NFG vs NJR: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: NFG is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. NFG and NJR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined NFG and NJR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

National Fuel Gas Company is a diversified, integrated energy company operating across the natural gas value chain. Its Seneca Resources unit explores for and produces gas in the Appalachian basin, its Pipeline and Storage segment moves and stores gas across roughly 2,600 miles of pipeline and 28 storage fields, and its regulated utility distributes gas in western New York and northwestern Pennsylvania and, since October 1, 2026, in Ohio through the former CenterPoint Ohio utility. The company says its combined utility now serves about 1.1 million customers. An energy-marketing arm rounds out the mix. This vertical integration means NFG captures margin at multiple points from wellhead to burner tip.

Full NFG guide

New Jersey Resources is a diversified energy infrastructure company headquartered in Wall, New Jersey. Its core is New Jersey Natural Gas (NJNG), a regulated utility that distributes gas to roughly 5.6 million people across Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties. Around it sit three non-utility segments: Clean Energy Ventures (solar generation), Energy Services (a wholesale natural gas trading and asset-optimization business active across North America), and Storage and Transportation (the Adelphia Gateway pipeline, the Leaf River salt-dome storage facility, and a 50% stake in Steckman Ridge). Company guidance points to the regulated utility contributing roughly 62 to 67 percent of net financial earnings, with the remainder split among Energy Services, Clean Energy Ventures and Storage and Transportation.

Full NJR guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• NFG drivers: Ohio utility now closed; Planned spin-off of the upstream business.
• NJR drivers: Regulated utility rate-base growth; Energy Services trading upside.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Upstream earnings are directly exposed to volatile natural gas prices until the planned spin-off, and a sustained downturn would pressure results and cash flow. For NJR, as a regulated utility, NJR depends on favorable rate-case outcomes from New Jersey regulators, and unfavorable rulings can compress returns on its heavy capital spending.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick NFG if you believe its drivers more; NJR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the NFG and NJR guides.

NFG. As of October 16, 2026 NFG traded near $80 with a market cap around $7.6 billion, a trailing P/E near 11.2 and a forward P/E near 10.8, a modest multiple for a company whose earnings still swing with gas prices. Analysts expect fiscal 2026 (ended September) EPS of about $7.25, and the fourth-quarter report is scheduled for November 4, 2026, with consensus near $1.04 per share; it is also when the company plans to issue fiscal 2027 guidance. The dividend yields about 2.8% on a payout ratio near 30%.

NJR. NJR trades at about 14.4 times trailing earnings and about 15 times forward estimates, roughly in line with regulated gas utility peers; the market is pricing a stable regulated core plus a variable trading component. Forward earnings are expected to be slightly lower than fiscal 2026 because the strong Energy Services year is not assumed to repeat, which is why the forward multiple sits above the trailing one. The roughly 3.9 percent dividend yield, after a 5.3 percent increase in September, and steady dividend growth are central to the total-return story; seven analysts carry a mean target near $59.71.

Headline figures (approximate, October 2026): NFG shows revenue (ttm) ~$2.5B, net income (ttm) ~$675M, eps (ttm / forward) ~$7.18 / ~$7.43, operating margin ~40%; NJR shows revenue (ttm) ~$2.2B (fiscal Q3 2026 revenue +16.8% YoY), net income (ttm) ~$366M (~16% profit margin), eps (ttm) ~$3.61, fy2026 nfeps guidance ~$3.52 to $3.62 (narrowed, midpoint raised, August 2026).

NFG and NJR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined NFG and NJR exposure against your real portfolio. It is not an investment adviser.