Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

National Fuel Gas Co (NFG)

647 + Investors. Track Smart Money conviction in NFG. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -1
Streak
1Q ▼
Buyers last Q
57%

Smart Money Signals — NFG

Based on 653 hedge funds · latest filing: 2026 Q2 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their NFG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
653 hedge funds hold NFG right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +13% more funds vs a year ago

fund count last 6Q
+74 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡

Slight buying edge — 57% buying

359 buying276 selling
Last quarter: 359 funds bought or added vs 276 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️

Steady new buyers — ~99 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 88 → 92 → 102 → 99. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

59% of holders stayed for 2+ years

■ 59% conviction (2yr+) ■ 20% medium ■ 21% new
383 out of 653 hedge funds have held NFG for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +13%, value -14%

Value
-14%
Shares
+13%
Last quarter: funds added +13% more shares while total portfolio value only changed -14%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈

Growing discovery — still being found

74 → 88 → 92 → 102 → 99 new funds/Q
New funds entering each quarter: 88 → 92 → 102 → 99. A growing number of institutions are discovering NFG each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 64% veterans vs 24% newcomers

■ 64% veterans ■ 12% 1-2yr ■ 24% new
Entry-cohort mix of 659 holders: 420 (64%) are 2+ year veterans, 79 entered 1–2 years ago, and 160 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 48% AUM from top-100 funds

48% from top-100 AUM funds
57 of 653 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in NFG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.7
out of 10
Low Exit Risk
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — NFG

In 2026 Q2, 359 hedge funds were net buyers of NFG (99 opened a new position, 260 added to an existing one), while 276 reduced or exited (176 trimmed, 100 sold completely) — a 57% buyer ratio, indicating a slight buying edge. 48% of total institutional value in NFG is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -1 funds (more exits than new entries). Total institutional holders: 653.

Hedge Fund Ownership: NFG

How many hedge funds hold NFG — quarterly history vs. share price
Quarterly hedge fund ownership of NFG vs. share price

Market Analysis: NFG

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: NFG

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy National Fuel Gas Co (NFG) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much NFG has moved relative to its sector benchmark (XLE) since the 2026 Q2 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End June 30, 2026 · 85d ago
NFG
+3.7%
XLE
+18.3%

NFG outperformed XLE by -14.6% since June 30, 2026.

Since 13F Filing Date August 14, 2026 · 40d ago
NFG
-2.3%
XLE
+1.5%

Since the filing became public, NFG outperformed XLE by -3.8% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

23 top-rated funds 6 high-conviction
Consensus
6.0
/ 10
breadth
×
Elite
3.8
/ 10
conviction
Hedge Fund Positioning: NFG
647 + Investors

Track Smart Money conviction in NFG. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 647 654 -1.07%
13F Shares 78M 76M 2.35%
Total Value $5.47B $6.54B -16.26%
New Positions 96 102 -6
Increased Positions 256 240 +16
Closed Positions 103 61 +42
Reduced Positions 174 201 -27
Total Calls 4 3 33.33%
Total Puts 2 3 -33.33%
PUT/CALL Ratio 0.5 1.0 Bullish

Statistics: NFG

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q2)

647 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in NFG. Verified SEC 13F-HR filings.

QUARTER:
Top 25 NFG holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Energy Income Partners, LLC 3.64% 2,995,843 $231.3M
2 Managed Asset Portfolios, LLC 3.47% 393,623 $30.4M
3 Aventail Capital Group, LP 3.19% 721,306 $55.7M
4 Yaupon Capital Management LP 2.37% 1,559,618 $120.4M
5 Barnett & Company, Inc. 2.36% 41,332 $3.2M
6 Sound Shore Management Inc /Ct/ 2.15% 902,778 $69.7M
7 Mcintyre Freedman & Flynn Investment Advisers Inc 2.11% 45,656 $3.5M
8 Edmp, INC. 2.08% 33,443 $2.6M
9 Bernzott Capital Advisors 1.99% 64,287 $5.0M
10 Equity Investment Corp 1.49% 1,012,957 $78.2M
11 Valley Wealth Managers, INC. 1.16% 259,924 $20.1M
12 Gabelli Funds LLC 1.15% 2,326,363 $179.6M
13 Gamco Investors, INC. Et Al 0.95% 1,370,347 $105.8M
14 Cardinal Capital Management 0.95% 100,653 $7.8M
15 VELA Investment Management, LLC 0.78% 46,956 $3.6M
16 Phocas Financial Corp. 0.70% 65,417 $5.1M
17 J.M. Arbour, LLC 0.69% 10,415 $804K
18 Huber Capital Management LLC 0.63% 55,176 $4.3M
19 Rodgers Brothers Inc. 0.63% 83,495 $6.4M
20 Arbejdsmarkedets Tillaegspension 0.60% 360,100 $27.8M
21 Ibex Wealth Advisors 0.59% 97,141 $7.5M
22 Icon Advisers Inc/Co 0.57% 39,528 $3.1M
23 Kwmg, LLC 0.55% 98,705 $7.6M
24 Aull & Monroe Investment Management Corp 0.49% 15,223 $1.2M
25 Fortem Financial Group, LLC 0.49% 31,116 $2.4M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — National Fuel Gas Co (NFG)

What does the Smart Money Trend signal show for NFG?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their NFG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for NFG?

Slight buying edge — 57% buying: Last quarter: 359 funds bought or added vs 276 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for NFG holders?

Elite ownership — 48% AUM from top-100 funds: 57 of 653 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in NFG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held NFG?

59% of holders stayed for 2+ years: 383 out of 653 hedge funds have held NFG for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy National Fuel Gas Co (NFG) following the 2026 Q2 hedge fund 13F filings?

As of today, NFG has moved -2.3% since the 2026 Q2 13F filing date (August 14, 2026), compared to +1.5% for the XLE sector ETF — an outperformance of -3.8%. Since the quarter end (June 30, 2026), NFG has gained +3.7% vs +18.3% for XLE. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

Full history →