Intrinsic value of National Fuel Gas Company - NFG

Previous Close

$47.00

  Intrinsic Value

$5.60

stock screener

  Rating & Target

str. sell

-88%

Previous close

$47.00

 
Intrinsic value

$5.60

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of NFG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
Revenue, $m
  1,861
  2,151
  2,464
  2,800
  3,156
  3,534
  3,932
  4,351
  4,790
  5,248
  5,726
  6,225
  6,743
  7,283
  7,844
  8,426
  9,032
  9,661
  10,315
  10,996
  11,703
  12,439
  13,206
  14,004
  14,836
  15,704
  16,609
  17,553
  18,539
  19,569
Variable operating expenses, $m
  1,209
  1,398
  1,602
  1,819
  2,051
  2,297
  2,555
  2,827
  3,112
  3,410
  3,720
  4,044
  4,381
  4,732
  5,096
  5,474
  5,868
  6,277
  6,702
  7,144
  7,603
  8,082
  8,580
  9,098
  9,639
  10,203
  10,790
  11,404
  12,045
  12,714
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,209
  1,398
  1,602
  1,819
  2,051
  2,297
  2,555
  2,827
  3,112
  3,410
  3,720
  4,044
  4,381
  4,732
  5,096
  5,474
  5,868
  6,277
  6,702
  7,144
  7,603
  8,082
  8,580
  9,098
  9,639
  10,203
  10,790
  11,404
  12,045
  12,714
Operating income, $m
  651
  753
  863
  980
  1,105
  1,238
  1,377
  1,524
  1,677
  1,838
  2,006
  2,181
  2,362
  2,551
  2,748
  2,952
  3,164
  3,384
  3,614
  3,852
  4,100
  4,358
  4,626
  4,906
  5,197
  5,501
  5,818
  6,149
  6,495
  6,855
EBITDA, $m
  1,049
  1,213
  1,389
  1,578
  1,779
  1,992
  2,217
  2,452
  2,700
  2,958
  3,228
  3,509
  3,801
  4,105
  4,421
  4,749
  5,091
  5,446
  5,814
  6,198
  6,596
  7,011
  7,443
  7,893
  8,362
  8,851
  9,361
  9,894
  10,450
  11,030
Interest expense (income), $m
  117
  115
  152
  193
  236
  283
  332
  385
  440
  498
  559
  623
  689
  758
  830
  905
  983
  1,064
  1,148
  1,236
  1,326
  1,421
  1,519
  1,621
  1,728
  1,839
  1,954
  2,075
  2,200
  2,332
  2,469
Earnings before tax, $m
  536
  601
  670
  744
  823
  905
  993
  1,084
  1,179
  1,279
  1,383
  1,492
  1,604
  1,721
  1,842
  1,969
  2,100
  2,236
  2,378
  2,525
  2,679
  2,839
  3,005
  3,178
  3,359
  3,547
  3,743
  3,949
  4,163
  4,387
Tax expense, $m
  145
  162
  181
  201
  222
  244
  268
  293
  318
  345
  374
  403
  433
  465
  497
  532
  567
  604
  642
  682
  723
  766
  811
  858
  907
  958
  1,011
  1,066
  1,124
  1,184
Net income, $m
  391
  439
  489
  543
  601
  661
  725
  791
  861
  934
  1,010
  1,089
  1,171
  1,256
  1,345
  1,437
  1,533
  1,633
  1,736
  1,844
  1,956
  2,072
  2,194
  2,320
  2,452
  2,589
  2,733
  2,883
  3,039
  3,202

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,048
  8,149
  9,335
  10,605
  11,956
  13,387
  14,896
  16,481
  18,142
  19,879
  21,691
  23,578
  25,543
  27,587
  29,711
  31,918
  34,212
  36,595
  39,073
  41,650
  44,330
  47,119
  50,022
  53,047
  56,198
  59,484
  62,912
  66,489
  70,224
  74,126
Adjusted assets (=assets-cash), $m
  7,048
  8,149
  9,335
  10,605
  11,956
  13,387
  14,896
  16,481
  18,142
  19,879
  21,691
  23,578
  25,543
  27,587
  29,711
  31,918
  34,212
  36,595
  39,073
  41,650
  44,330
  47,119
  50,022
  53,047
  56,198
  59,484
  62,912
  66,489
  70,224
  74,126
Revenue / Adjusted assets
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
Average production assets, $m
  11,908
  13,768
  15,772
  17,918
  20,201
  22,618
  25,168
  27,847
  30,653
  33,587
  36,649
  39,838
  43,158
  46,610
  50,199
  53,928
  57,804
  61,832
  66,018
  70,372
  74,900
  79,612
  84,518
  89,627
  94,952
  100,504
  106,296
  112,340
  118,651
  125,243
Working capital, $m
  -147
  -170
  -195
  -221
  -249
  -279
  -311
  -344
  -378
  -415
  -452
  -492
  -533
  -575
  -620
  -666
  -714
  -763
  -815
  -869
  -925
  -983
  -1,043
  -1,106
  -1,172
  -1,241
  -1,312
  -1,387
  -1,465
  -1,546
Total debt, $m
  2,818
  3,565
  4,371
  5,233
  6,150
  7,122
  8,146
  9,223
  10,351
  11,530
  12,760
  14,042
  15,376
  16,763
  18,206
  19,704
  21,262
  22,881
  24,563
  26,313
  28,132
  30,026
  31,997
  34,051
  36,191
  38,422
  40,749
  43,178
  45,714
  48,364
Total liabilities, $m
  4,785
  5,533
  6,338
  7,201
  8,118
  9,090
  10,114
  11,191
  12,319
  13,498
  14,728
  16,010
  17,344
  18,731
  20,173
  21,672
  23,230
  24,848
  26,531
  28,280
  30,100
  31,994
  33,965
  36,019
  38,159
  40,390
  42,717
  45,146
  47,682
  50,331
Total equity, $m
  2,262
  2,616
  2,997
  3,404
  3,838
  4,297
  4,782
  5,290
  5,824
  6,381
  6,963
  7,569
  8,199
  8,855
  9,537
  10,246
  10,982
  11,747
  12,543
  13,370
  14,230
  15,125
  16,057
  17,028
  18,040
  19,094
  20,195
  21,343
  22,542
  23,794
Total liabilities and equity, $m
  7,047
  8,149
  9,335
  10,605
  11,956
  13,387
  14,896
  16,481
  18,143
  19,879
  21,691
  23,579
  25,543
  27,586
  29,710
  31,918
  34,212
  36,595
  39,074
  41,650
  44,330
  47,119
  50,022
  53,047
  56,199
  59,484
  62,912
  66,489
  70,224
  74,125
Debt-to-equity ratio
  1.250
  1.360
  1.460
  1.540
  1.600
  1.660
  1.700
  1.740
  1.780
  1.810
  1.830
  1.860
  1.880
  1.890
  1.910
  1.920
  1.940
  1.950
  1.960
  1.970
  1.980
  1.990
  1.990
  2.000
  2.010
  2.010
  2.020
  2.020
  2.030
  2.030
Adjusted equity ratio
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  391
  439
  489
  543
  601
  661
  725
  791
  861
  934
  1,010
  1,089
  1,171
  1,256
  1,345
  1,437
  1,533
  1,633
  1,736
  1,844
  1,956
  2,072
  2,194
  2,320
  2,452
  2,589
  2,733
  2,883
  3,039
  3,202
Depreciation, amort., depletion, $m
  397
  459
  526
  598
  674
  754
  839
  929
  1,022
  1,120
  1,222
  1,328
  1,439
  1,554
  1,673
  1,798
  1,927
  2,061
  2,201
  2,346
  2,497
  2,654
  2,817
  2,988
  3,165
  3,350
  3,543
  3,745
  3,955
  4,175
Funds from operations, $m
  789
  898
  1,016
  1,141
  1,274
  1,415
  1,564
  1,720
  1,883
  2,054
  2,232
  2,417
  2,610
  2,810
  3,018
  3,235
  3,460
  3,694
  3,937
  4,189
  4,452
  4,726
  5,011
  5,308
  5,617
  5,939
  6,276
  6,627
  6,994
  7,377
Change in working capital, $m
  -21
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -71
  -75
  -78
  -81
Cash from operations, $m
  810
  921
  1,040
  1,168
  1,303
  1,445
  1,595
  1,753
  1,918
  2,090
  2,269
  2,456
  2,651
  2,853
  3,063
  3,281
  3,508
  3,743
  3,988
  4,243
  4,508
  4,784
  5,071
  5,371
  5,683
  6,008
  6,347
  6,702
  7,072
  7,458
Maintenance CAPEX, $m
  -340
  -397
  -459
  -526
  -597
  -673
  -754
  -839
  -928
  -1,022
  -1,120
  -1,222
  -1,328
  -1,439
  -1,554
  -1,673
  -1,798
  -1,927
  -2,061
  -2,201
  -2,346
  -2,497
  -2,654
  -2,817
  -2,988
  -3,165
  -3,350
  -3,543
  -3,745
  -3,955
New CAPEX, $m
  -1,713
  -1,860
  -2,004
  -2,145
  -2,283
  -2,418
  -2,549
  -2,679
  -2,807
  -2,934
  -3,061
  -3,190
  -3,320
  -3,452
  -3,589
  -3,730
  -3,876
  -4,028
  -4,187
  -4,353
  -4,528
  -4,712
  -4,906
  -5,110
  -5,325
  -5,552
  -5,791
  -6,044
  -6,311
  -6,592
Cash from investing activities, $m
  -2,053
  -2,257
  -2,463
  -2,671
  -2,880
  -3,091
  -3,303
  -3,518
  -3,735
  -3,956
  -4,181
  -4,412
  -4,648
  -4,891
  -5,143
  -5,403
  -5,674
  -5,955
  -6,248
  -6,554
  -6,874
  -7,209
  -7,560
  -7,927
  -8,313
  -8,717
  -9,141
  -9,587
  -10,056
  -10,547
Free cash flow, $m
  -1,242
  -1,336
  -1,423
  -1,504
  -1,578
  -1,646
  -1,708
  -1,765
  -1,817
  -1,866
  -1,912
  -1,955
  -1,997
  -2,038
  -2,080
  -2,122
  -2,166
  -2,211
  -2,259
  -2,311
  -2,366
  -2,425
  -2,488
  -2,556
  -2,630
  -2,709
  -2,794
  -2,886
  -2,984
  -3,089
Issuance/(repayment) of debt, $m
  686
  747
  805
  862
  918
  972
  1,024
  1,077
  1,128
  1,179
  1,230
  1,282
  1,334
  1,387
  1,442
  1,499
  1,557
  1,619
  1,683
  1,749
  1,820
  1,894
  1,971
  2,053
  2,140
  2,231
  2,327
  2,429
  2,536
  2,649
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  686
  747
  805
  862
  918
  972
  1,024
  1,077
  1,128
  1,179
  1,230
  1,282
  1,334
  1,387
  1,442
  1,499
  1,557
  1,619
  1,683
  1,749
  1,820
  1,894
  1,971
  2,053
  2,140
  2,231
  2,327
  2,429
  2,536
  2,649
Total cash flow (excl. dividends), $m
  -556
  -588
  -617
  -641
  -660
  -674
  -683
  -688
  -689
  -687
  -681
  -673
  -663
  -651
  -638
  -623
  -608
  -593
  -577
  -561
  -546
  -531
  -517
  -503
  -490
  -478
  -467
  -457
  -447
  -439
Retained Cash Flow (-), $m
  -325
  -353
  -381
  -408
  -434
  -459
  -484
  -509
  -533
  -557
  -582
  -606
  -631
  -656
  -682
  -709
  -736
  -765
  -795
  -827
  -860
  -895
  -932
  -971
  -1,012
  -1,055
  -1,100
  -1,148
  -1,199
  -1,252
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -325
  -353
  -381
  -408
  -434
  -459
  -484
  -509
  -533
  -557
  -582
  -606
  -631
  -656
  -682
  -709
  -736
  -765
  -795
  -827
  -860
  -895
  -932
  -971
  -1,012
  -1,055
  -1,100
  -1,148
  -1,199
  -1,252
Discount rate, %
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
  -305
  -310
  -309
  -305
  -297
  -285
  -270
  -253
  -234
  -213
  -192
  -171
  -150
  -130
  -111
  -93
  -77
  -63
  -50
  -40
  -30
  -23
  -17
  -12
  -9
  -6
  -4
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

National Fuel Gas Company is a holding company. The Company is an energy company engaged principally in the production, gathering, transportation, distribution and marketing of natural gas. The Company operates in five business segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. The Company operates an integrated business, with assets centered in western New York and Pennsylvania, and the production and transportation of natural gas from the Marcellus Shale basin. The Company also develops and produces oil reserves, primarily in California. The Company's Exploration and Production segment operations are carried out by Seneca Resources Corporation (Seneca), a Pennsylvania corporation. The Company's National Fuel Gas Supply Corporation (Supply Corporation), a Pennsylvania corporation, and Empire Pipeline, Inc. (Empire), a New York corporation, carry out the Company's Pipeline and Storage segment operations.

FINANCIAL RATIOS  of  National Fuel Gas Company (NFG)

Valuation Ratios
P/E Ratio 14.2
Price to Sales 2.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 17.2
Growth Rates
Sales Growth Rate 8.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.7%
Cap. Spend. - 3 Yr. Gr. Rate -13.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 122.3%
Total Debt to Equity 139.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. -0.8%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. -3.1%
Return On Equity 17.5%
Return On Equity - 3 Yr. Avg. -5.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 49.7%
EBITDA Margin - 3 Yr. Avg. 7.9%
Operating Margin 35%
Oper. Margin - 3 Yr. Avg. -9.5%
Pre-Tax Margin 28.1%
Pre-Tax Margin - 3 Yr. Avg. -15.9%
Net Profit Margin 17.9%
Net Profit Margin - 3 Yr. Avg. -7.9%
Effective Tax Rate 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 42.2%
Payout Ratio 49.1%

NFG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NFG stock intrinsic value calculation we used $1593 million for the last fiscal year's total revenue generated by National Fuel Gas Company. The default revenue input number comes from 0001 income statement of National Fuel Gas Company. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NFG stock valuation model: a) initial revenue growth rate of 16.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.5%, whose default value for NFG is calculated based on our internal credit rating of National Fuel Gas Company, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of National Fuel Gas Company.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NFG stock the variable cost ratio is equal to 65%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NFG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for National Fuel Gas Company.

Corporate tax rate of 27% is the nominal tax rate for National Fuel Gas Company. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NFG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NFG are equal to 640%.

Life of production assets of 42.3 years is the average useful life of capital assets used in National Fuel Gas Company operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NFG is equal to -7.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1937.33 million for National Fuel Gas Company - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 86.244 million for National Fuel Gas Company is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of National Fuel Gas Company at the current share price and the inputted number of shares is $4.1 billion.

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