Natural Gas Stocks
Top 10 of 41 FCG holdings, updated
As of 12 October 2026, natural gas stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. FCG trails the S&P 500 by 6.2 points over one month and ranks #77 of 115 groups Zensei tracks. 20 of the 41 natural gas stocks Zensei prices in FCG beat the fund this month.
Where natural gas stocks stand now
As of 12 October 2026, Natural Gas (FCG) ranks #77 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 13.3-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 6.2 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, FCG's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. FCG's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. That tension — a firm short-term tape against a damaged longer trend — is usually resolved within a few weeks, one way or the other.
The exposure comes via First Trust Natural Gas ETF, whose 41 tracked holdings are led by Conocophillips, Eog Resources Inc and Western Midstream Partners LP. Weighted by portfolio, the fund's holdings trade at roughly 10.9× earnings. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
Top natural gas stocks right now
The largest natural gas stocks by weight in FCG, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of FCG
- 1ConocophillipsCOP4.7%
- 2Eog Resources IncEOG4.7%
- 3Western Midstream Partners LPWES4.5%
- 4Devon Energy CorpDVN4.5%
- 5Occidental Petroleum CorpOXY4.3%
Strongest this month
1-month return, holdings Zensei prices
- 1Riley Exploration Permian IncREPX+6.3%
- 2Apa CorpAPA+4.7%
- 3Primeenergy Resources CorpPNRG+2.9%
- 4Ovintiv IncOVV+2.7%
- 5Murphy Oil CorpMUR+2.3%
Natural Gas Stocks vs the S&P 500
Over the week to 12 October 2026, FCG rose 2.8% while the S&P 500 rose 0.4%. FCG and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means FCG won that window.
Prices as of · computed from daily adjusted closes · how we measure
Natural Gas on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are natural gas stocks expensive?
The price-to-earnings ratio of FCG as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
FCG holdings: the natural gas stocks inside
As of 12 October 2026, 20 of the 41 natural gas stocks Zensei prices in FCG beat the fund over the past month. 6 of them beat the S&P 500. The strongest is Riley Exploration Permian Inc (REPX); the weakest is New Era Energy & Digital Inc (NUAI). Inside the fund, the holdings split between winners and losers.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | COPConocophillips | 4.7% | +0.2% | +22.7% | +4.3 pts | Accelerating | Strong |
| 2 | EOGEog Resources Inc | 4.7% | +2.1% | +8.6% | +6.3 pts | Cruising | Strong |
| 3 | WESWestern Midstream Partners LP | 4.5% | −7.6% | +1.0% | −3.5 pts | Weak | Broken |
| 4 | DVNDevon Energy Corp | 4.5% | −1.9% | +12.7% | |||
| 5 | OXYOccidental Petroleum Corp | 4.3% | −0.5% | +12.1% | |||
| 6 | EQTEqt Corp | 4.0% | −1.5% | +7.4% | |||
| 7 | FANGDiamondback Energy Inc | 4.0% | −4.8% | +2.4% | |||
| 8 | HESMHess Midstream LP | 3.9% | −19.0% | −15.8% | |||
| 9 | APAApa Corp | 3.8% | +4.7% | +36.0% | |||
| 10 | PRPermian Resources Corp | 3.8% | −0.9% | +20.1% |
All 41 FCG holdings by weight: Conocophillips (COP) 4.7%, Eog Resources Inc (EOG) 4.7%, Western Midstream Partners LP (WES) 4.5%, Devon Energy Corp (DVN) 4.5%, Occidental Petroleum Corp (OXY) 4.3%, Eqt Corp (EQT) 4.0%, Diamondback Energy Inc (FANG) 4.0%, Hess Midstream LP (HESM) 3.9%, Apa Corp (APA) 3.8%, Permian Resources Corp (PR) 3.8%, Expand Energy Corp (EXE) 3.6%, Ovintiv Inc (OVV) 3.6%, Range Resources Corp (RRC) 3.3%, Antero Resources Corp (AR) 3.3%, Sm Energy Co (SM) 3.1%, Chord Energy Corp (CHRD) 3.0%, Woodside Energy Group Ltd (WDS) 2.9%, Magnolia Oil & Gas Corp (MGY) 2.7%, Matador Resources Co (MTDR) 2.6%, National Fuel Gas Co (NFG) 2.5%, Baytex Energy Corp (BTE) 2.4%, Murphy Oil Corp (MUR) 2.4%, Cnx Resources Corp (CNX) 2.3%, Crescent Energy Co (CRGY) 2.2%, Northern Oil & Gas Inc (NOG) 1.9%, Gulfport Energy Corp (GPOR) 1.8%, Kosmos Energy Ltd (KOS) 1.7%, New Era Energy & Digital Inc (NUAI) 1.6%, Bkv Corp (BKV) 1.6%, Vermilion Energy Inc (VET) 1.6%, Comstock Resources Inc (CRK) 1.4%, Diversified Energy Co (DEC) 1.2%, W&t Offshore Inc (WTI) 1.1%, Riley Exploration Permian Inc (REPX) 0.9%, Obsidian Energy Ltd (OBE) 0.9%, Vitesse Energy Inc (VTS) 0.7%, Sandridge Energy Inc (SD) 0.6%, Primeenergy Resources Corp (PNRG) 0.5%, Ring Energy Inc (REI) 0.3%, Granite Ridge Resources Inc (GRNT) 0.2%, Gran Tierra Energy Inc (GTE) 0.1%.
Natural Gas Stocks: common questions
What are the top 3 natural gas stocks?
As of 12 October 2026, the three largest natural gas stocks in FCG by fund weight are Conocophillips (COP) (4.7%), Eog Resources Inc (EOG) (4.7%) and Western Midstream Partners LP (WES) (4.5%). Fund weight shows size inside the fund, not a recommendation.
Which natural gas stocks are beating the sector?
As of 12 October 2026, 20 of the 41 natural gas stocks Zensei prices in FCG beat the fund over the past month. The strongest over the past month is Riley Exploration Permian Inc (REPX). The list above shows every holding with its weight and returns.
Are natural gas stocks outperforming the S&P 500?
No. As of 12 October 2026, FCG trails the S&P 500 by 6.2 points over the past month.
Is it a good time to invest in natural gas stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, natural gas stocks are ahead of the S&P 500 over the longer window but behind over the past month, a fading lead. The rotation map and the read on this page show whether that trend is building or fading.
What is FCG?
FCG is First Trust Natural Gas ETF. Zensei uses it to measure natural gas stocks against the S&P 500 (SPY).
What stocks does FCG own?
As of 12 October 2026, the largest of the 41 positions Zensei tracks in FCG are Conocophillips, Eog Resources Inc, Western Midstream Partners LP, Devon Energy Corp, Occidental Petroleum Corp. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is natural gas in right now?
As of 12 October 2026, natural gas is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track natural gas against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.