In a significant move within the financial sector, Zurcher Kantonalbank has substantially increased its position in National Fuel Gas Company (NFG), signaling continued institutional investment interest in the energy stock market.
The recent disclosure with the Securities and Exchange Commission revealed that Zurcher Kantonalbank Zurich Cantonalbank augmented its NFG holdings by 0.9% during the first quarter. This addition of 209 shares brought their total ownership to 22,746 shares, valued at an impressive $1,801,000 as of their latest SEC filing, underscoring their commitment to this particular energy company.
Zurcher Kantonalbank is not alone in its optimistic outlook on NFG. Northern Trust Corp, another prominent institutional investor, significantly boosted its stake in National Fuel Gas during the fourth quarter, acquiring an additional 279,857 shares. This substantial increase elevated their total holdings to 1,019,072 shares, valued at $61,837,000, showcasing a robust approach to portfolio management within the energy sector.
Further demonstrating widespread institutional confidence, Los Angeles Capital Management LLC initiated a new position in National Fuel Gas during the first quarter, with their newly acquired shares valued at approximately $14,486,000. Concurrently, Allspring Global Investments Holdings LLC raised its NFG holdings by an impressive 62.6% in the same period, purchasing 176,290 additional shares, bringing their total to 458,112 shares worth $36,557,000.
The trend of increasing institutional interest continued with GAMMA Investing LLC, which dramatically raised its holdings in National Fuel Gas by a staggering 13,154.2% during the first quarter, adding 130,621 shares to own a total of 131,614 shares valued at $10,423,000. Similarly, Geode Capital Management LLC increased its NFG stake by 5.6% in the fourth quarter, acquiring 117,351 more shares, bringing their vast holdings to 2,199,787 shares, valued at an astounding $146,502,000. Collectively, institutional investors now control 73.96% of the company’s stock, highlighting its significance in financial analysis.
Beyond institutional movements, National Fuel Gas Company exhibits solid financial fundamentals. The stock opened at $86.66 on Friday, with a market capitalization of $7.83 billion. Key financial metrics include a debt-to-equity ratio of 0.80, a current ratio of 0.46, and a quick ratio of 0.43. The company’s 50-day moving average stands at $84.71, and its 200-day moving average at $78.83, indicating a positive trajectory within the energy stocks sector.
NFG also recently announced a quarterly dividend of $0.535, an increase from its previous $0.52, resulting in an annualized dividend of $2.14 and a yield of 2.5%. This move, coupled with positive analyst ratings, reinforces investor confidence. Notably, Bank of America upgraded NFG from “underperform” to “buy,” raising its price objective to $107.00, while Scotiabank also upped its price objective to $98.00 with a “sector outperform” rating, contributing to a consensus “Buy” rating and a target price of $95.33 for the stock.
National Fuel Gas Company operates as a diversified energy entity, with its business structured across four core segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. This multifaceted operational structure provides a stable foundation, contributing to its appeal among institutional investors and its overall resilience in the dynamic energy market.
