Justin I. Loweth, President of Seneca Resources at National Fuel Gas Co. (NYSE:NFG), a $5.7 billion market cap energy company with a GOOD financial health rating, recently executed a significant transaction involving the company's common stock. On December 2, 2024, Loweth sold 19,532 shares at an average price of $62.2687, totaling approximately $1.2 million.
In addition to the sale, Loweth had 4,940 shares withheld for tax purposes related to the vesting of restricted stock units over two days. These transactions, which took place on December 1 and December 2, were not market sales and were valued at a range between $63.028 and $64.168 per share.
Following these transactions, Loweth holds 41,841 shares directly. The executive's actions reflect a balance of stock sales and tax-related share cancellations, offering a glimpse into his current stake in the company.
In other recent news, National Fuel Gas Company (NYSE:NFG) reported its Q4 Fiscal 2024 earnings, with an adjusted operating result of $0.77 per share. The company managed to offset the impact of low natural gas prices through a robust hedge book, which contributed a $61 million gain. Additionally, a 5% year-over-year production increase was noted, primarily in the Eastern Development Area.
In terms of future developments, the company filed an application for the Tioga Pathway project, targeting service by fall 2026, while the Northern Access project was halted, resulting in a $34 million impairment. National Fuel Gas Company is also executing a $200 million share buyback program, demonstrating its commitment to shareholder value.
A three-year settlement in the New York rate case is expected to increase annual revenue requirements by $86 million. For Fiscal 2025, the company anticipates an adjusted EPS of $5.50 to $6.00, with 63% of production hedged at $3.44. These are among the recent developments at the National Fuel Gas Company.
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