k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.2m $101.0m | Added +18.1k |
| MORGAN STANLEY 0.01% of their portfolio | 1.2m $99.6m | Reduced -79.8k |
| EQUITY INVESTMENT CORP 2.04% of their portfolio | 1.1m $93.2m | Reduced -67.0k |
| NORGES BANK 0.01% of their portfolio | 1.1m $92.0m | Added +32.1k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.1m $90.4m | Added +4.2k |
| AQR CAPITAL MANAGEMENT LLC 0.07% of their portfolio | 1.1m $89.0m | Added +157.2k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.0m $87.1m | Reduced -77.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 906.7k $76.8m | Added +2.5k |
| Invesco Ltd. 0.01% of their portfolio | 901.4k $76.4m | Reduced -49.7k |
| MACKENZIE FINANCIAL CORP 0.08% of their portfolio | 744.5k $63.1m | Added +28.9k |
| Aventail Capital Group, LP 2.41% of their portfolio | 639.2k $54.1m | Added +495.4k |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 559.3k $47.4m | Reduced -308.4k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 552.4k $46.8m | Reduced -134.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 488.1k $41.3m | Reduced -13.1k |
| Yaupon Capital Management LP 2.66% of their portfolio | 472.8k $40.1m | Added +238.2k |
| Qube Research & Technologies Ltd 0.05% of their portfolio | 465.8k $39.5m | Added +403.1k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 448.9k $38.0m | Added +292.4k |
| Clark Capital Management Group, Inc. 0.26% of their portfolio | 440.9k $37.3m | Added +355.6k |
| ProShare Advisors LLC 0.07% of their portfolio | 425.4k $36.0m | Reduced -15.9k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 419.4k $35.5m | Reduced -47.8k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.51% of their portfolio | 392.2k $33.2m | New |
| MANAGED ASSET PORTFOLIOS, LLC 4.19% of their portfolio | 381.0k $32.3m | Added +925 |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 368.3k $31.2m | Added +7.4k |
| VIRGINIA RETIREMENT SYSTEMS ET Al 0.19% of their portfolio | 319.3k $27.0m | Reduced -2.2k |
| PRUDENTIAL FINANCIAL INC 0.03% of their portfolio | 316.3k $26.8m | Added +82.9k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.10% of their portfolio | 312.3k $26.5m | Added +129.3k |
| Gotham Asset Management, LLC 0.15% of their portfolio | 298.5k $25.3m | Added +158.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 293.0k $24.8m | Added +72.3k |
| Allspring Global Investments Holdings, LLC 0.04% of their portfolio | 263.0k $22.1m | Reduced -195.1k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 255.0k $21.6m | Added +33.3k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 245.6k $20.8m | Reduced -1.5k |
| VALLEY WEALTH MANAGERS, INC. 1.43% of their portfolio | 234.6k $19.9m | Reduced -71.2k |
| JUPITER ASSET MANAGEMENT LTD 0.16% of their portfolio | 233.1k $19.7m | Reduced -30.7k |
| Retirement Systems of Alabama 0.07% of their portfolio | 232.0k $19.7m | Added +217 |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 224.4k $19.0m | Reduced -258.4k |
| Bridgewater Associates, LP 0.08% of their portfolio | 220.8k $18.7m | Added +205.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 217.5k $18.4m | Added +56.1k |
| EXCHANGE TRADED CONCEPTS, LLC 0.23% of their portfolio | 211.9k $17.9m | Reduced -12.3k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 209.3k $17.7m | Added +32.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 204.9k $17.4m | Reduced -3.5k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.06% of their portfolio | 202.3k $17.1m | Reduced -273 |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 199.7k $16.9m | Reduced -62.2k |
| Nuveen, LLC 0.00% of their portfolio | 196.8k $16.7m | Reduced -28.0k |
| UBS Group AG 0.00% of their portfolio | 196.5k $16.6m | Reduced -192.7k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 192.1k $16.3m | Added +39.2k |
| California Public Employees Retirement System 0.01% of their portfolio | 183.0k $15.5m | Added +10.6k |
| PANAGORA ASSET MANAGEMENT INC 0.07% of their portfolio | 183.0k $15.5m | Added +44.4k |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 179.1k $15.2m | Reduced -102.2k |
| Legal & General Group Plc 0.00% of their portfolio | 174.2k $14.8m | Added +5.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio | 171.6k $14.5m | New |
| Cubist Systematic Strategies, LLC 0.16% of their portfolio | 171.1k $14.5m | Added +122.5k |
| Edgestream Partners, L.P. 0.40% of their portfolio | 170.9k $14.5m | Added +64.1k |
| Swiss National Bank 0.01% of their portfolio | 164.3k $13.9m | Reduced -2.8k |
| Knights of Columbus Asset Advisors LLC 0.83% of their portfolio | 161.3k $13.7m | Reduced -53.5k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 157.1k $13.3m | Added +9.8k |
| State of Alaska, Department of Revenue 0.14% of their portfolio | 156.8k $13.3m | Reduced -475 |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 154.8k $13.1m | Added +76.6k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 150.9k $12.8m | Reduced -17.9k |
| Allianz Asset Management GmbH 0.02% of their portfolio | 146.6k $12.4m | Reduced -46.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 141.2k $12.0m | Added +6.2k |
| MEEDER ASSET MANAGEMENT INC 0.71% of their portfolio | 137.3k $11.6m | Added +3.0k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 133.6k $11.3m | Added +18.5k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 125.4k $10.6m | Reduced -57.5k |
| FMR LLC 0.00% of their portfolio | 125.3k $10.6m | Reduced -18.5k |
| Point72 Asset Management, L.P. 0.02% of their portfolio | 123.7k $10.5m | Reduced -10.6k |
| Meiji Yasuda Asset Management Co Ltd. 0.51% of their portfolio | 121.6k $10.3m | Reduced -5.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 121.5k $10.3m | Reduced -10.2k |
| THOMPSON SIEGEL & WALMSLEY LLC 0.17% of their portfolio | 117.0k $9.9m | Reduced -181.2k |
| Aptus Capital Advisors, LLC 0.10% of their portfolio | 114.6k $9.7m | Added +10.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 111.7k $9.5m | Reduced -48.3k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 111.6k $9.5m | Added +30.4k |
| Mitsubishi UFJ Trust & Banking Corp 0.02% of their portfolio | 109.3k $9.3m | Reduced -13.0k |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.10% of their portfolio | 107.2k $9.1m | Reduced -2.2k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 105.1k $8.9m | Reduced -13.6k |
| ZACKS INVESTMENT MANAGEMENT 0.08% of their portfolio | 103.6k $8.8m | Reduced -5.6k |
| GREAT LAKES ADVISORS, LLC 0.07% of their portfolio | 100.3k $8.5m | Reduced -6.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 100.0k $8.5m | Reduced -100 |
| LPL Financial LLC 0.00% of their portfolio | 99.2k $8.4m | Added +12.0k |
| Cardinal Capital Management 1.24% of their portfolio | 98.8k $8.4m | Added +2.9k |
| HRT FINANCIAL LP 0.04% of their portfolio | 98.1k $8.3m | Added +73.1k |
| KWMG, LLC 0.77% of their portfolio | 97.3k $8.2m | Reduced -4.0k |
| ICON ADVISERS INC/CO 1.85% of their portfolio | 95.6k $8.1m | Reduced -9.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 92.8k $7.9m | Added +490 |
| NORDEA INVESTMENT MANAGEMENT AB 0.01% of their portfolio | 89.8k $7.6m | Added +883 |
| HENNESSY ADVISORS INC 0.25% of their portfolio | 87.9k $7.4m | Added +3.7k |
| Rodgers Brothers Inc. 0.93% of their portfolio | 87.2k $7.4m | Reduced -3.8k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 86.7k $7.3m | Added +13.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 86.4k $7.3m | Added +5.8k |
| IBEX WEALTH ADVISORS 0.77% of their portfolio | 85.4k $7.2m | Added +3.2k |
| MARTINGALE ASSET MANAGEMENT L P 0.17% of their portfolio | 84.1k $7.1m | Added +59.6k |
| HEARTLAND ADVISORS INC 0.37% of their portfolio | 79.0k $6.7m | Reduced -25.9k |