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Naturgy Energy Group SA
(OTC:GASNY)
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Rating:69Neutral
Price Target:
$7.00
▲(1.45% Upside)
Action:Downgraded
Date:07/22/26
The score is driven primarily by solid financial performance with resilient profitability and generally supportive cash generation, partially offset by a leveraged balance sheet and weakening revenue/FCF trajectory. Valuation is a clear positive due to the attractive dividend yield with a moderate P/E, while technical signals are neutral-to-mildly constructive. The latest earnings call adds support via upgraded guidance and reaffirmed capital returns, tempered by margin and geopolitical/commodity risks plus some one-off uplift.
Positive Factors
Regulated networks resilience
Strong regulated-network performance provides stable, tariff‑linked cashflows and earnings. Network EBITDA growth (distribution + electricity) underpins predictable returns and lowers revenue cyclicality versus commodity businesses, supporting multi‑year cash generation and capital planning.
Negative Factors
Elevated leverage
A debt‑heavy capital structure limits flexibility for incremental investment or rate cycles and raises interest‑rate and refinancing sensitivity. With leverage materially above a conservative posture, larger capex or market shocks could pressure credit metrics and constrain strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated networks resilience
Strong regulated-network performance provides stable, tariff‑linked cashflows and earnings. Network EBITDA growth (distribution + electricity) underpins predictable returns and lowers revenue cyclicality versus commodity businesses, supporting multi‑year cash generation and capital planning.
Read all positive factors
Naturgy Energy Group SA (GASNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$32.66B
Dividend Yield6%
Average Volume (3M)8.58K
Price to Earnings (P/E)13.4
Beta (1Y)0.05
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees6,764
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)0.43
Shares Outstanding4,848,069,000
10 Day Avg. Volume9,678
30 Day Avg. Volume8,579
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)2.67
Price to Sales (P/S)1.28
P/FCF Ratio10.94
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.5
Revenue Forecast (FY)$22.76B
Naturgy Energy Group SA Business Overview & Revenue Model
Company Description
Naturgy Energy Group, S.A., alongside its subsidiaries, is a diversified energy company deeply involved in the natural gas value chain, encompassing its supply, liquefaction, regasification, transport, storage, distribution, and sale. The company ...
How the Company Makes Money
Naturgy makes money through a combination of regulated infrastructure income and competitive (market-based) energy businesses. (1) Regulated networks: A portion of earnings comes from operating regulated gas infrastructure (e.g., distribution and,...
Naturgy Energy Group SA Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 02, 2027
Earnings Call Sentiment Positive
The call presented a broadly positive operational and financial picture: strong H1 results, improved cash generation, reduced net debt in H1, upgraded guidance, reinforced regulated earnings and multiple organic growth levers (renewables + storage, biomethane, data centers). Key achievements include governance simplification, a larger free float (~46%), solid credit metrics (FFO/net debt ~30%), and dividend continuity. Offset risks include margin pressure in supply and renewables, one-off items supporting some of the uplift (EUR 74m), Yamal/Russian LNG-related uncertainty and broader market/geopolitical risks (low EU storage, Hormuz disruption) that could tighten markets and increase volatility into winter 2026/27. Overall, the positives on execution, balance sheet strength and upgraded guidance outweigh the challenges, though management flagged material commodity and geopolitical downside scenarios and some non-recurring contributors.Positive Updates
Increased Free Float and Simplified Governance
Free float increased to ~46%, meeting a strategic-plan target; special majorities in the bylaws removed to simplify governance and enable faster decision-making for investments and disposals.
Negative Updates
Supply Business Margin Pressure
Supply EBITDA EUR 319 million, down 17% YoY due to higher ancillary services costs, lower prices, reduced industrial demand and regulated tariff margin compression; margin pressure persists sector-wide.
Read all updates
Q2-2026 Updates
Positive
Negative
Increased Free Float and Simplified Governance
Free float increased to ~46%, meeting a strategic-plan target; special majorities in the bylaws removed to simplify governance and enable faster decision-making for investments and disposals.
Read all positive updates
Company Guidance
Naturgy upgraded 2026 guidance to EBITDA above €5.5bn and net income above €2.1bn after H1 results (H1 EBITDA ~€3.0bn vs €2.8bn a year ago; H1 net income €1.2bn vs €1.1bn), reporting FFO ~€2.3bn and free cash flow after minorities ~€1.3bn; net debt fell from €12.3bn to ~€11.7bn in H1 but is expected to rise by ~€400m in H2 for a one‑off Sonatrach payment and to close the year around €13bn; the board approved a first dividend of €0.60/share payable 29 July and confirms a full‑year dividend of €1.80/share (circa 6.2% yield at current prices); credit metrics remain robust (FFO/net debt ≈30% vs an 18% S&P BBB threshold, leverage ~2x EBITDA), the company cites €10–12bn of firepower for disciplined deployment, and it reiterates 2027 downside guidance of EBITDA €5.3bn and net profit €1.9bn under a worst‑case Yamal scenario.Naturgy Energy Group SA Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
56
Neutral
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.67B | 19.45B | 19.27B | 22.62B | 33.97B | 22.14B |
| Gross Profit | 6.80B | 7.27B | 7.70B | 7.51B | 6.88B | 5.43B |
| EBITDA | 5.34B | 4.99B | 5.22B | 5.19B | 4.51B | 3.76B |
| Net Income | 2.02B | 1.94B | 1.90B | 1.99B | 1.65B | 1.21B |
Balance Sheet | ||||||
| Total Assets | 40.76B | 39.08B | 40.84B | 37.89B | 40.39B | 38.25B |
| Cash, Cash Equivalents and Short-Term Investments | 4.99B | 4.66B | 6.10B | 4.12B | 4.39B | 4.36B |
| Total Debt | 16.53B | 16.75B | 17.98B | 15.96B | 16.26B | 16.81B |
| Total Liabilities | 29.03B | 27.72B | 29.18B | 25.96B | 30.41B | 29.38B |
| Stockholders Equity | 9.58B | 9.34B | 9.48B | 9.45B | 7.57B | 5.89B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 2.28B | 1.79B | 2.43B | 2.16B | -203.00M |
| Operating Cash Flow | 0.00 | 4.35B | 3.99B | 4.86B | 2.16B | 1.00B |
| Investing Cash Flow | 0.00 | -1.81B | -1.82B | -2.74B | -1.49B | 1.90B |
| Financing Cash Flow | 0.00 | -3.53B | -239.00M | -2.26B | -2.85B | -2.85B |
Naturgy Energy Group SA Technical Analysis
Positive
6.90
Price Trends
6.65
Positive
6.53
Positive
6.22
Positive
Market Momentum
0.05
Positive
55.56
Neutral
29.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GASNY, the sentiment is Positive. The current price of 6.9 is above the 20-day moving average (MA) of 6.85, above the 50-day MA of 6.65, and above the 200-day MA of 6.22, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 55.56 is Neutral, neither overbought nor oversold. The STOCH value of 29.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GASNY.
Naturgy Energy Group SA Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $28.15B | 19.41 | 9.67% | 2.43% | 6.45% | 15.84% | |
70 Outperform | $8.27B | 12.18 | 13.15% | 3.95% | -0.50% | 60.66% | |
69 Neutral | $32.66B | 13.42 | 23.71% | 6.00% | ― | ― | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $6.37B | 12.10 | 12.89% | 2.91% | -63.47% | 166.76% | |
62 Neutral | $4.97B | 16.77 | 8.42% | 3.47% | -0.78% | 10.67% | |
57 Neutral | $19.98B | 21.81 | 9.58% | 2.85% | 12.25% | 0.39% |
* Utilities Sector Average
GASNY
Naturgy Energy Group SA
6.87
0.95
15.98%
ATO
Atmos Energy
164.81
2.19
1.35%
NI
Nisource
41.42
1.36
3.40%
SWX
Southwest Gas
86.90
10.06
13.09%
UGI
UGI
38.00
4.59
13.74%
OGS
ONE Gas
78.16
4.67
6.35%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.