Form 4: Director Skains Boosts NFG Holdings with Stock Units

National Fuel Gas Co. Director Thomas E. Skains acquired additional deferred stock units through compensation plans, increasing his beneficial ownership.

Summary

• Thomas E. Skains, a Director of National Fuel Gas Co. (NFG), reported the acquisition of deferred stock units.
• On October 15, 2025, 105 Deferred Stock Units were acquired through dividend reinvestment, with an equivalent price of $86.21 per unit.
• On January 2, 2026, an additional 541 Deferred Stock Units were acquired through a quarterly grant, with an equivalent price of $80.945 per unit.
• These units were acquired under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers and the 2009 Non-Employee Director Equity Compensation Plan.
• Each deferred stock unit is the economic equivalent of one share of common stock and becomes payable in shares after the reporting person's termination of service.
• Following these transactions, Mr. Skains beneficially owns a total of 17,977 Deferred Stock Units.

Sentiment

Score: 6

Explanation: The filing indicates a director's increased beneficial ownership through standard compensation and dividend reinvestment, which is generally viewed as a positive sign of alignment, though it's a routine event rather than a discretionary open-market purchase.

Positives

• Director Thomas E. Skains increased his beneficial ownership in National Fuel Gas Co. by acquiring 646 additional Deferred Stock Units.
• The acquisitions demonstrate continued alignment of director interests with shareholder interests through equity-based compensation and dividend reinvestment.

Future Outlook

Not applicable; this filing reports past transactions and does not provide forward-looking statements or guidance.

Industry Context

Not applicable; this is a company-specific insider transaction report and does not provide broader industry context.

Related Party Transactions

• The acquisition of deferred stock units by a director under company compensation plans is a standard, disclosed form of related party transaction for executive and director compensation.

Stakeholder Impact

• Shareholders: May view the increased director ownership as a positive signal of confidence and alignment of interests with the company's long-term performance.

Key Dates

Recommendation

This Form 4 reports routine compensation-related acquisitions of deferred stock units by a director. While it shows continued alignment of interests, it does not provide new fundamental information that would warrant a change in investment recommendation. The transactions are part of established compensation plans and do not reflect a discretionary open-market purchase that might signal a strong conviction in the stock's immediate future performance.

Keywords

National Fuel Gas Co., NFG, Thomas E. Skains, Form 4, insider transaction, deferred stock units, director compensation, equity compensation, dividend reinvestment