Vanguard Discloses 10.8% Stake in National Fuel Gas Co.

TL;DR

**Vanguard still holds a big 10.8% stake in National Fuel Gas Co. as of Dec 29, 2023.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, indicating its ownership stake in National Fuel Gas Co. As of December 29, 2023, Vanguard beneficially owned 10,020,490 shares of National Fuel Gas Co. Common Stock, representing 10.8% of the company's outstanding shares. This filing shows Vanguard's continued significant passive investment in the natural gas distribution company, which is important for investors as it signals a large institutional holder's confidence (or lack thereof) in the stock.

Why It Matters

This filing confirms Vanguard's substantial, passive ownership in National Fuel Gas Co., providing transparency on a major institutional investor's position and potentially influencing market perception.

Risk Assessment

Risk Level: low — This filing is a routine update from a passive institutional investor and does not indicate any immediate risk or change in company operations.

Analyst Insight

Investors should note that a major institutional investor like Vanguard maintains a substantial, passive stake, which can be a sign of long-term stability but doesn't necessarily indicate future stock performance or strategic changes.

Key Numbers

• 10,020,490 — Shares Beneficially Owned (Represents Vanguard's total holding in National Fuel Gas Co. Common Stock.)
• 10.8% — Percentage of Class (Indicates Vanguard's significant ownership stake relative to the total outstanding shares.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and major institutional investor
• National Fuel Gas Co. (company) — subject company, natural gas distribution
• 10,020,490 shares (dollar_amount) — shares beneficially owned by Vanguard
• 10.8% (dollar_amount) — percentage of National Fuel Gas Co. Common Stock owned by Vanguard
• December 29, 2023 (date) — date of event requiring the filing
• February 13, 2024 (date) — filing date of the SC 13G/A

Forward-Looking Statements

• Vanguard will maintain a significant, passive ownership stake in National Fuel Gas Co. for the foreseeable future. (The Vanguard Group) — high confidence, target: 2025-02-13

FAQ

Filing Documents

• tv0097-nationalfuelgasco.htm (SC 13G/A) — 11KB
• 0001104659-24-020089.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: National Fuel Gas Co

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 6363 Main Street Williamsville, NY 14221

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 636180101

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration