Simply Wall St has picked three defensive dividend stocks for income investors, after investor Ray Dalio warned of a potential US debt "death spiral." The screen's full list includes 34 more large US dividend payers. Ingredion (INGR), a supplier of starches and sweeteners, has a market cap of $6.1 billion. Its largest segment is Texture & Healthful Solutions, at about $2.5 billion in revenue. National Fuel Gas (NFG), a natural gas utility and pipeline operator, has a market cap of $7.5 billion. Nearly $30 million of added expansion revenue is due to begin in fiscal 2027. Hershey has a market cap of $33.0 billion and earns about $9.8 billion from North America Confectionery. A 2025 cocoa shock cut its GAAP earnings per share by roughly 60%, largely through non-cash hedge losses.

National Fuel Gas Company reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from the year-ago quarter's $1.64. Sales reached $537.5 million, missing the consensus estimate but increasing 1.1% year over year. Revenue trends varied across segments, with utility revenues up 5.1% whilst integrated upstream and gathering revenues fell 1.3%. Total operating expenses rose 8.9% year over year to $328.6 million, contributing to a 9.3% decline in operating income. Natural gas production dropped 7% to 104.3 billion cubic feet. The company raised its annual dividend by 4% to $2.22 per share, marking 56 consecutive years of dividend increases.

National Fuel Gas reported third-quarter revenue of $537.5 million for the quarter ended June 2026, up 1.1% year-over-year but missing analyst expectations by 4.77%. The company's earnings per share came in at $1.54, down from $1.64 in the prior-year quarter, though beating the consensus estimate of $1.47 by 4.76%. Total gas production reached 104,285 MMcf, below the two-analyst average estimate of 108,554.60 MMcf. The weighted average gas price before hedging was $2.25 per Mcf, slightly above the $2.19 analyst estimate. The utility segment generated $165.42 million in revenue from external customers, exceeding estimates of $160.76 million and representing a 5.1% year-over-year increase. Pipeline and storage revenue totalled $69.56 million, above the $67.79 million estimate.