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U.S. Gas Utilities Industry Analysis

UpdatedSep 21, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.0%
  • 3M-2.8%
  • 1Y1.7%
  • YTD-2.7%

Over the last 7 days, the Gas Utilities industry has dropped 1.2%, driven by a pullback from Atmos Energy of 1.8%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 9.6% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 21 Sep 2026US$79.2bUS$34.9bUS$4.3b16.2x18.4x2.3x
Wed, 19 Aug 2026US$82.5bUS$34.9bUS$4.3b17x19.2x2.4x
Fri, 17 Jul 2026US$83.2bUS$34.7bUS$3.8b17.6x22.1x2.4x
Sun, 14 Jun 2026US$81.2bUS$34.7bUS$3.8b17.1x21.5x2.3x
Tue, 12 May 2026US$83.9bUS$34.7bUS$3.8b17.2x22.1x2.4x
Thu, 09 Apr 2026US$88.4bUS$34.8bUS$4.0b20.2x22x2.5x
Sat, 07 Mar 2026US$87.4bUS$34.8bUS$4.0b19.1x21.7x2.5x
Mon, 02 Feb 2026US$81.1bUS$36.9bUS$4.0b18.7x20.4x2.2x
Wed, 31 Dec 2025US$79.3bUS$36.8bUS$3.9b18.3x20.2x2.2x
Fri, 28 Nov 2025US$82.2bUS$36.8bUS$3.9b19.6x21x2.2x
Sun, 26 Oct 2025US$80.0bUS$36.7bUS$2.3b19.4x34.6x2.2x
Tue, 23 Sep 2025US$75.4bUS$36.7bUS$2.3b17.1x32.6x2.1x
Thu, 21 Aug 2025US$75.5bUS$36.7bUS$2.3b17.9x32.7x2.1x
Sat, 19 Jul 2025US$74.2bUS$36.4bUS$3.2b18.1x23.4x2x
Mon, 16 Jun 2025US$72.4bUS$36.4bUS$3.2b17.7x22.8x2x
Wed, 14 May 2025US$72.2bUS$36.4bUS$3.2b17.9x22.7x2x
Fri, 11 Apr 2025US$69.8bUS$35.3bUS$2.5b18.7x27.8x2x
Sun, 09 Mar 2025US$70.8bUS$35.3bUS$2.5b19x28.3x2x
Tue, 04 Feb 2025US$68.4bUS$38.2bUS$2.3b18.7x29.6x1.8x
Thu, 02 Jan 2025US$66.0bUS$38.1bUS$2.3b18.1x28.4x1.7x
Sat, 30 Nov 2024US$72.5bUS$38.2bUS$2.3b20.4x31x1.9x
Mon, 28 Oct 2024US$62.8bUS$33.5bUS$4.4b17.7x14.2x1.9x
Wed, 25 Sep 2024US$62.5bUS$33.5bUS$4.4b17.6x14.1x1.9x
Fri, 23 Aug 2024US$59.6bUS$33.5bUS$4.4b16.9x13.5x1.8x
Sun, 21 Jul 2024US$57.9bUS$33.5bUS$3.1b17x18.9x1.7x
Tue, 18 Jun 2024US$53.9bUS$33.5bUS$3.1b15.4x17.6x1.6x
Thu, 16 May 2024US$55.6bUS$33.5bUS$3.1b16.1x18.1x1.7x
Sat, 13 Apr 2024US$53.5bUS$34.1bUS$2.2b16.4x24.7x1.6x
Mon, 11 Mar 2024US$54.8bUS$34.1bUS$2.2b16.8x25.3x1.6x
Wed, 07 Feb 2024US$51.4bUS$35.2bUS$1.9b14.3x27.7x1.5x
Fri, 05 Jan 2024US$59.1bUS$38.4bUS$1.5b16.6x40x1.5x
Sun, 03 Dec 2023US$56.6bUS$38.4bUS$1.5b16.3x38.9x1.5x
Tue, 31 Oct 2023US$48.8bUS$37.5bUS$684.8m15.4x71.3x1.3x
Thu, 28 Sep 2023US$50.7bUS$37.5bUS$684.8m17.5x74x1.4x
Price to Earnings Ratio

74x


Total Market Cap: US$50.7bTotal Earnings: US$684.8mTotal Revenue: US$37.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 26.5x202420252026
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 18.4x which is lower than its 3-year average PE of 26.5x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 84% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

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

US Market-0.10%
Utilities-1.98%
Gas Utilities-1.00%
Gas Utilities-1.00%
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
BIPC Brookfield InfrastructureUS$36.391.6%
+US$70.1m		-9.0%PS1.2x
CPK Chesapeake UtilitiesUS$131.381.6%
+US$51.3m		1.8%PE21.1x
NJR New Jersey ResourcesUS$53.320.4%
+US$22.3m		14.5%PE14.8x
NFG National Fuel GasUS$80.920.2%
+US$19.0m		-7.5%PE11.4x
RGCO RGC ResourcesUS$21.370.4%
+US$937.8k		-5.1%PE15.9x

Latest News

NFG
US$80.92
National Fuel Gas
7D
0.2%
1Y
-7.5%
NJR
US$53.32
New Jersey Resources
7D
0.4%
1Y
14.5%
BIPC
US$36.39
Brookfield Infrastructure
7D
1.6%
1Y
-9.0%
Seeking Alpha • Sep 08

Brookfield Infrastructure: Corporate Simplification As A Strategic Catalyst

Summary Brookfield Infrastructure offers a rare mix of undervaluation, ~5% yield, and 6-7% dividend growth, with 85% of revenues regulated or contracted. The BIP-BIPC unification eliminates the K-1 burden, removes the partnership discount, enhances liquidity, and is expected to catalyze near-term price appreciation. Fair value is estimated at ~$48, implying 28.5% upside from current levels, supported by both historical multiples and a dividend discount model. Risks include persistently high interest rates, recessionary transport headwinds, and potential Data segment demand shortfalls; disciplined position sizing is advised. Read the full article on Seeking Alpha
UGI
US$37.66
UGI
7D
-0.2%
1Y
14.9%
CPK
US$131.38
Chesapeake Utilities
7D
1.6%
1Y
1.8%
NWN
US$48.34
Northwest Natural Holding
7D
-0.5%
1Y
12.9%
Seeking Alpha • Sep 05

Northwest Natural Holding: Regulated Utilities Is Where It's At

Summary Northwest Natural Holding has executed a successful multi-year pivot, aggressively diversifying into water, wastewater, and Texas gas utilities. NWN's capital deployment has driven PP&E to $3.8B, a 7.16% CAGR over 10 years, and recent margin expansion outpaces sector peers. SiEnergy segment in Texas is a growth engine, targeting 15%–20% annual customer growth through 2030, with a 12.5x replacement ratio and robust backlog. I rate NWN a Buy, citing undervaluation on earnings and book, a stable 4% dividend yield, and clear multi-year growth visibility. Read the full article on Seeking Alpha
SR
US$79.23
Spire
7D
-2.6%
1Y
3.0%
MDU
US$18.56
MDU Resources Group
7D
-0.9%
1Y
10.8%
RGCO
US$21.37
RGC Resources
7D
0.4%
1Y
-5.1%
Seeking Alpha • Aug 18

RGC Resources: More Likely To Appeal More To Income-Focused Investors

Summary RGC Resources is a micro-cap natural gas utility with limited growth prospects and a small, stable service area. RGCO's earnings growth remains sluggish, with FY 2026 guidance implying just 1.2% year-over-year EPS growth and a P/E of 15.7. The company offers a 4.04% forward dividend yield, supported by an 82-year dividend history and consistent annual payout increases. RGCO is rated Hold due to lack of catalysts for price appreciation and modest earnings growth. Read the full article on Seeking Alpha
ATO
US$160.30
Atmos Energy
7D
-2.2%
1Y
-1.6%
OGS
US$75.19
ONE Gas
7D
-2.7%
1Y
-1.1%
Seeking Alpha • Aug 11

Based On Its Current Valuation And Outlook, ONE Gas Looks More Compelling (Rating Upgrade)

Summary ONE Gas is upgraded to Buy following a strong Q2 2026, with earnings and revenue beating expectations and guidance raised for the full year. ONE Gas benefits from recent rate increases across all three states, driving operating income growth despite lower revenues. ONE Gas trades at a 16.4x PE, below peers, with continued regulatory wins and constructive rate environments supporting its growth outlook. Natural gas continues to trade at a relatively low price compared to electricity, making it a more appealing option for cost-conscious consumers and businesses. Read the full article on Seeking Alpha
SWX
US$85.85
Southwest Gas Holdings
7D
-0.3%
1Y
9.5%