It has been about a month since the last earnings report for National Fuel Gas (NFG Quick QuoteNFG - Free Report) . Shares have added about 4.6% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is National Fuel Gas due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

National Fuel Gas Q1 Earnings Beat Estimates, Revenues Increase Y/Y

National Fuel Gas Company reported first-quarter fiscal 2025 adjusted operating earnings of $1.66 per share, which surpassed the Zacks Consensus Estimate of $1.57 by 5.7%. The bottom line also increased 13.7% from the year-ago quarter’s reported figure of $1.46.

GAAP earnings for the quarter were 49 cents per share compared with $1.44 in the year-ago quarter.

NFG’s Total Revenues

NFG reported sales of $549.5 million, which missed the Zacks Consensus Estimate of $594 million by 7.5%. However, the top line increased 4.6% from the prior-year recorded figure of $525.4 million.

NFG’s Segmental Revenues

Utility: Revenues totaled $228.4 million, up 13.1% from $201.9 million in the year-ago quarter.

Exploration and Production and Other Revenues: Revenues totaled $248.9 million, down 2% from $254 million in the year-ago quarter.

Pipeline and Storage and Gathering: Revenues amounted to $72.2 million, implying a 4% increase from $69.4 million recorded in the year-ago quarter.

Highlights of NFG’s Q1 Release

Total operating expenses increased 45.6% to $463.3 million year over year. This was primarily due to higher purchased gas and impairment of assets.

Operating income totaled $86.2 million compared with $207.1 million in the year-ago quarter.

Interest expense on long-term debt totaled $33.4 million, up 17.2% from the year-ago figure of $28.5 million.

During the fiscal first quarter, Seneca produced 97.7 billion cubic feet (Bcf) of natural gas, down 3 Bcf, or 3%, from the prior-year level. Production in the quarter was lower year over year due to the timing of turn-in line dates for new wells between fiscal years.

NFG’s Financial Highlights

As of Dec. 31, 2024, National Fuel Gas had cash and temporary cash investments of $48.7 million compared with $38.2 million as of Sept. 30, 2024.

Net cash provided by operating activities for the first three months of fiscal 2025 totaled $220.1 million compared with $270.9 million in the year-ago period.

Capital expenditures amounted to $240.4 million in the first three months of fiscal 2025 compared with $246.9 million in the year-ago period.

NFG’s Guidance

NFG has increased its guidance for fiscal 2025 adjusted earnings per share to a range of $6.50-$7.00 from the previous projection of $5.50-$6.00. This can be attributed to higher forecasted natural gas prices and ongoing improvements in the outlook for each segment. The Zacks Consensus Estimate is pegged at $6.43.

The company expects capital expenditure for fiscal 2025 to be in the band of $885-$960 million, lower than the previous guided range of $885-$970 million.

The company’s production guidance for fiscal 2025 is now expected to be 410-425 Bcf, up 7.5 Bcf, or 2%, at the midpoint compared with the previous projection of 400-420 Bcf.

 

How Have Estimates Been Moving Since Then?

It turns out, estimates review flatlined during the past month.

VGM Scores

At this time, National Fuel Gas has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

National Fuel Gas has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.