National Fuel Gas

NFG • NYSE

National Fuel Gas is a oil & gas integrated company in the energy sector on NYSE, led by David P. Bauer, with a market cap of $7.4B. As of Q3 2025, 76% of shares are held by 609 institutional investors, with VANGUARD GROUP INC as the largest holder at 13.54%.

President and Chief Executive OfficerDavid P. Bauer

Market Cap$7.4B

Oil & Gas Integrated

Energy

Employees2.2K

Websitenationalfuelgas.com

Country

United States of America

Overview

Overview of institutional ownership in NFG as of Q3 2025 with a market cap of $8.3B

All Institutions

Institutions: 609
Value Held: $6.4B
Shares Held: 69.1M
Avg Position: $10.5M
Median Position: $691.8K

Hedge Funds

Hedge Funds: 42
Value Held: $496.5M
Shares Held: 5.4M
Avg Position: $11.8M
Median Position: $2.4M

Ownership Breakdown

Institutional (non-HF)

70.5%

$5.9B

Hedge Funds

5.95%

$496.5M

Retail & Other

23.55%

$2.0B

Based on market cap of $8.3B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NFG as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.1B 0.02% of portfolio	13.54% 12.2M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$811.5M 0.01% of portfolio	9.72% 8.8M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$365.6M 0.01% of portfolio	4.35% 3.9M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
GABELLI FUNDS LLC Long Only Manager	John Chester Ball President	$217.9M 1.50% of portfolio	2.61% 2.4M shares	≤ Q2 2013 Held for 12y 5m+	$14.5B
Energy Income Partners, LLC Long Only Manager	James Jarvis Murchie CEO	$211.8M 4.08% of portfolio	2.54% 2.3M shares	Q1 2022 Held for 3y 8m	$5.2B
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$197.5M 0.13% of portfolio	2.37% 2.1M shares	Q2 2018 Held for 7y 5m	$156.17B
L LSV ASSET MANAGEMENT Long Only Manager	Josef Nmn Lakonishok CEO	$170.5M 0.38% of portfolio	2.04% 1.8M shares	Q4 2016 Held for 8y 11m	$45.1B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$156.6M 0.01% of portfolio	1.88% 1.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
G GAMCO INVESTORS, INC. ET AL Institution	-	$130.1M 1.26% of portfolio	1.56% 1.4M shares	≤ Q2 2013 Held for 12y 5m+	$10.3B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$104.5M 0.01% of portfolio	1.25% 1.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T

Net Capital Flow

Institutional buying and selling activity for NFG in Q3 2025

Traded: +$72.5M
Buyers: 323
Sellers: 223
Total Bought: +$532.1M
Total Sold: −$459.6M
Avg Position: $9.8M

Biggest Buyers

Institution	Net Bought	Current Position
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$100.4M +1.1M shares	$197.5M 2.1M shares
B BlackRock, Inc. Institution	+$23.8M +257.2K shares	$811.5M 8.8M shares
S Squarepoint Ops LLC Hedge Fund•Quant	+$23.1M +250.1K shares	$28.5M 308.5K shares
WESTWOOD HOLDINGS GROUP INC Institution	+$23.0M +249.0K shares	$23.0M 249.0K shares
R ROYAL BANK OF CANADA Institution	+$22.0M +237.8K shares	$42.7M 462.2K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	+$21.4M +232.1K shares	$43.0M 465.3K shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	+$20.6M +223.5K shares	$48.2M 521.9K shares
Invesco Ltd. ETF Provider	+$19.9M +215.6K shares	$103.2M 1.1M shares
Clark Capital Management Group, Inc. RIA/Wealth	+$18.8M +203.4K shares	$59.5M 644.3K shares
BANK OF AMERICA CORP /DE/ Institution	+$16.7M +180.5K shares	$61.8M 668.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	−$48.0M −519.7K shares	$66.0M 714.2K shares
Y Yaupon Capital Management LP Hedge Fund•Multi-Strategy	−$27.2M −294.7K shares	$16.5M 178.1K shares
AMERIPRISE FINANCIAL INC Institution	−$18.8M −203.2K shares	$32.3M 349.2K shares
A Aventail Capital Group, LP Hedge Fund•Long/Short	−$18.5M −200.1K shares	$40.6M 439.1K shares
PRUDENTIAL FINANCIAL INC Institution	−$16.8M −181.5K shares	$12.5M 134.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$15.5M −167.3K shares	$18.6M 201.0K shares
Edgestream Partners, L.P. Hedge Fund•Quant Macro	−$14.5M −170.9K shares	Sold Off 0 shares
MACKENZIE FINANCIAL CORP Long Only Manager	−$13.5M −146.5K shares	$55.2M 598.0K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$13.5M −146.2K shares	$3.0M 32.8K shares
Bridgewater Associates, LP Hedge Fund•Global Macro	−$13.0M −140.3K shares	$7.4M 80.5K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NFG in Q3 2025

New Positions: 42
New Value: $35.4M
Exited Positions: 42
Exited Value: $53.4M

New Positions

Institution	Position Value
WESTWOOD HOLDINGS GROUP INC Institution	$23.0M 249.0K shares
Nicholas Investment Partners, LP Long Only Manager	$2.8M 30.5K shares
S Strengthening Families & Communities, LLC Institution	$924.8K 10.0K shares
BRIGHTON JONES LLC RIA/Wealth	$842.0K 9.1K shares
Federation des caisses Desjardins du Quebec Fund of Funds	$541.5K 5.9K shares
V Vise Technologies, Inc. Institution	$482.3K 5.2K shares
P Peak Retirement Planning, Inc. RIA/Wealth	$464.8K 5.0K shares
N NorthCrest Asset Manangement, LLC Long Only Manager	$426.5K 4.8K shares
VISTA INVESTMENT PARTNERS LLC RIA/Wealth	$408.2K 4.4K shares
B BENJAMIN EDWARDS INC Institution	$406.0K 4.4K shares

Exited Positions

Institution	Previous Position
Edgestream Partners, L.P. Hedge Fund•Quant Macro	$14.5M 170.9K shares
H HEARTLAND ADVISORS INC Long Only Manager	$6.7M 79.0K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.8M 68.2K shares
EAM Investors, LLC Long Only Manager	$4.9M 57.4K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$3.2M 37.3K shares
A AXA Institution	$2.7M 32.0K shares
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$2.2M 26.5K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$1.7M 19.7K shares
E Entropy Technologies, LP Hedge Fund•Quant Macro	$1.4M 16.2K shares
ISAM Funds Ltd Hedge Fund•Quant	$1.3M 15.5K shares

Options Activity

Institutions with the largest Call and Put options positions in NFG as of Q3 2025

Call Positions: 7
Call Value: $23.3M
Put Positions: 4
Put Value: $7.8M

Call Positions

Institution	Position Value
P PEAK6 LLC Institution	$15.3M 1.7K contracts
J JANE STREET GROUP, LLC Institution	$4.0M 436.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.3M 250.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$905.2K 98.0 contracts
W WOLVERINE TRADING, LLC Institution	$362.7K 39.0 contracts
Walleye Trading LLC RIA/Wealth	$230.9K 25.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$92.4K 10.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.4M 589.0 contracts
Walleye Trading LLC RIA/Wealth	$960.6K 104.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$803.6K 87.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$600.4K 65.0 contracts

Most Committed Institutions

Institutions with NFG as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
MANAGED ASSET PORTFOLIOS, LLC Long Only Manager	Michael Stephen Dzialo President	4.50% $35.2M	0.42% 381.1K shares	Q1 2020 Held for 5y 8m	$781.9M
Energy Income Partners, LLC Long Only Manager	James Jarvis Murchie CEO	4.08% $211.8M	2.54% 2.3M shares	Q1 2022 Held for 3y 8m	$5.2B
M MCINTYRE FREEDMAN & FLYNN INVESTMENT ADVISERS INC RIA/Wealth	Garrick Nmn Venteicher CEO	3.41% $5.6M	0.07% 60.8K shares	Q4 2022 Held for 2y 11m	$164.5M
Barnett & Company, Inc. RIA/Wealth	Rodrigo Fernandez Tinoco Member	3.23% $4.2M	0.05% 45.2K shares	Q4 2020 Held for 4y 11m	$129.3M
E EDMP, INC. RIA/Wealth	Julie Cycenas Carnevale President	2.52% $3.2M	0.04% 34.4K shares	Q3 2023 Held for 2y 2m	$126.2M
BERNZOTT CAPITAL ADVISORS RIA/Wealth	Mark Alexander Scott CEO	2.25% $4.8M	0.06% 51.7K shares	Q3 2023 Held for 2y 2m	$211.9M
ICON ADVISERS INC/CO Long Only Manager	Brian Thomas Callahan President	2.09% $9.3M	0.11% 100.9K shares	Q2 2021 Held for 4y 5m	$445.1M
CHASE INVESTMENT COUNSEL CORP RIA/Wealth	Jennifer Leigh King CEO	2.09% $6.7M	0.08% 72.8K shares	Q3 2023 Held for 2y 2m	$322.7M
Equity Investment Corp Acquisition Inc Long Only Manager	Richard Terrence Irrgang CEO	2.02% $96.3M	1.15% 1.0M shares	Q1 2020 Held for 5y 8m	$4.8B
A Aventail Capital Group, LP Hedge Fund•Long/Short	John (Nmn) Lee COO	1.93% $40.6M	0.49% 439.1K shares	Q2 2024 Held for 1y 5m	$2.1B