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U.S. Gas Utilities Industry Analysis

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.08%
  • 3M-1.4%
  • 1Y18.1%
  • YTD-0.9%

In the last week, the Gas Utilities industry is flat overall, with National Fuel Gas standing out by going down 4.0%. As for the the longer term, the industry is up 18% over the past 12 months. Looking forward, 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
Tue, 13 Jan 2026US$78.4bUS$36.8bUS$3.9b18.1x20x2.1x
Thu, 11 Dec 2025US$78.6bUS$36.8bUS$3.9b18.1x20x2.1x
Sat, 08 Nov 2025US$79.5bUS$36.8bUS$2.6b19.3x30.1x2.2x
Mon, 06 Oct 2025US$78.0bUS$36.7bUS$2.3b18x33.8x2.1x
Wed, 03 Sep 2025US$76.2bUS$36.7bUS$2.3b17.6x33x2.1x
Fri, 01 Aug 2025US$74.3bUS$36.4bUS$3.2b17.9x23.4x2x
Sun, 29 Jun 2025US$72.8bUS$36.4bUS$3.2b17.9x23x2x
Tue, 27 May 2025US$73.3bUS$36.4bUS$3.2b18.4x23.2x2x
Thu, 24 Apr 2025US$73.7bUS$35.3bUS$2.5b19.3x29.4x2.1x
Sat, 22 Mar 2025US$72.0bUS$35.3bUS$2.5b19.3x28.7x2x
Mon, 17 Feb 2025US$70.1bUS$35.3bUS$2.5b18.8x28.4x2x
Wed, 15 Jan 2025US$66.1bUS$38.1bUS$2.3b18.3x28.5x1.7x
Fri, 13 Dec 2024US$68.0bUS$38.1bUS$2.3b18.4x29.3x1.8x
Sun, 10 Nov 2024US$66.9bUS$38.2bUS$2.7b19.2x24.8x1.7x
Tue, 08 Oct 2024US$62.4bUS$33.5bUS$4.4b17.3x14.1x1.9x
Thu, 05 Sep 2024US$60.4bUS$33.5bUS$4.4b17.1x13.6x1.8x
Sat, 03 Aug 2024US$59.5bUS$33.9bUS$3.7b17.1x16x1.8x
Mon, 01 Jul 2024US$54.2bUS$33.5bUS$3.1b15.8x17.7x1.6x
Wed, 29 May 2024US$54.4bUS$33.5bUS$3.1b15.6x17.7x1.6x
Fri, 26 Apr 2024US$55.5bUS$34.1bUS$2.2b16.8x25.6x1.6x
Sun, 24 Mar 2024US$54.2bUS$34.1bUS$2.2b16.4x25x1.6x
Tue, 20 Feb 2024US$52.7bUS$34.4bUS$1.8b15x29.1x1.5x
Thu, 18 Jan 2024US$56.2bUS$38.4bUS$1.5b15.4x38x1.5x
Sat, 16 Dec 2023US$57.7bUS$38.4bUS$1.5b16.2x39.1x1.5x
Mon, 13 Nov 2023US$53.5bUS$39.4bUS$1.6b14.4x33.5x1.4x
Wed, 11 Oct 2023US$51.0bUS$37.5bUS$684.8m17.2x74.5x1.4x
Fri, 08 Sep 2023US$52.1bUS$37.5bUS$684.8m18.1x76.1x1.4x
Sun, 06 Aug 2023US$53.9bUS$37.3bUS$638.0m19x84.5x1.4x
Tue, 04 Jul 2023US$54.4bUS$38.4bUS$1.5b18.9x36.6x1.4x
Thu, 01 Jun 2023US$54.4bUS$38.4bUS$1.5b19.9x36.7x1.4x
Sat, 29 Apr 2023US$56.2bUS$38.5bUS$2.4b19.6x23.7x1.5x
Mon, 27 Mar 2023US$55.5bUS$38.5bUS$2.4b19.4x23.4x1.4x
Wed, 22 Feb 2023US$57.5bUS$37.8bUS$2.7b20.9x21.3x1.5x
Fri, 20 Jan 2023US$56.7bUS$36.7bUS$3.4b19.3x16.5x1.5x
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 30.4x202420252026
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 20.0x 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 Market0.88%
Utilities-0.23%
Gas Utilities-0.081%
Gas Utilities-0.081%
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
SWX Southwest Gas HoldingsUS$81.602.6%
+US$150.1m		17.6%PE24.7x
ATO Atmos EnergyUS$167.610.4%
+US$118.1m		21.2%PE22.6x
NJR New Jersey ResourcesUS$46.692.1%
+US$95.7m		2.3%PE14x
MDU MDU Resources GroupUS$20.182.3%
+US$92.0m		13.7%PE22.2x
OGS ONE GasUS$76.800.4%
+US$18.0m		10.9%PE18.1x

Latest News

NJR
US$46.69
New Jersey Resources
7D
2.1%
1Y
2.3%

New Jersey Resources (NYSE:NJR) Ticks All The Boxes When It Comes To Earnings Growth

Jan 12
New Jersey Resources (NYSE:NJR) Ticks All The Boxes When It Comes To Earnings Growth
NWN
US$46.25
Northwest Natural Holding
7D
-0.6%
1Y
19.4%

NWN: Stable Guidance And Completed Buyback Will Support Undervalued Share Price

Analysts have kept their price target for Northwest Natural Holding steady at about $52.75, reflecting only immaterial model tweaks to discount rate, revenue growth, profit margin and future P/E assumptions, rather than a change in their overall view of the stock. What's in the News Northwest Natural Holding reported that from July 1, 2025 to September 30, 2025, it repurchased 0 shares for $0 million, and that the buyback program announced on May 29, 2024 has been completed with a total of 0 shares repurchased for $0 million (Key Developments).
OGS
US$76.80
ONE Gas
7D
0.4%
1Y
10.9%

OGS: Supportive Texas Policy And Rates Will Shape Measured Future Expectations

Analysts have nudged their price targets for ONE Gas higher, with recent moves such as US$72 to US$75 and US$66 to US$86. This reflects a view that an improved earnings outlook, supportive Texas legislation and interest rate tailwinds now make the stock's valuation look more balanced.
ATO
US$167.61
Atmos Energy
7D
0.4%
1Y
21.2%

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.
NFG
US$78.73
National Fuel Gas
7D
-4.0%
1Y
23.7%

NFG: Future Equity Raise Will Support Production Expansion Upside

Analysts have slightly adjusted their view on National Fuel Gas, trimming their fair value estimate from US$101.33 to US$100.00 as they factor in expectations for more moderate revenue growth, a softer profit margin profile, and a higher assumed future P/E multiple. What's in the News On December 12, 2025, National Fuel Gas Company entered into a common stock subscription agreement with accredited investors for 4,402,513 common shares at US$79.50 per share, for expected gross proceeds of about US$350.0m.
SR
US$82.07
Spire
7D
-0.2%
1Y
23.8%

SR: Higher Dividend And Stable Outlook Will Support Attractive Future Returns

Analysts have kept their fair value estimate for Spire steady at $93.50, explaining that updated assumptions for discount rate, revenue growth, profit margin, and future P/E are essentially unchanged and do not justify a new price target level. What's in the News The board of directors approved an annual common stock dividend of $3.30 per share, compared with the prior level of $3.14 per share (Key Developments).
CPK
US$123.49
Chesapeake Utilities
7D
0.2%
1Y
5.2%

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.
SWX
US$81.60
Southwest Gas Holdings
7D
2.6%
1Y
17.6%

SWX: Stable Earnings Outlook And CFO Transition Will Shape Fairly Valued Prospects

Analysts have kept their fair value estimate for Southwest Gas Holdings broadly unchanged at about US$89.43. This reflects only fractional shifts in inputs such as the discount rate, revenue growth assumptions, profit margin and future P/E, which they view as too small to justify a new price target.
UGI
US$37.21
UGI
7D
-1.4%
1Y
29.1%

UGI: Ongoing Share Repurchases Will Support Future Upside Potential

Analysts have kept their fair value estimate for UGI steady at $44.00 while making small adjustments to assumptions such as the discount rate and future P/E. This reflects a fine tuning of their price target framework rather than a major shift in view.
MDU
US$20.18
MDU Resources Group
7D
2.3%
1Y
13.7%

MDU: Transmission Expansion And Capital Cycle Will Drive Upside Potential

Analysts have modestly trimmed their fair value estimate for MDU Resources Group from $24.00 to $23.00, citing a higher discount rate, partly offset by stronger expected revenue growth, expanding profit margins, and a lower future P E multiple that still supports incremental upside versus recent Street price target increases to about $22.00. Analyst Commentary Recent Street research reflects a generally constructive stance on MDU Resources Group, with bullish analysts highlighting improving sector fundamentals and company specific execution.
RGCO
US$20.80
RGC Resources
7D
-1.4%
1Y
2.2%
BIPC
US$44.08
Brookfield Infrastructure
7D
-1.8%
1Y
14.4%