Bullish Case: NFG's stable historically mean-reverting returns and increasing institutional ownership suggest confidence in stable future performance, indicating a potential upside.


Bearish Case: Persistent negative returns over multiple time frames and low trading volumes coupled with industry headwinds raise concerns of continued underperformance.


Potential Outcomes:

1) Mean reversion continues: 55%;

2) Institutional actions trigger growth: 25%;

3) Market volatility affects price: 15%;

4) Unforeseen events cause sector impact: 5%.


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April 13, 2024


National Fuel Gas Forecast

NFG        National Fuel Gas
Price Forecast: NEUTRAL    Price Action: MEAN REVERTING (?)











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