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U.S. Gas Utilities Industry Analysis

UpdatedJan 28, 2026
DataAggregated Company Financials
Companies15
  • 7D1.8%
  • 3M3.3%
  • 1Y17.1%
  • YTD2.2%

Over the last 7 days, the Gas Utilities industry has risen 1.8%, driven by gains from UGI of 7.6%. In the last 12 months, the industry was up 17%. As for the next few years, earnings are expected to grow by 9.8% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026US$80.8bUS$36.8bUS$3.9b18.6x20.6x2.2x
Sat, 27 Dec 2025US$79.5bUS$36.8bUS$3.9b18.3x20.3x2.2x
Mon, 24 Nov 2025US$81.1bUS$36.8bUS$3.9b19.5x20.7x2.2x
Wed, 22 Oct 2025US$80.5bUS$36.7bUS$2.3b19x34.8x2.2x
Fri, 19 Sep 2025US$75.3bUS$36.7bUS$2.3b17.2x32.6x2.1x
Sun, 17 Aug 2025US$75.8bUS$36.7bUS$2.3b18.1x32.8x2.1x
Tue, 15 Jul 2025US$73.3bUS$36.4bUS$3.2b18.2x23.1x2x
Thu, 12 Jun 2025US$72.7bUS$36.4bUS$3.2b18.2x22.9x2x
Sat, 10 May 2025US$74.9bUS$36.7bUS$3.2b18.6x23.7x2x
Mon, 07 Apr 2025US$69.3bUS$35.3bUS$2.5b18.8x27.7x2x
Wed, 05 Mar 2025US$72.9bUS$35.3bUS$2.5b19.2x29.1x2.1x
Fri, 31 Jan 2025US$67.1bUS$38.2bUS$2.3b18.6x29x1.8x
Sun, 29 Dec 2024US$66.0bUS$38.1bUS$2.3b18.2x28.4x1.7x
Tue, 26 Nov 2024US$71.6bUS$38.1bUS$2.3b21.7x31.4x1.9x
Thu, 24 Oct 2024US$63.5bUS$33.5bUS$4.4b18x14.3x1.9x
Sat, 21 Sep 2024US$62.2bUS$33.5bUS$4.4b17.8x14x1.9x
Mon, 19 Aug 2024US$59.3bUS$33.5bUS$4.4b16.9x13.4x1.8x
Wed, 17 Jul 2024US$56.5bUS$33.5bUS$3.1b17.1x18.4x1.7x
Fri, 14 Jun 2024US$54.1bUS$33.5bUS$3.1b15.4x17.6x1.6x
Sun, 12 May 2024US$56.0bUS$33.5bUS$3.1b16.1x18.3x1.7x
Tue, 09 Apr 2024US$54.7bUS$34.1bUS$2.2b16.7x25.3x1.6x
Thu, 07 Mar 2024US$53.8bUS$34.1bUS$2.2b16.1x24.9x1.6x
Sat, 03 Feb 2024US$57.2bUS$38.1bUS$1.7b16.5x33.1x1.5x
Mon, 01 Jan 2024US$58.6bUS$38.4bUS$1.5b16.4x39.6x1.5x
Wed, 29 Nov 2023US$55.6bUS$38.4bUS$1.5b15.8x38.3x1.4x
Fri, 27 Oct 2023US$49.7bUS$37.5bUS$684.8m15.8x72.6x1.3x
Sun, 24 Sep 2023US$52.0bUS$37.5bUS$684.8m18.4x76x1.4x
Tue, 22 Aug 2023US$53.1bUS$37.5bUS$684.8m18.3x77.5x1.4x
Thu, 20 Jul 2023US$54.9bUS$38.4bUS$1.5b19.4x37x1.4x
Sat, 17 Jun 2023US$54.8bUS$38.4bUS$1.5b19.2x36.9x1.4x
Mon, 15 May 2023US$55.5bUS$38.4bUS$1.5b20.1x37.4x1.4x
Wed, 12 Apr 2023US$58.3bUS$38.5bUS$2.4b20.5x24.6x1.5x
Fri, 10 Mar 2023US$56.0bUS$38.5bUS$2.4b19.4x23.7x1.5x
Sun, 05 Feb 2023US$59.4bUS$37.2bUS$2.6b21.4x22.7x1.6x
Price to Earnings Ratio

22.7x


Total Market Cap: US$59.4bTotal Earnings: US$2.6bTotal Revenue: US$37.2bTotal 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 20.6x 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 Market2.04%
Utilities1.09%
Gas Utilities1.84%
Gas Utilities1.84%
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
UGI UGIUS$40.636.8%
+US$552.1m		36.3%PE12.9x
BIPC Brookfield InfrastructureUS$46.442.5%
+US$133.4m		15.4%PS1.5x
NJR New Jersey ResourcesUS$48.701.5%
+US$73.5m		3.6%PE14.6x
NFG National Fuel GasUS$83.090.2%
+US$15.2m		21.4%PE15.2x

Latest News

CPK
US$125.85
Chesapeake Utilities
7D
-0.8%
1Y
3.8%

These 4 Measures Indicate That Chesapeake Utilities (NYSE:CPK) Is Using Debt Extensively

Jan 28
These 4 Measures Indicate That Chesapeake Utilities (NYSE:CPK) Is Using Debt Extensively
BIPC
US$46.44
Brookfield Infrastructure
7D
2.5%
1Y
15.4%
RGCO
US$20.62
RGC Resources
7D
-6.1%
1Y
-2.5%
NFG
US$83.09
National Fuel Gas
7D
0.2%
1Y
21.4%
OGS
US$78.01
ONE Gas
7D
-1.0%
1Y
12.9%

OGS: Texas Policy And Rate Tailwinds Will Guide Balanced Earnings Outlook

Analysts nudged their fair value estimate for ONE Gas to about $85.00, supported by recent price target increases of $1, to $75, and to $86 that reflect an improved earnings outlook, more balanced valuation, and support from Texas legislation and interest rate tailwinds. Analyst Commentary Bullish Takeaways Bullish analysts point to an improved earnings outlook as a key support for higher fair value, which underpins the recent cluster of price targets near the mid to high US$70s to mid US$80s.
NWN
US$46.22
Northwest Natural Holding
7D
-1.9%
1Y
16.3%

NWN: Stable Earnings Outlook And Completed Buyback Will Support Undervalued Shares

Analysts have maintained their fair value estimate for Northwest Natural Holding at $52.75, reflecting broadly unchanged assumptions around discount rate, revenue growth, profit margin, and future P/E, and see this as consistent with their current outlook on the business. 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, completing the buyback program announced on May 29, 2024.
ATO
US$166.00
Atmos Energy
7D
-1.4%
1Y
17.7%

ATO: Future Dividend Increases Will Balance Governance Changes And Share Authorization

Analysts have raised their Atmos Energy price target to US$177.55 from US$175.73, reflecting updated assumptions around revenue growth, profit margins and future P/E that slightly adjust their view of the company’s long term earnings power. What's in the News Atmos Energy plans to ask shareholders at its February 4, 2026 AGM to approve an increase in the number of authorized common shares, which could give the company more flexibility for future equity issuance or corporate actions (Key Developments).
NJR
US$48.70
New Jersey Resources
7D
1.5%
1Y
3.6%
UGI
US$40.63
UGI
7D
6.8%
1Y
36.3%

UGI: Ongoing Share Buybacks Will Support Future Upside Potential

Analysts have modestly adjusted their price target on UGI to reflect small updates to the discount rate and future P/E assumptions, keeping fair value essentially unchanged at about US$44.00 per share. What's in the News From July 1, 2025 to September 30, 2025, UGI repurchased 500,000 shares for US$16.53 million, representing 0.23% of its shares under the existing buyback program (Key Developments).
SR
US$83.98
Spire
7D
-0.5%
1Y
20.9%

SR: Higher Dividend Policy Will Support Attractive Future Total Returns

Narrative Update on Spire Analysts have made a very small adjustment to their price target on Spire to approximately US$93.44. This reflects slightly lower revenue growth assumptions and a modestly higher profit margin outlook within a largely unchanged discount rate and future P/E framework.
SWX
US$81.94
Southwest Gas Holdings
7D
-3.1%
1Y
12.2%

SWX: CFO Succession And Firmer Margins Will Support Fairly Valued Outlook

Analysts have nudged their price target on Southwest Gas Holdings higher from US$89.43 to US$92.00, citing updated assumptions that include a slightly different discount rate, softer revenue growth expectations, firmer profit margin forecasts, and a modestly higher future P/E multiple. What's in the News Southwest Gas Holdings announced that Chief Financial Officer Robert J.
MDU
US$20.44
MDU Resources Group
7D
-2.1%
1Y
16.7%

MDU: Future Capex Plans And Funding Costs Set Up Balanced Outlook

Analysts have lifted their fair value estimate for MDU Resources Group from $18.00 to $20.00 per share, citing updated assumptions around revenue growth, funding costs and sector capex trends reflected in recent Street research. Analyst Commentary Street research on MDU Resources Group has recently highlighted a more constructive stance on the shares, with higher price targets framed around updated expectations for capital spending and funding costs across the utilities group.