<h2>第二季度业绩和指导变更使国家燃气备受关注</h2>
<p>国家燃气公司（NFG）在报告截至 2026 年 3 月 31 日的第二季度和六个月的收益后，再次引起投资者的关注，同时下调了全年生产指导。</p>
<p>该公司报告第二季度销售额为 8.5837 亿美元，净收入为 2.4767 亿美元，持续经营的摊薄每股收益为 2.59 美元。在财政年度的前六个月，销售额达到 15.0988 亿美元，净收入为 4.2931 亿美元，持续经营的摊薄每股收益为 4.58 美元。</p>
<p>与此同时，国家燃气将 2026 年的生产指导下调至 425 至 440 亿立方英尺，低于之前的 440 至 455 亿立方英尺范围。这一变化可能会影响您对其综合上游和中游业务的增长、资本配置和风险的看法。</p>
<p>请查看我们对国家燃气的最新分析。</p>
<p>国家燃气的股票近期回落，过去 30 天的股价回报下降了 14.42%，年初至今的股价回报下降了 2.02%。与此同时，五年的总股东回报为 80.84%，这表明长期持有者仍然看到了显著的价值创造。</p>
<p>如果这次收益更新让您考虑在能源基础设施中将新资本投入到哪里，值得扫描 37 只电网技术和基础设施股票。</p>
<p>尽管过去一个月股价下跌，但交易价格仍显著低于平均分析师目标价，您不得不问：国家燃气目前被低估了吗，还是市场已经在定价未来的增长？</p>
<h2>最受欢迎的叙述：21.2% 被低估</h2>
<p>国家燃气最后收盘价为 80.40 美元，而叙述的公允价值为 102 美元，估值故事现在集中在未来的盈利能力被定价的程度上。</p>
<blockquote>
<p><em>扩展和现代化项目，如 Shippingport Lateral 和 Tioga Pathway，使公司能够利用东北地区的人口增长和工业负荷上升，实现中等单一数字的年率基数和生产增长，同时提高资本效率，这应支持未来更高的收益和自由现金流。</em></p>
</blockquote>
<p><em>阅读完整叙述。</em></p>
<p>想看看更高的公允价值估计中包含了什么吗？该叙述依赖于复合收入增长、更稳固的利润率和更高的未来盈利倍数。</p>
<p><strong>结果：公允价值为 102 美元（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，如果核心州的脱碳政策加速，或系统现代化和环境合规成本上升限制自由现金流，这一乐观叙述可能会受到冲击。</p>
<p>了解国家燃气叙述的关键风险。</p>
<h2>另一种价值观点</h2>
<p>虽然公允价值叙述指向 102 美元的被低估股票，但 SWS DCF 模型则呈现出更明显的对比，预计未来现金流价值为 38.51 美元，而当前股价为 80.40 美元，这显示出股票被视为昂贵而非便宜。您更信任哪个故事：盈利能力还是现金流？</p>
<p>深入了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/bd33bf24-f3ff-4338-ab8a-83c509dbade0/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTEz?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/bd33bf24-f3ff-4338-ab8a-83c509dbade0/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTEz"/></p>
<p>截至 2026 年 5 月的 NFG 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看国家燃气）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 44 只高质量被低估的股票。如果您保存了筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>下一步</h2>
<p>在这个故事中，风险和回报的混合让您感到矛盾吗？现在仔细查看数字，决定您的立场，从 5 个关键回报和 1 个重要警告信号开始。</p>
<h2>寻找更多投资想法？</h2>
<p>如果国家燃气引起了您的关注，请不要止步于此。通过其他符合不同目标和风险水平的股票想法来扩展您的观察列表。</p>
<ul>
<li>通过扫描当前根据基本面和定价筛选出的 44 只高质量被低估股票，目标更强的价值潜力。</li>
<li>通过审查 69 只低风险得分的韧性股票，优先考虑韧性，晚上睡得更好，这些股票结合了较低的风险得分和稳健的商业概况。</li>
<li>通过检查包含 22 只高质量未被广泛关注的潜力股的筛选器，寻找尚未被广泛关注的有前景的机会，这些股票仍显示出强劲的基本数据。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<h3>估值是复杂的，但我们在这里简化它。</h3>
<p>通过我们的详细分析，发现国家燃气是否可能被低估或高估，分析内容包括 <strong>公允价值估计、潜在风险、股息、内部交易和财务状况。</strong></p>
<p>获取免费分析</p>

国家燃气

<p>国家燃气 (NFG) 报告了第二季度财报，销售额为 8.5837 亿美元，净收入为 2.4767 亿美元，同时将 2026 年的生产指导下调至 425-440 亿立方英尺。过去一个月，该股下跌了 14.42%，收盘价为 80.40 美元，相较于 102 美元的公允价值估计，暗示其可能被低估。然而，折现现金流模型估计未来现金流价值为 38.51 美元，表明该股可能较为昂贵。建议投资者在做出决策前权衡风险与收益</p>

<h2>Q2 results and guidance change put National Fuel Gas in focus</h2>
<div class="lb-trans"><h2>第二季度业绩和指导变更使国家燃气备受关注</h2>
</div><p>National Fuel Gas (NFG) is back on investors’ radar after reporting second quarter and six month earnings to March 31, 2026, alongside a cut to its full year production guidance.</p>
<div class="lb-trans"><p>国家燃气公司（NFG）在报告截至 2026 年 3 月 31 日的第二季度和六个月的收益后，再次引起投资者的关注，同时下调了全年生产指导。</p>
</div><p>The company reported second quarter sales of US$858.37 million, with net income of US$247.67 million and diluted earnings per share from continuing operations of US$2.59. For the first six months of the fiscal year, sales reached US$1,509.88 million and net income was US$429.31 million, with diluted earnings per share from continuing operations of US$4.58.</p>
<div class="lb-trans"><p>该公司报告第二季度销售额为 8.5837 亿美元，净收入为 2.4767 亿美元，持续经营的摊薄每股收益为 2.59 美元。在财政年度的前六个月，销售额达到 15.0988 亿美元，净收入为 4.2931 亿美元，持续经营的摊薄每股收益为 4.58 美元。</p>
</div><p>At the same time, National Fuel Gas lowered its 2026 production guidance to a range of 425 to 440 Bcf, down from the prior 440 to 455 Bcf range. This change may influence how you think about growth, capital allocation, and risk across its integrated upstream and midstream operations.</p>
<div class="lb-trans"><p>与此同时，国家燃气将 2026 年的生产指导下调至 425 至 440 亿立方英尺，低于之前的 440 至 455 亿立方英尺范围。这一变化可能会影响您对其综合上游和中游业务的增长、资本配置和风险的看法。</p>
</div><p>See our latest analysis for National Fuel Gas.</p>
<div class="lb-trans"><p>请查看我们对国家燃气的最新分析。</p>
</div><p>National Fuel Gas shares have retreated recently, with a 30 day share price return of down 14.42% and a year to date share price return of down 2.02%. At the same time, the 5 year total shareholder return sits at 80.84%, suggesting long term holders have still seen meaningful value creation.</p>
<div class="lb-trans"><p>国家燃气的股票近期回落，过去 30 天的股价回报下降了 14.42%，年初至今的股价回报下降了 2.02%。与此同时，五年的总股东回报为 80.84%，这表明长期持有者仍然看到了显著的价值创造。</p>
</div><p>If this earnings update has you thinking about where else to put fresh capital to work in energy infrastructure, it could be worth scanning 37 power grid technology and infrastructure stocks</p>
<div class="lb-trans"><p>如果这次收益更新让您考虑在能源基础设施中将新资本投入到哪里，值得扫描 37 只电网技术和基础设施股票。</p>
</div><p>With the stock down over the past month yet trading at a meaningful discount to the average analyst price target, you have to ask: is National Fuel Gas currently undervalued, or is the market already pricing in future growth?</p>
<div class="lb-trans"><p>尽管过去一个月股价下跌，但交易价格仍显著低于平均分析师目标价，您不得不问：国家燃气目前被低估了吗，还是市场已经在定价未来的增长？</p>
</div><h2>Most Popular Narrative: 21.2% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：21.2% 被低估</h2>
</div><p>With National Fuel Gas last closing at $80.40 versus a narrative fair value of $102, the valuation story now centers on how much future earnings power is being priced in.</p>
<div class="lb-trans"><p>国家燃气最后收盘价为 80.40 美元，而叙述的公允价值为 102 美元，估值故事现在集中在未来的盈利能力被定价的程度上。</p>
</div><blockquote>
<p><em>Expansion and modernization projects such as Shippingport Lateral and Tioga Pathway position the company to capitalize on regional population growth and rising industrial loads in the Northeast, enabling mid single digit annual rate base and production growth with improving capital efficiency, which should support higher future earnings and free cash flow.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>扩展和现代化项目，如 Shippingport Lateral 和 Tioga Pathway，使公司能够利用东北地区的人口增长和工业负荷上升，实现中等单一数字的年率基数和生产增长，同时提高资本效率，这应支持未来更高的收益和自由现金流。</em></p>
</blockquote>
</div><p><em>Read the complete narrative.</em></p>
<div class="lb-trans"><p><em>阅读完整叙述。</em></p>
</div><p>Want to see what is baked into that higher fair value estimate? The narrative leans on compounding revenue growth, firmer margins and a richer future earnings multiple.</p>
<div class="lb-trans"><p>想看看更高的公允价值估计中包含了什么吗？该叙述依赖于复合收入增长、更稳固的利润率和更高的未来盈利倍数。</p>
</div><p><strong>Result: Fair Value of $102 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 102 美元（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, this bullish narrative could be knocked off course if decarbonization policies accelerate in core states or if rising system modernization and environmental compliance costs limit free cash flow.</p>
<div class="lb-trans"><p>然而，如果核心州的脱碳政策加速，或系统现代化和环境合规成本上升限制自由现金流，这一乐观叙述可能会受到冲击。</p>
</div><p>Find out about the key risks to this National Fuel Gas narrative.</p>
<div class="lb-trans"><p>了解国家燃气叙述的关键风险。</p>
</div><h2>Another View on Value</h2>
<div class="lb-trans"><h2>另一种价值观点</h2>
</div><p>While the fair value narrative points to an undervalued stock at $102, the SWS DCF model paints a sharper contrast, with an estimated future cash flow value of $38.51 versus the current $80.40 share price, which screens as expensive rather than cheap. Which story do you trust more: earnings power or cash flows?</p>
<div class="lb-trans"><p>虽然公允价值叙述指向 102 美元的被低估股票，但 SWS DCF 模型则呈现出更明显的对比，预计未来现金流价值为 38.51 美元，而当前股价为 80.40 美元，这显示出股票被视为昂贵而非便宜。您更信任哪个故事：盈利能力还是现金流？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>深入了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/bd33bf24-f3ff-4338-ab8a-83c509dbade0/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTEz" alt="" original-src="https://images.simplywall.st/company/bd33bf24-f3ff-4338-ab8a-83c509dbade0/chart/dcf?date=2026-05-13"/></p>
<p>NFG Discounted Cash Flow as at May 2026</p>
<div class="lb-trans"><p>截至 2026 年 5 月的 NFG 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out National Fuel Gas for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 44 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看国家燃气）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 44 只高质量被低估的股票。如果您保存了筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Next Steps</h2>
<div class="lb-trans"><h2>下一步</h2>
</div><p>Conflicted by the mix of risks and rewards in this story? Take a close look at the numbers now and decide where you stand, starting with 5 key rewards and 1 important warning sign</p>
<div class="lb-trans"><p>在这个故事中，风险和回报的混合让您感到矛盾吗？现在仔细查看数字，决定您的立场，从 5 个关键回报和 1 个重要警告信号开始。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>If National Fuel Gas has sharpened your focus, do not stop here. Broaden your watchlist with other stock ideas that fit different goals and risk levels.</p>
<div class="lb-trans"><p>如果国家燃气引起了您的关注，请不要止步于此。通过其他符合不同目标和风险水平的股票想法来扩展您的观察列表。</p>
</div><ul>
<li>Target stronger value potential by scanning companies that currently screen as 44 high quality undervalued stocks based on their fundamentals and pricing.</li>
<li>Prioritize resilience and sleep better at night by reviewing 69 resilient stocks with low risk scores that combine lower risk scores with solid business profiles.</li>
<li>Hunt for promising opportunities that are not widely followed yet by checking the screener containing 22 high quality undiscovered gems that still show strong underlying data.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过扫描当前根据基本面和定价筛选出的 44 只高质量被低估股票，目标更强的价值潜力。</li>
<li>通过审查 69 只低风险得分的韧性股票，优先考虑韧性，晚上睡得更好，这些股票结合了较低的风险得分和稳健的商业概况。</li>
<li>通过检查包含 22 只高质量未被广泛关注的潜力股的筛选器，寻找尚未被广泛关注的有前景的机会，这些股票仍显示出强劲的基本数据。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div><h3>Valuation is complex, but we're here to simplify it.</h3>
<div class="lb-trans"><h3>估值是复杂的，但我们在这里简化它。</h3>
</div><p>Discover if National Fuel Gas might be undervalued or overvalued with our detailed analysis, featuring <strong>fair value estimates, potential risks, dividends, insider trades, and its financial condition.</strong></p>
<div class="lb-trans"><p>通过我们的详细分析，发现国家燃气是否可能被低估或高估，分析内容包括 <strong>公允价值估计、潜在风险、股息、内部交易和财务状况。</strong></p>
</div><p>Access Free Analysis</p>
<div class="lb-trans"><p>获取免费分析</p>
</div>

分析国家燃气（NFG）在第二季度财报发布后及下调 2026 年生产指导后的估值