National Fuel Gas Company
MX ˙ BMV ˙ US6361801011
SecurityMX:NFG / National Fuel Gas Company
InstitutionTwo Sigma Advisers, Lp
Latest Disclosed Ownership29,400 shares
Latest Disclosed Value $ 2,353,764
Two Sigma Advisers, Lp reports 1.73% increase in ownership of NFG / National Fuel Gas Company

On February 17, 2026 - Two Sigma Advisers, Lp filed a 13F-HR form disclosing ownership of 29,400 shares of National Fuel Gas Company (MX:NFG) valued at $2,353,764 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 28,900 shares of National Fuel Gas Company. This represents a change in shares of 1.73% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F NATIONAL FUEL GAS COM 636180101 29,400 500 1.73 2,354 -11.84 0.0046
2025-11-14 2025-09-30 13F NATIONAL FUEL GAS COM 636180101 28,900 -24,300 -45.68 2,669 -40.77 0.0053
2025-08-14 2025-06-30 13F NATIONAL FUEL GAS COM 636180101 53,200 -106,600 -66.71 4,507 -64.39 0.0092
2025-05-15 2025-03-31 13F NATIONAL FUEL GAS COM 636180101 159,800 71,000 79.95 12,655 134.86 0.0285
2025-02-14 2024-12-31 13F NATIONAL FUEL GAS COM 636180101 88,800 40,700 84.62 5,388 84.84 0.0125
2024-11-14 2024-09-30 13F NATIONAL FUEL GAS COM 636180101 48,100 11,800 32.51 2,915 48.20 0.0068
2024-08-14 2024-06-30 13F NATIONAL FUEL GAS COM 636180101 36,300 36,300 1,967 0.0044
2024-05-15 2024-03-31 13F NATIONAL FUEL GAS COM 636180101 0 -4,100 -100.00 0 -100.00
2024-02-14 2023-12-31 13F NATIONAL FUEL GAS COM 636180101 4,100 -3,800 -48.10 206 -50.00 0.0005
2023-11-14 2023-09-30 13F NATIONAL FUEL GAS COM 636180101 7,900 -16,200 -67.22 410 -66.86 0.0011
2023-08-14 2023-06-30 13F NATIONAL FUEL GAS COM 636180101 24,100 -20,500 -45.96 1,238 -51.96 0.0032
2023-05-15 2023-03-31 13F NATIONAL FUEL GAS COM 636180101 44,600 -3,100 -6.50 2,575 -14.71 0.0066
2023-02-14 2022-12-31 13F NATIONAL FUEL GAS COM 636180101 47,700 -3,700 -7.20 3,019 -4.58 0.0084
2022-11-14 2022-09-30 13F NATIONAL FUEL GAS COM 636180101 51,400 -900 -1.72 3,164 -8.40 0.0092
2022-08-15 2022-06-30 13F NATIONAL FUEL GAS COM 636180101 52,300 -700 -1.32 3,454 -5.14 0.0098
2022-05-16 2022-03-31 13F NATIONAL FUEL GAS COM 636180101 53,000 9,600 22.12 3,641 31.21 0.0097
2022-02-14 2021-12-31 13F NATIONAL FUEL GAS COM 636180101 43,400 300 0.70 2,775 22.57 0.0070
2021-11-15 2021-09-30 13F NATIONAL FUEL GAS COM 636180101 43,100 -2,000 -4.43 2,264 -3.90 0.0059
2021-08-16 2021-06-30 13F NATIONAL FUEL GAS COM 636180101 45,100 -27,100 -37.53 2,356 -34.72 0.0062
2021-05-17 2021-03-31 13F NATIONAL FUEL GAS COM 636180101 72,200 -19,600 -21.35 3,609 -4.42 0.0099
2021-02-16 2020-12-31 13F NATIONAL FUEL GAS CO N J COM 636180101 91,800 -136,500 -59.79 3,776 -59.25 0.0101
2020-11-16 2020-09-30 13F NATIONAL FUEL GAS CO N J COM 636180101 228,300 -30,000 -11.61 9,267 -14.44 0.0265
2020-09-15 2020-06-30 13F/A-1 NATIONAL FUEL GAS CO N J COM 636180101 258,300 106,300 69.93 10,831 91.09 0.0318
2020-08-14 2020-06-30 13F NATIONAL FUEL GAS CO N J COM 636180101 258,300 106,300 10,831 31,297.9929
2020-05-15 2020-03-31 13F NATIONAL FUEL GAS CO N J COM 636180101 152,000 -39,800 -20.75 5,668 -36.50 0.0217
2020-02-14 2019-12-31 13F NATIONAL FUEL GAS CO N J COM 636180101 191,800 11,100 6.14 8,926 5.28 0.0207
2019-11-14 2019-09-30 13F NATIONAL FUEL GAS CO N J COM 636180101 180,700 24,500 15.69 8,478 2.89 0.0208
2019-08-14 2019-06-30 13F NATIONAL FUEL GAS CO N J COM 636180101 156,200 0 0.00 8,240 -13.46 0.0205
2019-05-15 2019-03-31 13F NATIONAL FUEL GAS CO N J COM 636180101 156,200 -100 -0.06 9,522 19.04 0.0240
2019-02-14 2018-12-31 13F NATIONAL FUEL GAS CO N J COM 636180101 156,300 29,334 23.10 7,999 12.38 0.0218
2018-11-14 2018-09-30 13F NATIONAL FUEL GAS CO N J COM 636180101 126,966 0 0.00 7,118 5.86 0.0174
2018-08-14 2018-06-30 13F NATIONAL FUEL GAS CO N J COM 636180101 126,966 -2,700 -2.08 6,724 0.79 0.0181
2018-05-15 2018-03-31 13F NATIONAL FUEL GAS CO N J COM 636180101 129,666 13,141 11.28 6,671 4.27 0.0181
2018-02-14 2017-12-31 13F NATIONAL FUEL GAS CO N J COM 636180101 116,525 -10,500 -8.27 6,398 -11.03 0.0172
2017-11-14 2017-09-30 13F NATIONAL FUEL GAS CO N J COM 636180101 127,025 -12,308 -8.83 7,191 -7.57 0.0204
2017-08-14 2017-06-30 13F NATIONAL FUEL GAS CO N J COM 636180101 139,333 38,567 38.27 7,780 29.49 0.0257
2017-05-15 2017-03-31 13F NATIONAL FUEL GAS CO N J COM 636180101 100,766 -11,799 -10.48 6,008 -5.77 0.0197
2017-02-14 2016-12-31 13F NATIONAL FUEL GAS CO N J COM 636180101 112,565 56,165 99.58 6,376 109.05 0.0244
2016-11-14 2016-09-30 13F NATIONAL FUEL GAS CO N J COM 636180101 56,400 44,400 370.00 3,050 346.56 0.0130
2016-08-15 2016-06-30 13F NATIONAL FUEL GAS CO N J COM 636180101 12,000 5,800 93.55 683 120.32 0.0035
2016-05-16 2016-03-31 13F NATIONAL FUEL GAS CO N J COM 636180101 6,200 6,200 0.00 310 0.0017
2016-02-16 2015-12-31 13F NATIONAL FUEL GAS CO N J COM 636180101 0 -6,200 -100.00 0 -100.00
2015-11-16 2015-09-30 13F NATIONAL FUEL GAS CO N J COM 636180101 6,200 6,200 0.00 310 0.0020
2015-08-14 2015-06-30 13F NATIONAL FUEL GAS CO N J COM 636180101 0 -11,100 -100.00 0 -100.00
2016-02-09 2015-03-31 13F/A-1 NATIONAL FUEL GAS CO N J COM 636180101 11,100 5,900 113.46 670 85.08 0.0051
2015-05-15 2015-03-31 13F NATIONAL FUEL GAS CO N J COM 636180101 11,100 670
2016-02-09 2014-12-31 13F/A-1 NATIONAL FUEL GAS CO N J COM 636180101 5,200 5,200 362 0.0029
2015-02-17 2014-12-31 13F NATIONAL FUEL GAS CO N J COM 636180101 5,200 361 0.0029
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.