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U.S. Gas Utilities Industry Analysis

UpdatedFeb 06, 2026
DataAggregated Company Financials
Companies15
  • 7D1.3%
  • 3M2.0%
  • 1Y16.5%
  • YTD3.6%

The Gas Utilities industry is up 2.8% in the last week, with Atmos Energy up 3.3%. During this same period, the UGI underperformed, falling 6.8%. This takes the industry's 12 month performance to a gain of 16%. As for the next few years, earnings are expected to grow by 9.3% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Feb 2026US$83.4bUS$37.4bUS$4.0b18.6x21.1x2.2x
Sun, 04 Jan 2026US$79.5bUS$36.8bUS$3.9b18.2x20.3x2.2x
Tue, 02 Dec 2025US$82.7bUS$36.8bUS$3.9b19.5x21.1x2.2x
Thu, 30 Oct 2025US$79.4bUS$36.7bUS$2.3b19x34.4x2.2x
Sat, 27 Sep 2025US$76.8bUS$36.7bUS$2.3b17.7x33.3x2.1x
Mon, 25 Aug 2025US$77.0bUS$36.7bUS$2.3b18.2x33.3x2.1x
Wed, 23 Jul 2025US$75.3bUS$36.4bUS$3.2b18.4x23.8x2.1x
Fri, 20 Jun 2025US$72.5bUS$36.4bUS$3.2b17.5x22.9x2x
Sun, 18 May 2025US$73.2bUS$36.4bUS$3.2b18.3x23.1x2x
Tue, 15 Apr 2025US$70.7bUS$35.3bUS$2.5b19.1x28.2x2x
Thu, 13 Mar 2025US$70.4bUS$35.3bUS$2.5b19x28.1x2x
Sat, 08 Feb 2025US$69.5bUS$35.3bUS$2.5b18.6x28.1x2x
Mon, 06 Jan 2025US$66.3bUS$38.1bUS$2.3b18.1x28.5x1.7x
Wed, 04 Dec 2024US$71.4bUS$38.2bUS$2.3b19.9x30.6x1.9x
Fri, 01 Nov 2024US$61.6bUS$33.5bUS$4.4b17.3x13.9x1.8x
Sun, 29 Sep 2024US$62.7bUS$33.5bUS$4.4b18.3x14.2x1.9x
Tue, 27 Aug 2024US$60.2bUS$33.5bUS$4.4b17x13.6x1.8x
Thu, 25 Jul 2024US$58.4bUS$33.5bUS$3.1b17.3x19.1x1.7x
Sat, 22 Jun 2024US$54.2bUS$33.5bUS$3.1b15.3x17.7x1.6x
Mon, 20 May 2024US$56.4bUS$33.5bUS$3.1b16.1x18.4x1.7x
Wed, 17 Apr 2024US$52.6bUS$34.1bUS$2.2b16.2x24.3x1.5x
Fri, 15 Mar 2024US$54.6bUS$34.1bUS$2.2b16.5x25.2x1.6x
Sun, 11 Feb 2024US$52.0bUS$34.4bUS$1.8b15.1x28.7x1.5x
Tue, 09 Jan 2024US$59.0bUS$38.4bUS$1.5b16.6x39.9x1.5x
Thu, 07 Dec 2023US$57.1bUS$38.4bUS$1.5b16.7x39.3x1.5x
Sat, 04 Nov 2023US$55.4bUS$39.5bUS$1.5b15x36.9x1.4x
Mon, 02 Oct 2023US$50.1bUS$37.5bUS$684.8m17.1x73.2x1.3x
Wed, 30 Aug 2023US$53.0bUS$37.5bUS$684.8m18.3x77.4x1.4x
Fri, 28 Jul 2023US$55.9bUS$38.4bUS$1.5b20x37.7x1.5x
Sun, 25 Jun 2023US$53.2bUS$38.4bUS$1.5b18.8x35.9x1.4x
Tue, 23 May 2023US$54.9bUS$38.4bUS$1.5b19.8x37x1.4x
Thu, 20 Apr 2023US$57.3bUS$38.5bUS$2.4b20.2x24.2x1.5x
Sat, 18 Mar 2023US$56.8bUS$38.5bUS$2.4b19.9x24x1.5x
Mon, 13 Feb 2023US$58.3bUS$37.8bUS$2.7b20.9x21.6x1.5x
Price to Earnings Ratio

21.6x


Total Market Cap: US$58.3bTotal 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 20.5x 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 Market-2.98%
Utilities-0.76%
Gas Utilities1.32%
Gas Utilities1.32%
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$171.503.3%
+US$1.5b		19.8%PE22.7x
NJR New Jersey ResourcesUS$52.777.1%
+US$358.9m		12.4%PE16.3x
OGS ONE GasUS$82.754.6%
+US$219.6m		16.3%PE19.5x
CPK Chesapeake UtilitiesUS$131.993.7%
+US$110.4m		5.5%PE23.7x
NWN Northwest Natural HoldingUS$48.583.3%
+US$63.5m		20.0%PE20.1x

Latest News

UGI
US$37.83
UGI
7D
-6.8%
1Y
18.2%
MDU
US$20.16
MDU Resources Group
7D
-1.8%
1Y
19.1%
ATO
US$171.50
Atmos Energy
7D
3.3%
1Y
19.8%
NJR
US$52.77
New Jersey Resources
7D
7.1%
1Y
12.4%
BIPC
US$49.08
Brookfield Infrastructure
7D
0.6%
1Y
18.1%

Brookfield Infrastructure (NYSE:BIPC) Has Announced That It Will Be Increasing Its Dividend To $0.455

Feb 01
Brookfield Infrastructure (NYSE:BIPC) Has Announced That It Will Be Increasing Its Dividend To $0.455
NFG
US$84.66
National Fuel Gas
7D
0.8%
1Y
17.2%
CPK
US$131.99
Chesapeake Utilities
7D
3.7%
1Y
5.5%

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
OGS
US$82.75
ONE Gas
7D
4.6%
1Y
16.3%

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$48.58
Northwest Natural Holding
7D
3.3%
1Y
20.0%

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.
SWX
US$82.99
Southwest Gas Holdings
7D
0.4%
1Y
9.0%

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.