Form 4: NFG Officer Hartz Reports Share Acquisitions & Tax Withholding

Sentiment:

Insider Transaction Report 12 September 2025 3:04 PM

National Fuel Gas Company's Secretary and General Counsel, Lee E. Hartz, reported recent share acquisitions through dividend reinvestment and performance share vesting, alongside shares withheld for tax obligations.

Summary

Lee E. Hartz, Secretary and General Counsel of National Fuel Gas Company (NFG), reported changes in beneficial ownership of NFG common stock.
Acquired 100 shares on April 15, 2025, at $78.177 per share through a dividend reinvestment plan.
Acquired 91 shares on July 15, 2025, at $89.33 per share through a dividend reinvestment plan.
Acquired 238 shares on September 10, 2025, at $0.00 per share, likely due to the vesting of performance shares.
Disposed of 122 shares on September 10, 2025, at $86.515 per share, which were withheld for tax obligations related to the vesting of performance shares and not sold into the market.
Following these transactions, Hartz directly beneficially owns 15,462 shares of common stock.
Additionally, Hartz indirectly owns 2,451 shares through the NFG 401(k) Trust as of September 10, 2025.

Sentiment

Score: 6

Explanation: The filing reports routine insider transactions, including acquisitions through dividend reinvestment and vesting of performance shares, which are generally positive for aligning management interests with shareholders. The tax-related disposition is a standard practice. Overall, it's a neutral to slightly positive report reflecting ongoing executive compensation and investment.

Positives

Officer Lee E. Hartz increased direct beneficial ownership of NFG common stock through dividend reinvestment and performance share vesting, indicating continued alignment with shareholder interests.
The acquisition of 238 shares at $0.00 suggests the vesting of equity awards, which is a common form of executive compensation and retention.

Negatives

122 shares were disposed of to cover tax obligations, which is a standard practice for equity award vesting but represents a reduction in direct holdings.

Risks

No specific risks are mentioned in this Form 4 filing beyond the general market risks associated with holding company stock.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Industry Context

This Form 4 filing reports routine insider transactions for an executive at a utility company. Such transactions, particularly those related to dividend reinvestment and equity compensation vesting, are common in the industry and generally reflect standard executive compensation practices rather than specific strategic shifts or market-moving events.

Comparison to Industry Standards

Management Changes

Role	Previous Person	New Person	Effective Date	Reason

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Power of Attorney Grant	Lee E. Hartz, Secretary and General Counsel, granted a Power of Attorney to several individuals (Kenneth E. Webster, Meghan A. Corcoran, James P. Baetzhold, Kathryn M. Nikisch-Hoffman, and Robin L. Maczka) to prepare, execute, and file SEC forms (including Forms 3, 4, 5, 13D, 13G, and 144) on his behalf. This also includes managing his EDGAR account.	2025-07-29	This is a standard administrative measure to facilitate timely and accurate SEC filings for an executive, ensuring compliance with reporting obligations. It streamlines the process for insider transaction disclosures.

Legal Proceedings

The filing does not mention any litigation or regulatory matters.

Related Party Transactions

The reported transactions are insider transactions by an officer, which are inherently related-party in nature. However, they appear to be standard compensation and investment activities rather than unusual dealings.

Stakeholder Impact

Shareholders: The increase in direct beneficial ownership by an executive through equity awards and dividend reinvestment generally aligns management's interests with shareholders, potentially signaling confidence in the company's long-term performance.
Employees: The vesting of performance shares is part of the company's executive compensation structure, which can motivate performance.

Next Steps

The filing does not mention any specific future actions, events, or milestones beyond the ongoing nature of the Power of Attorney.

Key Dates

Date	Description
2025-04-15	Acquisition of 100 shares of Common Stock via dividend reinvestment.
2025-07-15	Acquisition of 91 shares of Common Stock via dividend reinvestment.
2025-07-29	Effective date of Power of Attorney granted by Lee E. Hartz for SEC filings.
2025-09-10	Acquisition of 238 shares of Common Stock (likely vesting of performance shares) and disposition of 122 shares for tax withholding.
2025-09-12	Date Form 4 was signed by Attorney in Fact.

Recommendation

hold

This Form 4 filing details routine insider transactions, including acquisitions through dividend reinvestment and vesting of performance shares, along with tax-related dispositions. These actions are standard for executive compensation and personal investment plans and do not provide new material information that would warrant a change in investment recommendation. The transactions reflect ongoing executive participation in the company's equity, which is generally a neutral to slightly positive signal, but not enough to alter a 'hold' stance based solely on this filing.

Keywords

National Fuel Gas Company, NFG, Lee E. Hartz, Form 4, Insider Trading, Beneficial Ownership, Stock Acquisition, Dividend Reinvestment, Performance Shares, Equity Compensation, Tax Withholding, Corporate Governance

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