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U.S. Gas Utilities Industry Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies15
  • 7D2.6%
  • 3M11.7%
  • 1Y26.4%
  • YTD9.7%

In the last week, the Gas Utilities industry is up 2.6%, with Atmos Energy up 2.2%. In the last 12 months, the industry was up 26%. Looking forward, earnings are forecast to grow by 9.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026US$87.6bUS$34.8bUS$4.0b20.2x21.8x2.5x
Fri, 06 Mar 2026US$88.3bUS$34.8bUS$4.0b19.1x22x2.5x
Sun, 01 Feb 2026US$81.1bUS$36.9bUS$4.0b18.7x20.4x2.2x
Tue, 30 Dec 2025US$79.2bUS$36.8bUS$3.9b18.4x20.2x2.2x
Thu, 27 Nov 2025US$81.4bUS$36.8bUS$3.9b19.6x20.8x2.2x
Sat, 25 Oct 2025US$79.7bUS$36.7bUS$2.3b19.4x34.5x2.2x
Mon, 22 Sep 2025US$75.4bUS$36.7bUS$2.3b17.2x32.6x2.1x
Wed, 20 Aug 2025US$74.9bUS$36.7bUS$2.3b17.7x32.4x2x
Fri, 18 Jul 2025US$74.4bUS$36.4bUS$3.2b18x23.5x2x
Sun, 15 Jun 2025US$72.4bUS$36.4bUS$3.2b17.7x22.8x2x
Tue, 13 May 2025US$74.3bUS$36.7bUS$3.2b18x23.5x2x
Thu, 10 Apr 2025US$68.0bUS$35.3bUS$2.5b19x27.1x1.9x
Sat, 08 Mar 2025US$70.1bUS$35.3bUS$2.5b19x28x2x
Mon, 03 Feb 2025US$68.4bUS$38.2bUS$2.3b18.5x29.6x1.8x
Wed, 01 Jan 2025US$65.9bUS$38.1bUS$2.3b18.1x28.4x1.7x
Fri, 29 Nov 2024US$72.3bUS$38.2bUS$2.3b20.3x31x1.9x
Sun, 27 Oct 2024US$62.8bUS$33.5bUS$4.4b17.7x14.2x1.9x
Tue, 24 Sep 2024US$62.1bUS$33.5bUS$4.4b17.8x14x1.9x
Thu, 22 Aug 2024US$59.5bUS$33.5bUS$4.4b16.8x13.4x1.8x
Sat, 20 Jul 2024US$58.1bUS$33.5bUS$3.1b17x18.9x1.7x
Mon, 17 Jun 2024US$53.9bUS$33.5bUS$3.1b15.4x17.6x1.6x
Wed, 15 May 2024US$55.6bUS$33.5bUS$3.1b16.1x18.1x1.7x
Fri, 12 Apr 2024US$53.7bUS$34.1bUS$2.2b16.5x24.8x1.6x
Sun, 10 Mar 2024US$54.8bUS$34.1bUS$2.2b16.8x25.3x1.6x
Tue, 06 Feb 2024US$51.3bUS$35.3bUS$1.9b14.6x27.6x1.5x
Thu, 04 Jan 2024US$59.1bUS$38.4bUS$1.5b16.7x40x1.5x
Sat, 02 Dec 2023US$55.8bUS$38.4bUS$1.5b16.3x38.4x1.5x
Mon, 30 Oct 2023US$48.9bUS$37.5bUS$684.8m15.4x71.4x1.3x
Wed, 27 Sep 2023US$50.9bUS$37.5bUS$684.8m17.7x74.4x1.4x
Fri, 25 Aug 2023US$52.6bUS$37.5bUS$684.8m18.2x76.8x1.4x
Sun, 23 Jul 2023US$55.5bUS$38.4bUS$1.5b19.8x37.4x1.4x
Tue, 20 Jun 2023US$54.8bUS$38.4bUS$1.5b19.2x36.9x1.4x
Thu, 18 May 2023US$54.7bUS$38.4bUS$1.5b19.6x36.9x1.4x
Sat, 15 Apr 2023US$56.8bUS$38.5bUS$2.4b19.9x24x1.5x
Price to Earnings Ratio

24x


Total Market Cap: US$56.8bTotal Earnings: US$2.4bTotal Revenue: US$38.5bTotal 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 21.8x which is lower than its 3-year average PE of 30.4x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 19% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.3% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the U.S. Utilities industry?

US Market1.21%
Utilities0.91%
Gas Utilities2.56%
Gas Utilities2.56%
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$188.702.2%
+US$658.4m		28.5%PE25x
OGS ONE GasUS$89.443.8%
+US$213.7m		24.3%PE21.2x
NFG National Fuel GasUS$95.982.1%
+US$192.0m		31.5%PE13.9x
SR SpireUS$93.743.5%
+US$189.1m		26.7%PE20.5x
NJR New Jersey ResourcesUS$56.703.2%
+US$179.5m		21.0%PE17.5x

Latest News

SWX
US$88.98
Southwest Gas Holdings
7D
2.4%
1Y
32.6%

SWX: Dividend Increase And CEO Transition Will Support Steady Outlook

Analysts have kept their average price target for Southwest Gas Holdings unchanged at about $92.43, reflecting largely consistent views on fair value, discount rates, growth, margins and future P/E assumptions. What's in the News The Board has appointed Justin Brown to succeed Karen Haller as Chief Executive Officer of Southwest Gas Holdings and Southwest Gas Corporation, effective May 8, 2026.
NJR
US$56.70
New Jersey Resources
7D
3.2%
1Y
21.0%

NJR: Updated Cash Flow Assumptions And Earnings Outlook Will Shape Balanced Returns

Analysts have raised their price target on New Jersey Resources by $4, citing updated views on the company’s discounted cash flow assumptions and valuation inputs, as reflected in the latest fair value and P/E metrics. Analyst Commentary Bullish Takeaways Bullish analysts view the higher fair value estimate as consistent with an updated discounted cash flow framework, which they see as better aligned with the company’s current cash generation profile.
MDU
US$21.59
MDU Resources Group
7D
4.2%
1Y
38.4%
OGS
US$89.44
ONE Gas
7D
3.8%
1Y
24.3%
SR
US$93.74
Spire
7D
3.5%
1Y
26.7%
RGCO
US$21.63
RGC Resources
7D
-1.9%
1Y
-1.2%
BIPC
US$40.64
Brookfield Infrastructure
7D
2.8%
1Y
24.2%
ATO
US$188.70
Atmos Energy
7D
2.2%
1Y
28.5%
NFG
US$95.98
National Fuel Gas
7D
2.1%
1Y
31.5%