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U.S. Gas Utilities Industry Analysis

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.2%
  • 3M-1.3%
  • 1Y15.0%
  • YTD0.1%

Over the last 7 days, the Gas Utilities industry has dropped 1.3%, driven by a pullback from Atmos Energy of 3.0%. In the past year, the industry has gained 15%. Earnings are forecast to grow by 9.8% annually.

Industry Valuation and Performance

Has the U.S. Gas Utilities Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026US$79.6bUS$36.8bUS$3.9b18.2x20.3x2.2x
Tue, 23 Dec 2025US$78.7bUS$36.8bUS$3.9b18.3x20.1x2.1x
Thu, 20 Nov 2025US$80.2bUS$36.9bUS$3.7b19.2x21.5x2.2x
Sat, 18 Oct 2025US$79.3bUS$36.7bUS$2.3b18.6x34.3x2.2x
Mon, 15 Sep 2025US$76.3bUS$36.7bUS$2.3b17.9x33x2.1x
Wed, 13 Aug 2025US$76.0bUS$36.7bUS$2.3b18.1x32.9x2.1x
Fri, 11 Jul 2025US$73.0bUS$36.4bUS$3.2b18x23.1x2x
Sun, 08 Jun 2025US$72.1bUS$36.4bUS$3.2b18.1x22.8x2x
Tue, 06 May 2025US$74.7bUS$35.4bUS$2.9b19.6x25.6x2.1x
Thu, 03 Apr 2025US$72.9bUS$35.3bUS$2.5b20x29.1x2.1x
Sat, 01 Mar 2025US$71.3bUS$35.3bUS$2.5b19.4x28.4x2x
Mon, 27 Jan 2025US$67.5bUS$38.1bUS$2.3b18.2x29x1.8x
Wed, 25 Dec 2024US$66.3bUS$38.1bUS$2.3b18.3x28.5x1.7x
Fri, 22 Nov 2024US$68.8bUS$38.3bUS$2.7b20.1x25.6x1.8x
Sun, 20 Oct 2024US$63.9bUS$33.5bUS$4.4b18.1x14.4x1.9x
Tue, 17 Sep 2024US$61.9bUS$33.5bUS$4.4b17.6x14x1.8x
Thu, 15 Aug 2024US$58.6bUS$33.5bUS$4.4b16.8x13.2x1.8x
Sat, 13 Jul 2024US$55.7bUS$33.5bUS$3.1b16.4x18.1x1.7x
Mon, 10 Jun 2024US$54.4bUS$33.5bUS$3.1b15.6x17.7x1.6x
Wed, 08 May 2024US$56.3bUS$33.4bUS$2.9b16.3x19.1x1.7x
Fri, 05 Apr 2024US$55.0bUS$34.1bUS$2.2b17.2x25.4x1.6x
Sun, 03 Mar 2024US$52.9bUS$34.1bUS$2.2b15.8x24.5x1.6x
Tue, 30 Jan 2024US$56.8bUS$38.4bUS$1.5b15.4x38.4x1.5x
Thu, 28 Dec 2023US$58.6bUS$38.4bUS$1.5b16.5x39.6x1.5x
Sat, 25 Nov 2023US$55.6bUS$38.4bUS$1.5b16x38.3x1.4x
Mon, 23 Oct 2023US$50.1bUS$37.5bUS$684.8m16.5x73.1x1.3x
Wed, 20 Sep 2023US$52.8bUS$37.5bUS$684.8m18.6x77.1x1.4x
Fri, 18 Aug 2023US$52.9bUS$37.5bUS$684.8m18.3x77.2x1.4x
Sun, 16 Jul 2023US$54.3bUS$38.4bUS$1.5b18.7x36.6x1.4x
Tue, 13 Jun 2023US$55.5bUS$38.4bUS$1.5b19.8x37.4x1.4x
Thu, 11 May 2023US$56.0bUS$38.4bUS$1.5b20x37.5x1.5x
Sat, 08 Apr 2023US$57.8bUS$38.5bUS$2.4b20.4x24.4x1.5x
Mon, 06 Mar 2023US$57.2bUS$38.5bUS$2.4b20x24.1x1.5x
Wed, 01 Feb 2023US$58.3bUS$36.7bUS$3.4b20.7x17x1.6x
Price to Earnings Ratio

17x


Total Market Cap: US$58.3bTotal Earnings: US$3.4bTotal Revenue: US$36.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 30.5x202420252026
Current Industry PE
  • Investors are pessimistic on the American Gas Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 20.3x which is lower than its 3-year average PE of 30.5x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 4.5% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the U.S. Utilities industry?

US Market-0.36%
Utilities-1.89%
Gas Utilities-1.24%
Gas Utilities-1.24%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
UGI UGIUS$38.853.5%
+US$285.7m		28.1%PE12.3x
NFG National Fuel GasUS$81.670.6%
+US$43.7m		17.5%PE15x
CPK Chesapeake UtilitiesUS$125.010.3%
+US$9.7m		3.2%PE22.5x

Latest News

NJR
US$47.93
New Jersey Resources
7D
-0.4%
1Y
2.3%
UGI
US$38.85
UGI
7D
3.5%
1Y
28.1%

UGI: Ongoing Share Buybacks Will Support Future Upside Potential

Analysts have modestly adjusted their price target on UGI to reflect small updates to the discount rate and future P/E assumptions, keeping fair value essentially unchanged at about US$44.00 per share. What's in the News From July 1, 2025 to September 30, 2025, UGI repurchased 500,000 shares for US$16.53 million, representing 0.23% of its shares under the existing buyback program (Key Developments).
SR
US$82.78
Spire
7D
-0.9%
1Y
18.9%

SR: Higher Dividend Policy Will Support Attractive Future Total Returns

Narrative Update on Spire Analysts have made a very small adjustment to their price target on Spire to approximately US$93.44. This reflects slightly lower revenue growth assumptions and a modestly higher profit margin outlook within a largely unchanged discount rate and future P/E framework.
OGS
US$77.23
ONE Gas
7D
-1.9%
1Y
12.2%
SWX
US$83.02
Southwest Gas Holdings
7D
-3.8%
1Y
12.7%

SWX: CFO Succession And Firmer Margins Will Support Fairly Valued Outlook

Analysts have nudged their price target on Southwest Gas Holdings higher from US$89.43 to US$92.00, citing updated assumptions that include a slightly different discount rate, softer revenue growth expectations, firmer profit margin forecasts, and a modestly higher future P/E multiple. What's in the News Southwest Gas Holdings announced that Chief Financial Officer Robert J.
NWN
US$45.83
Northwest Natural Holding
7D
-2.4%
1Y
14.9%

Northwest Natural Holding (NYSE:NWN) Has Announced A Dividend Of $0.4925

Jan 19
Northwest Natural Holding (NYSE:NWN) Has Announced A Dividend Of $0.4925
MDU
US$20.20
MDU Resources Group
7D
-2.2%
1Y
11.6%

MDU: Future Capex Plans And Funding Costs Set Up Balanced Outlook

Analysts have lifted their fair value estimate for MDU Resources Group from $18.00 to $20.00 per share, citing updated assumptions around revenue growth, funding costs and sector capex trends reflected in recent Street research. Analyst Commentary Street research on MDU Resources Group has recently highlighted a more constructive stance on the shares, with higher price targets framed around updated expectations for capital spending and funding costs across the utilities group.
NFG
US$81.67
National Fuel Gas
7D
0.6%
1Y
17.5%
ATO
US$165.34
Atmos Energy
7D
-3.0%
1Y
18.5%

ATO: Steady Outlook Will Balance Dividend Progress And Governance Proposals

Analysts have kept their Atmos Energy fair value estimate broadly unchanged at about $175.73. They cited only very small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in their overall view of the company.
CPK
US$125.01
Chesapeake Utilities
7D
0.3%
1Y
3.2%

CPK: Q3 Execution And Dividend Outlook Will Support Medium Term Earnings Confidence

Narrative Update: Chesapeake Utilities Price Target Shift Analysts have lifted their price target on Chesapeake Utilities to $128 from $120, reflecting updated assumptions for Q3 expectations while keeping core fair value estimates and key model inputs broadly unchanged. Analyst Commentary Recent research around the Q3 earnings preview gives a mixed but useful read on how the market is thinking about Chesapeake Utilities at the new US$128 price target.
RGCO
US$21.15
RGC Resources
7D
-2.2%
1Y
1.5%