National Fuel Gas Company — An Ultra-Cheap Dividend King

Dividends Forever
3 min readFeb 12, 2024

A cheap energy producer and a cheap utility company — in one stock?

That’s what we’re looking at with National Fuel Gas Company ($NFG). This is a Dividend King with 121 years of consecutive dividend payments and 53 years of uninterrupted dividend growth.

National Fuel Gas Company is also trading at a multi-year low, with a dirt-cheap valuation and a surprisingly high starting dividend yield.

In today’s article we’ll look at what National Fuel Gas Company does. As well as diving into the company’s fundamentals to determine if the business is a good investment with rebound potential.

What Does National Fuel Gas Company Do?

National Fuel Gas is a vertically integrated energy company.

They explore for natural gas fields, harvest the gas, transport and store it, and use these resources to operate a natural gas utility firm that serves 754,000 customers in New York and Pennsylvania.

National Fuel Gas Company is like UGI Corporation, where it’s primarily an energy firm but the business also operates a utility segment.

The biggest issue with this is that natural gas is a commodity and highly cyclical. Natural gas prices rose to over $9 per MMBtu in 2022…



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