National Fuel Shows Natural Gas Is 'Normal'
By Dana Blankenhorn: While most here at Seeking Alpha prefer debating the merits of Aubrey McClendon and Chesapeake Energy (CHK), I thought it would be fun to see what normal looks like in a natural gas stock.National Fuel (NFG) reported its earnings last week and, as with the rest of the industry, the news was not good. Net income per share was cut nearly in half from a year earlier. Revenues were down, too.CEO David Smith was straightforward on the news. Lower prices hurt both in the exploration and in the delivery business. National Fuel does a lot of its drilling in California and analysts are most interested in whether it can accelerate earnings there.National Fuel and Chesapeake have their differences. National Fuel both explores for and sells gas to consumers, while Chesapeake is mainly an exploration company. But both are highly dependent for their results on the price ofComplete Story »
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