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 ($81.4m this quarter). Holder counts are more reliable. Shares outstanding: 90.4m as of 2025-10-31, 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 ≈ $92.39. Options: 9 managers hold calls ($39.2m notional), 5 hold puts ($8.0m).
Trends to Q3 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 |
| Q3 2025 | 620 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q3 2025 | 318 | 232 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $23.3m | $4.4m | 0.19 |
| Q1 2025 | $6.4m | $6.7m | 1.06 |
| Q2 2025 | $3.9m | $11.5m | 2.93 |
| Q3 2025 | $39.2m | $8.0m | 0.20 |
Biggest buyers
| AQR CAPITAL MANAGEMENT LLC | Added | +1.1m |
| JPMORGAN CHASE & CO | Added | +435.1k |
| BlackRock, Inc. | Added | +257.2k |
| Squarepoint Ops LLC | Added | +250.1k |
| WESTWOOD HOLDINGS GROUP INC | New | +249.0k |
| JUPITER ASSET MANAGEMENT LTD | Added | +232.1k |
| Gotham Asset Management, LLC | Added | +223.5k |
| Invesco Ltd. | Added | +215.6k |
| Clark Capital Management Group, Inc. | Added | +203.4k |
| BANK OF AMERICA CORP /DE/ | Added | +180.5k |
Biggest sellers
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -519.7k |
| Yaupon Capital Management LP | Reduced | -294.7k |
| AMERIPRISE FINANCIAL INC | Reduced | -203.2k |
| Aventail Capital Group, LP | Reduced | -200.1k |
| PRUDENTIAL FINANCIAL INC | Reduced | -181.5k |
| Edgestream Partners, L.P. | Sold out | -170.9k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -167.3k |
| MACKENZIE FINANCIAL CORP | Reduced | -146.5k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -146.2k |
| Bridgewater Associates, LP | Reduced | -140.3k |
Biggest calls
| PEAK6 LLC | Added | $30.7m332.0k shares |
| JANE STREET GROUP, LLC | New | $4.0m43.6k shares |
| CITADEL ADVISORS LLC | Added | $2.3m25.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $905.2k9.8k shares |
| SIMPLEX TRADING, LLC | Added | $572.0k6.2k shares |
| WOLVERINE TRADING, LLC | Reduced | $362.7k3.9k shares |
| Walleye Trading LLC | New | $230.9k2.5k shares |
| Walleye Capital LLC | New | $92.4k1.0k shares |
| GROUP ONE TRADING LLC | Reduced | $18.5k200 shares |
Biggest puts
| CITADEL ADVISORS LLC | Reduced | $5.4m58.9k shares |
| Walleye Trading LLC | Reduced | $960.6k10.4k shares |
| Walleye Capital LLC | Added | $803.6k8.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $600.4k6.5k shares |
| SIMPLEX TRADING, LLC | Added | $157.0k1.7k 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 Q3 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.02% of their portfolio | 12.2m $1.1bn | Reduced -67.7k |
| BlackRock, Inc. 0.01% of their portfolio | 8.8m $811.5m | Added +257.2k |
| STATE STREET CORP 0.01% of their portfolio | 3.9m $365.6m | Reduced -100.1k |
| GABELLI FUNDS LLC 1.48% of their portfolio | 2.4m $217.9m | Reduced -19.0k |
| Energy Income Partners, LLC 4.08% of their portfolio | 2.3m $211.8m | Reduced -1.8k |
| AQR CAPITAL MANAGEMENT LLC 0.13% of their portfolio | 2.1m $197.5m | Added +1.1m |
| LSV ASSET MANAGEMENT 0.38% of their portfolio | 1.8m $170.5m | Reduced -138.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 1.7m $156.6m | Added +1.1k |
| GAMCO INVESTORS, INC. ET AL 1.26% of their portfolio | 1.4m $130.1m | Reduced -102.4k |
| MORGAN STANLEY 0.01% of their portfolio | 1.1m $104.5m | Reduced -44.6k |
| Invesco Ltd. 0.02% of their portfolio | 1.1m $103.2m | Added +215.6k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.1m $102.5m | Added +42.9k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.1m $98.2m | Reduced -129.8k |
| EQUITY INVESTMENT CORP 2.02% of their portfolio | 1.0m $96.3m | Reduced -56.9k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 999.4k $92.3m | Reduced -28.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 917.8k $84.8m | Added +11.1k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 854.4k $78.9m | Added +435.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio | 714.2k $66.0m | Reduced -519.7k |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 705.3k $65.2m | Added +146.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 668.6k $61.8m | Added +180.5k |
| Clark Capital Management Group, Inc. 0.37% of their portfolio | 644.3k $59.5m | Added +203.4k |
| MACKENZIE FINANCIAL CORP 0.07% of their portfolio | 598.0k $55.2m | Reduced -146.5k |
| Qube Research & Technologies Ltd 0.08% of their portfolio | 574.2k $53.0m | Added +108.4k |
| Gotham Asset Management, LLC 0.21% of their portfolio | 521.9k $48.2m | Added +223.5k |
| JUPITER ASSET MANAGEMENT LTD 0.37% of their portfolio | 465.3k $43.0m | Added +232.1k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 462.2k $42.7m | Added +13.3k |
| Aventail Capital Group, LP 1.93% of their portfolio | 439.1k $40.6m | Reduced -200.1k |
| ProShare Advisors LLC 0.08% of their portfolio | 401.8k $37.1m | Reduced -23.5k |
| MANAGED ASSET PORTFOLIOS, LLC 4.36% of their portfolio | 381.1k $35.2m | Added +63 |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 349.2k $32.3m | Reduced -203.2k |
| VIRGINIA RETIREMENT SYSTEMS ET Al 0.19% of their portfolio | 319.3k $29.5m | Unchanged |
| SEI INVESTMENTS CO 0.03% of their portfolio | 312.4k $28.9m | Added +120.2k |
| Squarepoint Ops LLC 0.06% of their portfolio | 308.5k $28.5m | Added +250.1k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 303.8k $28.1m | Added +48.9k |
| Allspring Global Investments Holdings, LLC 0.04% of their portfolio | 290.8k $26.9m | Added +27.8k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.38% of their portfolio | 281.2k $26.0m | Reduced -111.0k |
| WESTWOOD HOLDINGS GROUP INC 0.16% of their portfolio | 249.0k $23.0m | New |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 243.6k $22.5m | Reduced -2.0k |
| VALLEY WEALTH MANAGERS, INC. 1.44% of their portfolio | 235.2k $21.7m | Added +552 |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.07% of their portfolio | 233.1k $21.5m | Added +30.7k |
| UBS Group AG 0.00% of their portfolio | 232.9k $21.5m | Added +36.5k |
| Retirement Systems of Alabama 0.07% of their portfolio | 230.9k $21.3m | Reduced -1.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 228.1k $21.1m | Added +10.6k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.07% of their portfolio | 222.3k $20.5m | Reduced -89.9k |
| PANAGORA ASSET MANAGEMENT INC 0.08% of their portfolio | 217.1k $20.1m | Added +34.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 216.6k $20.0m | Reduced -76.4k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 213.1k $19.7m | Added +3.9k |
| EXCHANGE TRADED CONCEPTS, LLC 0.19% of their portfolio | 210.1k $19.4m | Reduced -1.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 210.0k $19.4m | Added +68.9k |
| California Public Employees Retirement System 0.01% of their portfolio | 209.3k $19.3m | Added +26.2k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 201.0k $18.6m | Reduced -167.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 200.7k $18.5m | Reduced -4.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 197.1k $18.2m | Reduced -2.6k |
| ALGERT GLOBAL LLC 0.30% of their portfolio | 196.1k $18.1m | Added +178.5k |
| Yaupon Capital Management LP 0.85% of their portfolio | 178.1k $16.5m | Reduced -294.7k |
| Swiss National Bank 0.01% of their portfolio | 166.4k $15.4m | Added +2.1k |
| Legal & General Group Plc 0.00% of their portfolio | 166.3k $15.4m | Reduced -7.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 161.8k $14.9m | Reduced -62.6k |
| Knights of Columbus Asset Advisors LLC 0.82% of their portfolio | 155.3k $14.3m | Reduced -6.0k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 153.0k $14.1m | Reduced -4.1k |
| RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio | 151.4k $14.0m | Reduced -20.2k |
| FMR LLC 0.00% of their portfolio | 142.8k $13.2m | Added +17.5k |
| Nuveen, LLC 0.00% of their portfolio | 142.4k $13.2m | Reduced -54.4k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 134.8k $12.5m | Reduced -181.5k |
| Aptus Capital Advisors, LLC 0.11% of their portfolio | 132.3k $12.2m | Added +17.7k |
| BARCLAYS PLC 0.00% of their portfolio | 129.8k $12.0m | Added +53.4k |
| GREAT LAKES ADVISORS, LLC 0.10% of their portfolio | 127.1k $11.7m | Added +26.7k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 126.7k $11.7m | Reduced -7.0k |
| Meiji Yasuda Asset Management Co Ltd. 0.52% of their portfolio | 119.3k $11.0m | Reduced -2.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 118.3k $10.9m | Reduced -3.2k |
| THOMPSON SIEGEL & WALMSLEY LLC 0.18% of their portfolio | 117.1k $10.8m | Added +127 |
| CWM, LLC 0.03% of their portfolio | 114.1k $10.5m | Added +47.4k |
| LPL Financial LLC 0.00% of their portfolio | 114.0k $10.5m | Added +14.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 111.2k $10.3m | Added +40.6k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 108.5k $10.0m | Added +8.5k |
| State of Alaska, Department of Revenue 0.10% of their portfolio | 106.5k $9.8m | Reduced -50.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 104.8k $9.7m | Reduced -6.9k |
| NORDEA INVESTMENT MANAGEMENT AB 0.01% of their portfolio | 103.4k $9.5m | Added +13.6k |
| ZACKS INVESTMENT MANAGEMENT 0.08% of their portfolio | 102.4k $9.5m | Reduced -1.1k |
| Allianz Asset Management GmbH 0.01% of their portfolio | 101.4k $9.4m | Reduced -45.2k |
| ICON ADVISERS INC/CO 2.04% of their portfolio | 100.9k $9.3m | Added +5.3k |
| COZAD ASSET MANAGEMENT INC 0.74% of their portfolio | 100.3k $9.3m | Added +28.1k |
| Cardinal Capital Management 1.28% of their portfolio | 99.8k $9.3m | Added +981 |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 98.4k $9.1m | Reduced -6.6k |
| KWMG, LLC 0.78% of their portfolio | 96.8k $8.9m | Reduced -514 |
| KAYNE ANDERSON CAPITAL ADVISORS LP 0.19% of their portfolio | 95.2k $8.8m | Added +58.4k |
| MEEDER ASSET MANAGEMENT INC 0.49% of their portfolio | 93.7k $8.7m | Reduced -43.6k |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.10% of their portfolio | 93.5k $8.6m | Reduced -13.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 92.2k $8.5m | Reduced -665 |
| Cubist Systematic Strategies, LLC 0.12% of their portfolio | 91.3k $8.4m | Reduced -79.9k |
| Point72 Asset Management, L.P. 0.02% of their portfolio | 91.1k $8.4m | Reduced -32.6k |
| IBEX WEALTH ADVISORS 0.77% of their portfolio | 86.5k $8.0m | Added +1.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 86.4k $8.0m | Added +4 |
| Rodgers Brothers Inc. 0.98% of their portfolio | 86.4k $8.0m | Reduced -808 |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 85.4k $7.9m | Reduced -40.0k |
| Quantinno Capital Management LP 0.02% of their portfolio | 85.2k $7.9m | Added +22.3k |
| Bridgewater Associates, LP 0.03% of their portfolio | 80.5k $7.4m | Reduced -140.3k |
| BI Asset Management Fondsmaeglerselskab A/S 0.07% of their portfolio | 79.7k $7.4m | Added +79.0k |
| Trexquant Investment LP 0.07% of their portfolio | 78.1k $7.2m | Added +23.3k |
| OSAIC HOLDINGS, INC. 0.01% of their portfolio | 77.3k $7.1m | Added +40.2k |