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 ($72.8m this quarter). Holder counts are more reliable. Shares outstanding: 95.0m as of 2026-01-27, 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 ≈ $80.08. Options: 10 managers hold calls ($22.7m notional), 7 hold puts ($1.6m).
Trends to Q4 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 |
| Q4 2025 | 621 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 275 | 291 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $6.4m | $6.7m | 1.06 |
| Q2 2025 | $3.9m | $11.5m | 2.93 |
| Q3 2025 | $39.2m | $8.0m | 0.20 |
| Q4 2025 | $22.7m | $1.6m | 0.07 |
Biggest buyers
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +1.4m |
| Yaupon Capital Management LP | Added | +927.9k |
| FMR LLC | Added | +660.8k |
| Aventail Capital Group, LP | Added | +651.2k |
| VICTORY CAPITAL MANAGEMENT INC | Added | +546.3k |
| PRUDENTIAL FINANCIAL INC | Added | +397.5k |
| AMERIPRISE FINANCIAL INC | Added | +357.1k |
| Energy Income Partners, LLC | Added | +267.7k |
| Invesco Ltd. | Added | +141.6k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +141.2k |
Biggest sellers
| AQR CAPITAL MANAGEMENT LLC | Reduced | -472.0k |
| JPMORGAN CHASE & CO | Reduced | -416.4k |
| MACKENZIE FINANCIAL CORP | Reduced | -180.2k |
| ALGERT GLOBAL LLC | Reduced | -165.4k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Reduced | -160.0k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -130.1k |
| Point72 Asset Management, L.P. | Sold out | -91.1k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -90.2k |
| Trexquant Investment LP | Sold out | -78.1k |
| Bank of New York Mellon Corp | Reduced | -75.9k |
Biggest calls
| PEAK6 LLC | Reduced | $16.0m200.0k shares |
| Jefferies Financial Group Inc. | New | $2.8m34.4k shares |
| CITADEL ADVISORS LLC | Reduced | $1.4m17.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.0m12.5k shares |
| SIMPLEX TRADING, LLC | Added | $664.5k8.3k shares |
| JANE STREET GROUP, LLC | Reduced | $520.4k6.5k shares |
| Walleye Trading LLC | Added | $256.2k3.2k shares |
| Walleye Capital LLC | Reduced | $72.1k900 shares |
| GROUP ONE TRADING LLC | Unchanged | $16.0k200 shares |
| Concord Wealth Partners | New | $401.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $504.4k6.3k shares |
| CITADEL ADVISORS LLC | Reduced | $416.3k5.2k shares |
| JANE STREET GROUP, LLC | New | $200.2k2.5k shares |
| Walleye Capital LLC | Reduced | $168.1k2.1k shares |
| Walleye Trading LLC | Reduced | $144.1k1.8k shares |
| GROUP ONE TRADING LLC | New | $80.1k1.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $72.1k900 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 12.2m $974.4m | Reduced -60.2k |
| BlackRock, Inc. 0.01% of their portfolio | 8.8m $707.0m | Added +46.2k |
| STATE STREET CORP 0.01% of their portfolio | 4.0m $318.4m | Added +16.0k |
| Energy Income Partners, LLC 3.71% of their portfolio | 2.6m $205.0m | Added +267.7k |
| GABELLI FUNDS LLC 1.28% of their portfolio | 2.4m $188.6m | Reduced -3.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 1.8m $145.4m | Added +121.1k |
| LSV ASSET MANAGEMENT 0.31% of their portfolio | 1.8m $144.0m | Reduced -46.2k |
| AQR CAPITAL MANAGEMENT LLC 0.07% of their portfolio | 1.7m $133.4m | Reduced -472.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 1.6m $126.7m | Added +1.4m |
| GAMCO INVESTORS, INC. ET AL 1.11% of their portfolio | 1.4m $115.7m | Added +37.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.06% of their portfolio | 1.3m $100.9m | Added +546.3k |
| Invesco Ltd. 0.01% of their portfolio | 1.3m $100.8m | Added +141.6k |
| MORGAN STANLEY 0.01% of their portfolio | 1.2m $95.6m | Added +63.2k |
| NORGES BANK 0.01% of their portfolio | 1.2m $92.4m | Not comparable |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.1m $90.9m | Added +26.0k |
| Yaupon Capital Management LP 4.35% of their portfolio | 1.1m $88.5m | Added +927.9k |
| Aventail Capital Group, LP 5.03% of their portfolio | 1.1m $87.3m | Added +651.2k |
| EQUITY INVESTMENT CORP 1.66% of their portfolio | 1.0m $82.2m | Reduced -15.7k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.0m $80.3m | Reduced -60.6k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 923.6k $73.9m | Reduced -75.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 912.4k $73.0m | Reduced -5.4k |
| FMR LLC 0.00% of their portfolio | 803.6k $64.3m | Added +660.8k |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 790.4k $63.3m | Added +85.1k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 706.3k $56.6m | Added +357.1k |
| Clark Capital Management Group, Inc. 0.33% of their portfolio | 673.6k $53.9m | Added +29.2k |
| Qube Research & Technologies Ltd 0.07% of their portfolio | 624.6k $50.0m | Added +50.4k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 622.3k $49.8m | Reduced -46.3k |
| JUPITER ASSET MANAGEMENT LTD 0.34% of their portfolio | 536.7k $43.0m | Added +71.5k |
| PRUDENTIAL FINANCIAL INC 0.05% of their portfolio | 532.4k $42.6m | Added +397.5k |
| Gotham Asset Management, LLC 0.15% of their portfolio | 496.8k $39.8m | Reduced -25.2k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 451.2k $36.1m | Reduced -11.0k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 438.0k $35.1m | Reduced -416.4k |
| MACKENZIE FINANCIAL CORP 0.04% of their portfolio | 417.8k $33.9m | Reduced -180.2k |
| ProShare Advisors LLC 0.06% of their portfolio | 401.7k $32.2m | Reduced -147 |
| MANAGED ASSET PORTFOLIOS, LLC 3.68% of their portfolio | 380.8k $30.5m | Reduced -279 |
| WESTWOOD HOLDINGS GROUP INC 0.24% of their portfolio | 366.6k $29.4m | Added +117.6k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 333.1k $26.7m | Added +20.7k |
| Squarepoint Ops LLC 0.05% of their portfolio | 324.6k $26.0m | Added +16.1k |
| VIRGINIA RETIREMENT SYSTEMS ET Al 0.15% of their portfolio | 321.2k $25.7m | Added +1.9k |
| Allspring Global Investments Holdings, LLC 0.04% of their portfolio | 315.8k $25.9m | Added +25.0k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.37% of their portfolio | 313.8k $25.1m | Added +32.6k |
| PANAGORA ASSET MANAGEMENT INC 0.09% of their portfolio | 310.8k $24.9m | Added +93.7k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 296.3k $23.7m | Reduced -7.5k |
| Arbejdsmarkedets Tillaegspension 0.58% of their portfolio | 284.0k $22.7m | First filing |
| UBS Group AG 0.00% of their portfolio | 255.5k $20.5m | Added +22.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 245.9k $19.7m | Added +17.8k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 243.2k $19.5m | Added +30.1k |
| VALLEY WEALTH MANAGERS, INC. 1.25% of their portfolio | 243.0k $19.5m | Added +7.8k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 230.4k $18.4m | Reduced -13.2k |
| Retirement Systems of Alabama 0.06% of their portfolio | 230.1k $18.4m | Reduced -803 |
| California Public Employees Retirement System 0.01% of their portfolio | 217.4k $17.4m | Added +8.1k |
| EXCHANGE TRADED CONCEPTS, LLC 0.14% of their portfolio | 208.7k $16.7m | Reduced -1.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 194.8k $15.6m | Reduced -2.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 194.4k $15.6m | Reduced -6.4k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 191.2k $15.2m | Reduced -31.2k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 169.7k $13.6m | Added +141.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 169.5k $13.6m | Reduced -47.1k |
| Swiss National Bank 0.01% of their portfolio | 169.3k $13.6m | Added +2.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 168.0k $13.4m | Added +6.2k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 151.1k $12.1m | Reduced -1.9k |
| Man Group plc 0.02% of their portfolio | 151.0k $12.1m | Added +104.8k |
| Nuveen, LLC 0.00% of their portfolio | 147.5k $11.8m | Added +5.1k |
| Legal & General Group Plc 0.00% of their portfolio | 141.1k $11.3m | Reduced -25.2k |
| Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio | 139.6k $11.2m | Added +107.9k |
| Allianz Asset Management GmbH 0.01% of their portfolio | 134.6k $10.8m | Added +33.2k |
| Meiji Yasuda Asset Management Co Ltd. 0.51% of their portfolio | 133.5k $10.7m | Added +14.1k |
| Aptus Capital Advisors, LLC 0.09% of their portfolio | 132.8k $10.6m | Added +507 |
| Knights of Columbus Asset Advisors LLC 0.60% of their portfolio | 132.8k $10.6m | Reduced -22.5k |
| LPL Financial LLC 0.00% of their portfolio | 129.1k $10.3m | Added +15.1k |
| Brookfield Corp /ON/ 0.01% of their portfolio | 127.3k $10.2m | New |
| THOMPSON SIEGEL & WALMSLEY LLC 0.17% of their portfolio | 126.0k $10.1m | Added +8.9k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 119.3k $9.6m | Added +1.1k |
| Bridgewater Associates, LP 0.03% of their portfolio | 116.1k $9.3m | Added +35.5k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 110.7k $8.9m | Reduced -90.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 108.0k $8.6m | Reduced -3.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 106.9k $8.6m | Reduced -1.6k |
| State of Alaska, Department of Revenue 0.09% of their portfolio | 105.7k $8.5m | Reduced -845 |
| ZACKS INVESTMENT MANAGEMENT 0.06% of their portfolio | 103.3k $8.3m | Added +864 |
| Engineers Gate Manager LP 0.10% of their portfolio | 100.9k $8.1m | Added +42.3k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 100.8k $8.1m | Reduced -25.8k |
| Cardinal Capital Management 1.07% of their portfolio | 100.4k $8.1m | Added +601 |
| GREAT LAKES ADVISORS, LLC 0.06% of their portfolio | 98.6k $7.9m | Reduced -28.5k |
| NORDEA INVESTMENT MANAGEMENT AB 0.01% of their portfolio | 97.9k $7.8m | Reduced -5.5k |
| Covalis Capital LLP 0.61% of their portfolio | 97.5k $7.8m | New |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 97.3k $7.8m | Reduced -1.1k |
| KWMG, LLC 0.66% of their portfolio | 95.8k $7.7m | Reduced -989 |
| Quantinno Capital Management LP 0.02% of their portfolio | 94.5k $7.6m | Added +9.3k |
| KAYNE ANDERSON CAPITAL ADVISORS LP 0.17% of their portfolio | 94.5k $7.6m | Reduced -705 |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.09% of their portfolio | 92.9k $7.4m | Reduced -627 |
| ICON ADVISERS INC/CO 1.59% of their portfolio | 92.2k $7.4m | Reduced -8.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 92.2k $7.4m | Unchanged |
| Phocas Financial Corp. 0.92% of their portfolio | 88.5k $7.1m | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 88.0k $7.0m | Reduced -16.8k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 87.7k $7.0m | Added +10.5k |
| IBEX WEALTH ADVISORS 0.69% of their portfolio | 87.6k $7.0m | Added +1.0k |
| Rodgers Brothers Inc. 0.82% of their portfolio | 85.5k $6.8m | Reduced -934 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 81.9k $6.6m | Reduced -4.5k |
| CWM, LLC 0.02% of their portfolio | 80.3k $6.4m | Reduced -33.8k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 78.2k $6.3m | Added +10.5k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 76.0k $6.1m | Reduced -9.5k |