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U.S. Gas Utilities Industry Analysis

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies15
  • 7D1.3%
  • 3M2.8%
  • 1Y17.8%
  • YTD5.5%

The Gas Utilities industry is up 1.3% in the last week, with Atmos Energy up 2.4%. During this same period, the UGI underperformed, falling 5.6%. In the last 12 months, the industry was up 18%. 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, 12 Feb 2026US$83.7bUS$37.4bUS$4.0b19.2x21x2.2x
Sat, 10 Jan 2026US$78.6bUS$36.8bUS$3.9b18.1x20x2.1x
Mon, 08 Dec 2025US$79.4bUS$36.8bUS$3.9b18.5x20.3x2.2x
Wed, 05 Nov 2025US$78.7bUS$36.7bUS$2.3b19.3x34x2.1x
Fri, 03 Oct 2025US$78.2bUS$36.7bUS$2.3b17.9x33.8x2.1x
Sun, 31 Aug 2025US$76.2bUS$36.7bUS$2.3b17.8x33x2.1x
Tue, 29 Jul 2025US$74.5bUS$36.4bUS$3.2b17.8x23.5x2x
Thu, 26 Jun 2025US$74.0bUS$36.4bUS$3.2b17.5x23.4x2x
Sat, 24 May 2025US$72.3bUS$36.4bUS$3.2b18.4x22.8x2x
Mon, 21 Apr 2025US$73.2bUS$35.3bUS$2.5b19.4x29.2x2.1x
Wed, 19 Mar 2025US$71.7bUS$35.3bUS$2.5b19.4x28.6x2x
Fri, 14 Feb 2025US$69.9bUS$35.3bUS$2.5b19x28.3x2x
Sun, 12 Jan 2025US$64.3bUS$38.1bUS$2.3b17.8x27.7x1.7x
Tue, 10 Dec 2024US$68.7bUS$38.1bUS$2.3b18.9x29.6x1.8x
Thu, 07 Nov 2024US$64.7bUS$37.9bUS$4.8b18.4x13.4x1.7x
Sat, 05 Oct 2024US$62.0bUS$33.5bUS$4.4b17.5x14x1.9x
Mon, 02 Sep 2024US$60.5bUS$33.5bUS$4.4b17.2x13.7x1.8x
Wed, 31 Jul 2024US$58.9bUS$33.5bUS$3.1b17.6x19.2x1.8x
Fri, 28 Jun 2024US$54.1bUS$33.5bUS$3.1b15.7x17.6x1.6x
Sun, 26 May 2024US$54.4bUS$33.5bUS$3.1b15.6x17.7x1.6x
Tue, 23 Apr 2024US$54.8bUS$34.1bUS$2.2b16.8x25.3x1.6x
Thu, 21 Mar 2024US$53.9bUS$34.1bUS$2.2b16.5x24.9x1.6x
Sat, 17 Feb 2024US$52.8bUS$34.4bUS$1.8b15x29.1x1.5x
Mon, 15 Jan 2024US$57.7bUS$38.4bUS$1.5b15.8x39x1.5x
Wed, 13 Dec 2023US$56.7bUS$38.4bUS$1.5b16.2x38.4x1.5x
Fri, 10 Nov 2023US$53.7bUS$39.4bUS$1.6b14.4x34.4x1.4x
Sun, 08 Oct 2023US$50.0bUS$37.5bUS$684.8m16.9x73x1.3x
Tue, 05 Sep 2023US$52.9bUS$37.5bUS$684.8m18x77.3x1.4x
Thu, 03 Aug 2023US$54.6bUS$38.4bUS$1.5b19.5x37.3x1.4x
Sat, 01 Jul 2023US$54.1bUS$38.4bUS$1.5b18.9x36.5x1.4x
Mon, 29 May 2023US$54.3bUS$38.4bUS$1.5b19.8x36.6x1.4x
Wed, 26 Apr 2023US$57.0bUS$38.5bUS$2.4b20.2x24.1x1.5x
Fri, 24 Mar 2023US$54.2bUS$38.5bUS$2.4b18.8x22.9x1.4x
Sun, 19 Feb 2023US$58.4bUS$37.8bUS$2.7b21x21.6x1.5x
Price to Earnings Ratio

21.6x


Total Market Cap: US$58.4bTotal Earnings: US$2.7bTotal Revenue: US$37.8bTotal 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 21.0x 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 14% 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 Market1.43%
Utilities3.42%
Gas Utilities1.31%
Gas Utilities1.31%
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$175.972.4%
+US$684.9m		20.2%PE23.3x
SWX Southwest Gas HoldingsUS$85.974.0%
+US$241.1m		11.0%PE26x
SR SpireUS$88.044.6%
+US$228.1m		20.7%PE19.2x
BIPC Brookfield InfrastructureUS$51.003.8%
+US$222.7m		24.4%PS1.7x
OGS ONE GasUS$83.372.3%
+US$113.4m		17.0%PE19.6x

Latest News

UGI
US$38.12
UGI
7D
-5.6%
1Y
17.9%

UGI (NYSE:UGI) Has Affirmed Its Dividend Of $0.375

Feb 12
UGI (NYSE:UGI) Has Affirmed Its Dividend Of $0.375
SWX
US$85.97
Southwest Gas Holdings
7D
4.0%
1Y
11.0%

Southwest Gas Holdings (NYSE:SWX) Is Due To Pay A Dividend Of $0.62

Feb 11
Southwest Gas Holdings (NYSE:SWX) Is Due To Pay A Dividend Of $0.62
OGS
US$83.37
ONE Gas
7D
2.3%
1Y
17.0%

OGS: Texas Policy And Rates Will Steady Earnings And Capital Plans

Narrative Update: ONE Gas Analyst Price Target Shift The analyst price target for ONE Gas has moved higher, with recent Street research pointing to incremental increases such as a US$3 lift at Morgan Stanley and an upgrade to Neutral at UBS with a US$20 higher target. Analysts cite a better earnings outlook, a more balanced valuation, supportive Texas legislation, and interest rate tailwinds.
CPK
US$130.37
Chesapeake Utilities
7D
-0.4%
1Y
6.8%

CPK: Eastern Shore Gas Expansion Will Support Confidence In Long-Term Prospects

Narrative Update on Chesapeake Utilities Analysts have adjusted their price target on Chesapeake Utilities slightly higher to about $148.38 from $147.50, reflecting updated views on revenue, profit margins and expected future P/E levels. What's in the News The Accomack County Board of Supervisors awarded Chesapeake Utilities the natural gas expansion bid for Virginia's Eastern Shore, authorizing the company to begin engineering a new natural gas system it will construct, own and operate to support energy reliability in the region (Key Developments).
NWN
US$48.85
Northwest Natural Holding
7D
2.2%
1Y
19.7%

NWN: Updated Profitability Assumptions Will Support View That Shares Remain Undervalued

Analysts have slightly raised their price target for Northwest Natural Holding to about $54.33 from $52.75, pointing to updated fair value estimates and modest tweaks to assumptions on discount rate, revenue growth, profit margins, and future P/E. Valuation Changes Fair value estimate: raised slightly from $52.75 to about $54.33 per share.
ATO
US$175.97
Atmos Energy
7D
2.4%
1Y
20.2%

ATO: Future Share Authorization And Governance Changes Will Shape Steady Earnings Outlook

Analysts have slightly trimmed their price target on Atmos Energy to about US$176.82 from roughly US$177.55, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Affirmed fiscal 2026 earnings guidance in a range of US$8.15 to US$8.35 per diluted share, giving investors a reference point for the company’s medium term earnings plans (Corporate Guidance).
MDU
US$20.52
MDU Resources Group
7D
-2.4%
1Y
21.9%

Analysts Have Made A Financial Statement On MDU Resources Group, Inc.'s (NYSE:MDU) Yearly Report

Feb 08
Analysts Have Made A Financial Statement On MDU Resources Group, Inc.'s (NYSE:MDU) Yearly Report
SR
US$88.04
Spire
7D
4.6%
1Y
20.7%

SR: Higher Dividend And Preferred Redemption Will Support Future Total Returns

Analysts have lifted their price target for Spire to US$94.50 from US$93.44. This reflects updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that slightly adjust their long term outlook for the business.
BIPC
US$51.00
Brookfield Infrastructure
7D
3.8%
1Y
24.4%

Valuation Update

The valuation has been updated based on the latest financial results.
NJR
US$52.85
New Jersey Resources
7D
1.9%
1Y
15.3%

NJR: Gas Mix And Strong Balance Sheet Will Support Steady Future Returns

Analysts have inched their fair value estimate for New Jersey Resources lower to about $54.33 from $54.71, citing slightly more conservative revenue growth assumptions and a modestly lower future P/E multiple. They continue to point to the company's mix of gas utility, regulated midstream and unregulated businesses, along with its peer leading 18% to 20% FFO to debt ratio and consistent capex funding without material dilution, as key supports for their updated price target.
NFG
US$85.06
National Fuel Gas
7D
1.1%
1Y
18.4%
RGCO
US$21.47
RGC Resources
7D
-5.1%
1Y
1.0%