National Fuel Gas (NFG) is considered undervalued by approximately 11% based on a forward P/E of 12x. The company has shown strong growth and profitability, outperforming peers like Atmos Energy and UGI Corporation in total return over the past five years. NFG's integrated operations help mitigate commodity price swings, and it is well-positioned for double-digit gains with dividends and buybacks contributing about 4.5%.