National Fuel Gas (NFG) is sliding as investors digest a fiscal 2026 outlook cut that overshadowed solid quarterly results. In its fiscal second-quarter update released after the market close on April 29, 2026, the company lowered its fiscal 2026 adjusted EPS guidance to $7.45–$7.75, down from the prior $7.60–$8.10 range, pointing to a softer natural-gas price outlook and modest production-related adjustments. (globenewswire.com)

For fiscal Q2 2026, National Fuel posted GAAP EPS of $2.59 versus $2.37 a year earlier, and adjusted EPS of $2.71, up 13% year over year. It also reported net cash provided by operating activities of $657 million and said free cash flow through the first half of fiscal 2026 totaled $160 million, up $111 million from the prior year. (globenewswire.com)

The revised EPS range incorporates a lower assumed NYMEX natural gas price of $3.00 per MMBtu for the remaining six months of fiscal 2026, down $0.75 from the previous guidance assumption. The company also trimmed expected full-year upstream production to 425–440 Bcf, citing storm-related operational timing impacts and mixed results from well-design testing in Tioga County that included underperformance from older-generation Lower Utica wells versus projections. (globenewswire.com)

Investors are likely to focus on how quickly upstream production normalizes after the weather-related disruptions and whether realized pricing holds up versus the new $3.00 per MMBtu assumption. Updates on major pipeline expansion projects targeted for late 2026 in-service, as well as the timeline for the planned Ohio gas utility acquisition expected to close in the fourth quarter of calendar 2026, could also influence sentiment as NFG heads into the next reporting cycle. (globenewswire.com)