Is National Fuel Gas Co. overvalued or undervalued?

As of 30 July 2025, the valuation grade for National Fuel Gas Co. has moved from fair to very expensive, indicating a significant shift in its market perception. The company appears overvalued based on its current metrics, with a P/E ratio of 11, a Price to Book Value of 2.70, and an EV to EBITDA of 9.36. In comparison to peers, APA Corp. has a notably lower P/E ratio of 3.70, while Chord Energy Corp. shows a higher P/E of 31.09, highlighting the disparity in valuation among industry competitors.
Despite a strong year-to-date return of 44.00%, which outperformed the S&P 500's 12.22%, the long-term returns reveal a concerning trend, with a 3-year return of 26.86% compared to the S&P 500's 70.41%. This suggests that while the company has performed well recently, its valuation may not be justified in the context of its peers and historical performance.