State of Michigan Retirement System Sells 500 Shares of National Fuel Gas (NYSE:NFG)

State of Michigan Retirement System cut its holdings in shares of National Fuel Gas (NYSE:NFG) by 2.2% during the second quarter, Holdings Channel.com reports. The fund owned 22,112 shares of the oil and gas producer’s stock after selling 500 shares during the period. State of Michigan Retirement System’s holdings in National Fuel Gas were worth $1,198,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Beacon Capital Management LLC purchased a new stake in shares of National Fuel Gas during the first quarter worth about $27,000. Hexagon Capital Partners LLC bought a new position in National Fuel Gas in the 1st quarter worth approximately $28,000. Valley National Advisers Inc. purchased a new stake in National Fuel Gas during the 2nd quarter valued at approximately $37,000. Lindbrook Capital LLC raised its position in shares of National Fuel Gas by 123.0% during the first quarter. Lindbrook Capital LLC now owns 767 shares of the oil and gas producer’s stock valued at $41,000 after buying an additional 423 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in shares of National Fuel Gas in the first quarter worth $46,000. 73.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. StockNews.com cut shares of National Fuel Gas from a “hold” rating to a “sell” rating in a research note on Monday, August 5th. Scotiabank raised their price objective on National Fuel Gas from $80.00 to $81.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 20th.

Insiders Place Their Bets

In other news, General Counsel Michael W. Reville sold 6,357 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $54.83, for a total value of $348,554.31. Following the completion of the sale, the general counsel now directly owns 9,903 shares of the company’s stock, valued at approximately $542,981.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.55% of the stock is currently owned by insiders.

National Fuel Gas Stock Up 0.7 %

Shares of NFG opened at $59.38 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.77 and a quick ratio of 0.50. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of 11.78 and a beta of 0.62. National Fuel Gas has a 1 year low of $45.32 and a 1 year high of $59.96. The business’s 50 day simple moving average is $57.29 and its 200-day simple moving average is $54.58.

National Fuel Gas (NYSE:NFG) last released its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.99 EPS for the quarter, beating the consensus estimate of $0.96 by $0.03. National Fuel Gas had a net margin of 16.42% and a return on equity of 14.80%. The business had revenue of $417.40 million during the quarter, compared to analyst estimates of $540.62 million. During the same quarter last year, the business earned $1.01 earnings per share. National Fuel Gas’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, equities analysts expect that National Fuel Gas will post 6 earnings per share for the current fiscal year.

National Fuel Gas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $0.515 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.06 annualized dividend and a yield of 3.47%. This is a positive change from National Fuel Gas’s previous quarterly dividend of $0.50. National Fuel Gas’s dividend payout ratio (DPR) is currently 40.87%.

National Fuel Gas Company Profile

National Fuel Gas Company operates as a diversified energy company. It operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment explores for, develops, and produces natural gas and oil. The Pipeline and Storage segment provides interstate natural gas transportation services through an integrated gas pipeline system in Pennsylvania and New York; and owns and operates underground natural gas storage fields.