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U.S. Gas Utilities Industry Analysis

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies15
  • 7D-1.5%
  • 3M2.2%
  • 1Y19.1%
  • YTD18.3%

Over the last 7 days, the Gas Utilities industry has dropped 1.5%, driven by Atmos Energy declining 2.4%. Over the past 12 months, the industry was up 19%. Earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025US$78.7bUS$36.8bUS$3.9b18.2x20.1x2.1x
Wed, 19 Nov 2025US$80.0bUS$36.9bUS$3.7b19.2x21.4x2.2x
Fri, 17 Oct 2025US$80.2bUS$36.7bUS$2.3b18.5x34.7x2.2x
Sun, 14 Sep 2025US$76.3bUS$36.7bUS$2.3b17.9x33x2.1x
Tue, 12 Aug 2025US$75.7bUS$36.7bUS$2.3b18.1x32.8x2.1x
Thu, 10 Jul 2025US$72.6bUS$36.4bUS$3.2b17.9x22.9x2x
Sat, 07 Jun 2025US$72.1bUS$36.4bUS$3.2b18.1x22.8x2x
Mon, 05 May 2025US$74.7bUS$35.4bUS$2.9b19.8x25.6x2.1x
Wed, 02 Apr 2025US$72.5bUS$35.3bUS$2.5b19.9x28.9x2.1x
Fri, 28 Feb 2025US$71.7bUS$35.3bUS$2.5b19.2x28.6x2x
Sun, 26 Jan 2025US$67.5bUS$38.1bUS$2.3b18.2x29x1.8x
Tue, 24 Dec 2024US$65.6bUS$38.1bUS$2.3b18.1x28.2x1.7x
Thu, 21 Nov 2024US$69.0bUS$38.3bUS$2.7b19.9x25.7x1.8x
Sat, 19 Oct 2024US$63.8bUS$33.5bUS$4.4b18.1x14.4x1.9x
Mon, 16 Sep 2024US$61.9bUS$33.5bUS$4.4b17.5x14x1.8x
Wed, 14 Aug 2024US$58.3bUS$33.5bUS$4.4b16.8x13.2x1.7x
Fri, 12 Jul 2024US$54.4bUS$33.5bUS$3.1b16.2x17.7x1.6x
Sun, 09 Jun 2024US$54.4bUS$33.5bUS$3.1b15.6x17.7x1.6x
Tue, 07 May 2024US$56.0bUS$33.7bUS$2.9b16.2x19.1x1.7x
Thu, 04 Apr 2024US$55.0bUS$34.1bUS$2.2b16.9x25.4x1.6x
Sat, 02 Mar 2024US$52.7bUS$34.1bUS$2.2b15.8x24.3x1.5x
Mon, 29 Jan 2024US$56.8bUS$38.4bUS$1.5b15.3x38.4x1.5x
Wed, 27 Dec 2023US$58.8bUS$38.4bUS$1.5b16.6x39.8x1.5x
Fri, 24 Nov 2023US$55.3bUS$38.4bUS$1.5b15.7x38x1.4x
Sun, 22 Oct 2023US$50.1bUS$37.5bUS$684.8m16.5x73.1x1.3x
Tue, 19 Sep 2023US$53.2bUS$37.5bUS$684.8m18.8x77.7x1.4x
Thu, 17 Aug 2023US$52.9bUS$37.5bUS$684.8m18.3x77.2x1.4x
Sat, 15 Jul 2023US$54.3bUS$38.4bUS$1.5b18.7x36.6x1.4x
Mon, 12 Jun 2023US$55.8bUS$38.4bUS$1.5b20.2x37.6x1.5x
Wed, 10 May 2023US$55.7bUS$38.4bUS$1.5b19.7x37.3x1.4x
Fri, 07 Apr 2023US$57.8bUS$38.5bUS$2.4b20.4x24.4x1.5x
Sun, 05 Mar 2023US$57.1bUS$38.5bUS$2.4b19.9x24.1x1.5x
Tue, 31 Jan 2023US$57.3bUS$36.7bUS$3.4b20.2x16.7x1.6x
Thu, 29 Dec 2022US$56.7bUS$36.7bUS$3.4b19x16.5x1.5x
Price to Earnings Ratio

16.5x


Total Market Cap: US$56.7bTotal 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 30.4x202320242025
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 20.1x which is lower than its 3-year average PE of 30.4x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.1x.
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 Market0.26%
Utilities-1.36%
Gas Utilities-1.46%
Gas Utilities-1.46%
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$46.061.7%
+US$92.9m		20.1%PS1.5x
NJR New Jersey ResourcesUS$46.310.04%
+US$2.0m		-0.2%PE13.9x
RGCO RGC ResourcesUS$23.060.04%
+US$103.5k		16.3%PE18x

Latest News

ATO
US$166.70
Atmos Energy
7D
-2.4%
1Y
19.8%

ATO: Higher Dividend And Earnings Guidance Will Shape Balanced Future Outlook

Analysts have increased their price target for Atmos Energy slightly to approximately $176 per share from about $175, citing a modest improvement in expected profit margins that more than offsets slightly lower projected revenue growth and a marginally cheaper forward valuation. What's in the News Atmos Energy shareholders will vote at the February 4, 2026 AGM on amendments to the articles of incorporation, including an increase in authorized common shares, adoption of plurality voting in contested director elections, updates to officer liability limits under Texas and Virginia law, and clarified indemnification and other technical changes (company filing).
CPK
US$125.11
Chesapeake Utilities
7D
-1.4%
1Y
4.3%
MDU
US$19.17
MDU Resources Group
7D
-2.0%
1Y
6.3%

MDU: Pipeline Expansion And Equity Offering Will Shape Future Risk Reward Balance

Analysts nudged their price target on MDU Resources Group modestly higher, lifting fair value from $20.50 to $20.80 as they factor in a slightly richer future earnings multiple supported by an improving utilities capex backdrop and increasingly visible pipeline upside. Analyst Commentary Analysts remain broadly constructive on MDU Resources Group, highlighting an improving growth and return profile supported by pipeline expansion and a more favorable utilities capex cycle, but views diverge on how much of this upside is already reflected in the current valuation.
UGI
US$38.10
UGI
7D
-0.2%
1Y
38.2%
NFG
US$81.04
National Fuel Gas
7D
-1.7%
1Y
34.2%

NFG: Future Production Expansion Will Drive Attractive Share Price Upside

Analysts have raised their price target on National Fuel Gas to approximately 101.33 dollars from 101 dollars, reflecting modestly updated assumptions around long term growth, profitability, and valuation multiples. What's in the News Entered into a common stock subscription agreement with accredited investors to issue 4,402,513 shares at 79.50 dollars per share, raising about 350 million dollars in gross proceeds, with closing expected on December 17, 2025, subject to customary conditions (Key Developments) Shares in the private offering are being issued without registration under the Securities Act, relying on Section 4(a)(2), Rule 506 of Regulation D, and similar state law exemptions (Key Developments) Updated buyback tranche disclosure shows no shares repurchased from July 1, 2025 to September 30, 2025, while the company has cumulatively repurchased 1,974,979 shares, or 2.16 percent, for 118.29 million dollars under the March 11, 2024 authorization (Key Developments) Reiterated 2026 production guidance, expecting total production of 440 to 455 Bcf, indicating confidence in medium term operating plans (Key Developments) Valuation Changes The fair value estimate increased slightly to approximately 101.33 dollars from 101 dollars, reflecting modestly revised long-term assumptions.
NJR
US$46.31
New Jersey Resources
7D
0.04%
1Y
-0.2%

NJR: Differentiated Gas And Midstream Model Will Support Strong Future Cash Flows

Analysts have modestly raised their price target on New Jersey Resources, lifting fair value by about $1 to roughly $55 per share. They cite confidence in the company’s differentiated mix of core gas utility, regulated midstream assets, and disciplined capital funding that supports solid FFO-to-debt metrics despite slightly lower projected profit margins.
SR
US$82.56
Spire
7D
-1.6%
1Y
23.9%
SWX
US$80.63
Southwest Gas Holdings
7D
-1.3%
1Y
15.9%

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

Dec 16
Southwest Gas Holdings (NYSE:SWX) Is Due To Pay A Dividend Of $0.62
NWN
US$46.52
Northwest Natural Holding
7D
-0.8%
1Y
17.8%

NWN: Dividend Increase Will Support Earnings Outlook And Undervalued Share Price

Analysts have modestly reaffirmed their view on Northwest Natural Holding, keeping the price target effectively unchanged at approximately $52.75. This reflects stable expectations for revenue growth, profit margins, and future valuation multiples.
RGCO
US$23.06
RGC Resources
7D
0.04%
1Y
16.3%
BIPC
US$46.06
Brookfield Infrastructure
7D
1.7%
1Y
20.1%