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U.S. Gas Utilities Industry Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies15
  • 7D2.3%
  • 3M9.3%
  • 1Y20.9%
  • YTD9.8%

In the last week, the Gas Utilities industry is up 2.1%, with Atmos Energy up 2.6%. This takes the industry's 12 month performance to a gain of 20%. As for the next few years, earnings are expected to grow by 9.4% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026US$88.1bUS$34.8bUS$4.0b19.3x21.9x2.5x
Sat, 31 Jan 2026US$81.3bUS$36.9bUS$4.1b18.7x20x2.2x
Mon, 29 Dec 2025US$79.1bUS$36.8bUS$3.9b18.3x20.2x2.2x
Wed, 26 Nov 2025US$81.3bUS$36.8bUS$3.9b19.5x20.8x2.2x
Fri, 24 Oct 2025US$79.7bUS$36.7bUS$2.3b19.3x34.5x2.2x
Sun, 21 Sep 2025US$75.4bUS$36.7bUS$2.3b17.2x32.6x2.1x
Tue, 19 Aug 2025US$75.8bUS$36.7bUS$2.3b17.8x32.8x2.1x
Thu, 17 Jul 2025US$74.2bUS$36.4bUS$3.2b18x23.4x2x
Sat, 14 Jun 2025US$73.2bUS$36.4bUS$3.2b17.7x23.1x2x
Mon, 12 May 2025US$74.3bUS$36.7bUS$3.2b18.6x23.5x2x
Wed, 09 Apr 2025US$68.0bUS$35.3bUS$2.5b18.7x27.1x1.9x
Fri, 07 Mar 2025US$71.2bUS$35.3bUS$2.5b18.9x28.4x2x
Sun, 02 Feb 2025US$68.4bUS$38.2bUS$2.3b18.5x29.6x1.8x
Tue, 31 Dec 2024US$66.0bUS$38.1bUS$2.3b18.1x28.4x1.7x
Thu, 28 Nov 2024US$71.9bUS$38.2bUS$2.3b20.3x30.8x1.9x
Sat, 26 Oct 2024US$63.5bUS$33.5bUS$4.4b17.7x14.3x1.9x
Mon, 23 Sep 2024US$62.1bUS$33.5bUS$4.4b17.8x14x1.9x
Wed, 21 Aug 2024US$59.5bUS$33.5bUS$4.4b16.8x13.4x1.8x
Fri, 19 Jul 2024US$58.6bUS$33.5bUS$3.1b17x19.1x1.7x
Sun, 16 Jun 2024US$53.9bUS$33.5bUS$3.1b15.4x17.6x1.6x
Tue, 14 May 2024US$55.6bUS$33.5bUS$3.1b16x18.1x1.7x
Thu, 11 Apr 2024US$55.0bUS$34.1bUS$2.2b16.3x25.4x1.6x
Sat, 09 Mar 2024US$54.7bUS$34.1bUS$2.2b16.4x25.3x1.6x
Mon, 05 Feb 2024US$57.2bUS$38.1bUS$1.7b16.5x33.1x1.5x
Wed, 03 Jan 2024US$59.1bUS$38.4bUS$1.5b16.7x40x1.5x
Fri, 01 Dec 2023US$55.4bUS$38.4bUS$1.5b15.6x38.1x1.4x
Sun, 29 Oct 2023US$48.9bUS$37.5bUS$684.8m15.4x71.4x1.3x
Tue, 26 Sep 2023US$52.1bUS$37.5bUS$684.8m18.3x76x1.4x
Thu, 24 Aug 2023US$52.9bUS$37.5bUS$684.8m18.4x77.2x1.4x
Sat, 22 Jul 2023US$55.5bUS$38.4bUS$1.5b19.8x37.4x1.4x
Mon, 19 Jun 2023US$54.8bUS$38.4bUS$1.5b19.2x36.9x1.4x
Wed, 17 May 2023US$54.1bUS$38.4bUS$1.5b19.4x36.5x1.4x
Fri, 14 Apr 2023US$57.5bUS$38.5bUS$2.4b20.2x24.3x1.5x
Sun, 12 Mar 2023US$55.2bUS$38.5bUS$2.4b19x23.3x1.4x
Price to Earnings Ratio

23.3x


Total Market Cap: US$55.2bTotal Earnings: US$2.4bTotal Revenue: US$38.5bTotal 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 22.0x which is lower than its 3-year average PE of 30.5x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 19% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.3% 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-1.22%
Utilities-0.46%
Gas Utilities2.31%
Gas Utilities2.31%
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
ATO Atmos EnergyUS$186.772.6%
+US$779.2m		26.1%PE24.7x
NFG National Fuel GasUS$93.535.7%
+US$479.9m		25.2%PE13.6x
SWX Southwest Gas HoldingsUS$89.602.9%
+US$182.8m		21.0%PE27x
NJR New Jersey ResourcesUS$55.233.4%
+US$182.5m		14.4%PE17x
OGS ONE GasUS$87.702.3%
+US$121.0m		18.7%PE20.8x

Latest News

NJR
US$55.23
New Jersey Resources
7D
3.4%
1Y
14.4%
MDU
US$20.85
MDU Resources Group
7D
2.3%
1Y
22.9%

MDU: Equity Raise And EPS Guidance Will Shape Future P E Expectations

Analysts have fine tuned their view on MDU Resources Group, with the consensus price target moving slightly as firms adjusted their outlook in response to changes such as Citi's recent $4 increase and BofA's $1 reduction, reflecting updated assumptions on revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research updates around MDU Resources Group highlight a mixed but increasingly cautious tone, as price targets are adjusted to reflect updated views on revenue, margins and acceptable P/E levels.
CPK
US$137.66
Chesapeake Utilities
7D
2.5%
1Y
8.7%
NWN
US$52.53
Northwest Natural Holding
7D
5.1%
1Y
26.1%
OGS
US$87.70
ONE Gas
7D
2.3%
1Y
18.7%
SWX
US$89.60
Southwest Gas Holdings
7D
2.9%
1Y
21.0%
UGI
US$36.67
UGI
7D
-1.4%
1Y
10.8%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts have maintained their price target for UGI at around $44.50, making only minor adjustments to assumptions such as the discount rate and forward P/E to refine their assessment rather than indicate a significant change in outlook. What's in the News From October 1, 2025 to December 31, 2025, UGI repurchased 300,000 shares, representing 0.14% of its shares, for $11.54 million under its existing buyback program.
ATO
US$186.77
Atmos Energy
7D
2.6%
1Y
26.1%

ATO: Expanded Share Authorization And Governance Revisions Will Support Steady Earnings Outlook

Analysts have nudged their price target on Atmos Energy higher to $180.10 from $176.82, reflecting updated views on fair value, slightly adjusted revenue growth and profit margin expectations, and a modestly higher assumed future P/E multiple. What's in the News Shareholders approved amendments to Atmos Energy's Restated Articles of Incorporation at the February 4, 2026 annual meeting, including an increase in authorized shares to 400 million and adoption of plurality voting for contested director elections (Key Developments).
BIPC
US$48.73
Brookfield Infrastructure
7D
-1.1%
1Y
24.5%
NFG
US$93.53
National Fuel Gas
7D
5.7%
1Y
25.2%