Dividend Kings and Aristocrats List: 32 Biggest Stocks

28. National Fuel Gas Company (NYSE:NFG)

Market Cap as of March 24: $9.01 Billion

On March 20, JPMorgan raised its price recommendation on National Fuel Gas Company (NYSE:NFG) to $97 from $95 and kept a Neutral rating on the shares. The firm said oil market fundamentals “shifted on a dime” following the Middle East conflict. The analyst noted that the war has reduced global productive capacity and “quickly evaporated the risk” of a supply glut in 2026 after the closure of the Strait of Hormuz. JPMorgan added that it would not be surprised to see a $5–$10 per barrel geopolitical risk premium reflected in the long end of the oil price curve.

A CNBC report highlighted that National Fuel’s unregulated upstream exploration and production segment generates a large share of its cash flow. It accounts for about 68% of the company’s EBITDA. The company operates natural gas assets across the Appalachian Basin, one of North America’s most productive gas regions. This position gives National Fuel exposure to rising demand for natural gas, including from data centers and liquefied natural gas exports.

At the same time, its regulated business provides more stability. For income-focused investors, the company’s track record stands out. National Fuel has increased its dividend for 55 straight years and has paid dividends for 123 consecutive years.

National Fuel Gas Company (NYSE:NFG) operates as a diversified energy business with a mix of natural gas assets. Its operations span production, gathering, transportation, storage, and distribution. The company is organized into Exploration and Production, Pipeline and Storage, Gathering, and Utility segments.