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U.S. Gas Utilities Industry Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies15
  • 7D0.4%
  • 3M9.9%
  • 1Y18.9%
  • YTD9.3%

The Gas Utilities industry is up 2.1% in the last week, with UGI up 3.5%. In the last 12 months, the industry was up 21%. Earnings are forecast to grow by 9.7% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026US$89.5bUS$34.8bUS$4.0b20x22.3x2.6x
Thu, 12 Mar 2026US$86.6bUS$34.8bUS$4.0b18.9x21.5x2.5x
Sat, 07 Feb 2026US$83.0bUS$37.4bUS$4.0b18.8x20.8x2.2x
Mon, 05 Jan 2026US$79.5bUS$36.8bUS$3.9b18.2x20.3x2.2x
Wed, 03 Dec 2025US$80.4bUS$36.8bUS$3.9b19x20.5x2.2x
Fri, 31 Oct 2025US$78.0bUS$36.7bUS$2.3b19.1x33.8x2.1x
Sun, 28 Sep 2025US$78.0bUS$36.7bUS$2.3b17.7x33.8x2.1x
Tue, 26 Aug 2025US$76.1bUS$36.7bUS$2.3b18.1x32.9x2.1x
Thu, 24 Jul 2025US$75.7bUS$36.4bUS$3.2b18.2x23.9x2.1x
Sat, 21 Jun 2025US$72.5bUS$36.4bUS$3.2b17.3x22.9x2x
Mon, 19 May 2025US$73.2bUS$36.4bUS$3.2b18.3x23.1x2x
Wed, 16 Apr 2025US$72.0bUS$35.3bUS$2.5b19.2x28.7x2x
Fri, 14 Mar 2025US$70.0bUS$35.3bUS$2.5b18.8x27.9x2x
Sun, 09 Feb 2025US$69.0bUS$35.3bUS$2.5b18.6x28x2x
Tue, 07 Jan 2025US$66.3bUS$38.1bUS$2.3b17.7x28.5x1.7x
Thu, 05 Dec 2024US$70.7bUS$38.2bUS$2.3b19.6x30.3x1.9x
Sat, 02 Nov 2024US$61.6bUS$33.5bUS$4.4b17x13.9x1.8x
Mon, 30 Sep 2024US$62.7bUS$33.5bUS$4.4b18.3x14.2x1.9x
Wed, 28 Aug 2024US$60.4bUS$33.5bUS$4.4b16.9x13.6x1.8x
Fri, 26 Jul 2024US$58.4bUS$33.5bUS$3.1b17.3x19x1.7x
Sun, 23 Jun 2024US$53.9bUS$33.5bUS$3.1b15.3x17.6x1.6x
Tue, 21 May 2024US$56.4bUS$33.5bUS$3.1b16.2x18.4x1.7x
Thu, 18 Apr 2024US$52.9bUS$34.1bUS$2.2b16.1x24.5x1.6x
Sat, 16 Mar 2024US$53.5bUS$34.1bUS$2.2b16.9x24.7x1.6x
Mon, 12 Feb 2024US$52.0bUS$34.4bUS$1.8b15.1x28.7x1.5x
Wed, 10 Jan 2024US$58.8bUS$38.4bUS$1.5b16.2x39.7x1.5x
Fri, 08 Dec 2023US$57.1bUS$38.4bUS$1.5b16.8x38.6x1.5x
Sun, 05 Nov 2023US$55.4bUS$39.5bUS$1.5b15x36.9x1.4x
Tue, 03 Oct 2023US$50.1bUS$37.5bUS$684.8m16.5x73.2x1.3x
Thu, 31 Aug 2023US$52.9bUS$37.5bUS$684.8m18.1x77.3x1.4x
Sat, 29 Jul 2023US$54.9bUS$38.4bUS$1.5b19.5x37x1.4x
Mon, 26 Jun 2023US$53.2bUS$38.4bUS$1.5b18.8x35.9x1.4x
Wed, 24 May 2023US$55.0bUS$38.4bUS$1.5b20.1x37.1x1.4x
Fri, 21 Apr 2023US$57.3bUS$38.5bUS$2.4b20.2x24.2x1.5x
Price to Earnings Ratio

24.2x


Total Market Cap: US$57.3bTotal 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 22.3x 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 2.6x.
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 Market4.25%
Utilities0.59%
Gas Utilities0.44%
Gas Utilities0.44%
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$37.583.5%
+US$274.7m		17.5%PE13.4x
BIPC Brookfield InfrastructureUS$42.224.2%
+US$206.9m		19.1%PS1.4x
SWX Southwest Gas HoldingsUS$91.392.6%
+US$168.6m		26.8%PE27.6x
MDU MDU Resources GroupUS$21.691.4%
+US$59.3m		30.1%PE23.2x
RGCO RGC ResourcesUS$23.448.2%
+US$18.5m		7.8%PE18.9x

Latest News

SR
US$92.39
Spire
7D
0.1%
1Y
21.1%

SR: Preferred Redemption And Steady Assumptions Will Support Future Total Returns

Analysts have nudged their price target for Spire higher from $96.25 to $98.81, citing updated assumptions around slightly different revenue growth, profit margin, and forward P/E expectations. What's in the News Spire plans to redeem all 10,000 outstanding shares of its 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock, including the related depositary shares, on an anticipated redemption date of February 13, 2026, at a redemption price of $25.36056 per depositary share, covering par value and accumulated dividends (Key Developments).
UGI
US$37.58
UGI
7D
3.5%
1Y
17.5%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts now keep their price target for UGI unchanged at $44.50, indicating that only minor model adjustments have been made to the discount rate, revenue growth, profit margin and future P/E assumptions, rather than a shift in overall conviction on the shares. What's in the News From October 1, 2025 to December 31, 2025, UGI repurchased 300,000 shares for $11.54 million, bringing total buybacks under the May 8, 2018 authorization to 4,950,000 shares, or 2.47%, for $206.18 million (Key Developments).
ATO
US$187.75
Atmos Energy
7D
-0.03%
1Y
21.1%
NFG
US$91.24
National Fuel Gas
7D
-3.3%
1Y
17.6%
OGS
US$88.44
ONE Gas
7D
-0.1%
1Y
16.2%

OGS: Steady Execution And Equity Plans Support Balanced Long Term Outlook

Analysts have slightly raised their blended price target for ONE Gas to about $90, reflecting recent $5 and $2 upward revisions, citing steady Q4 execution and what they view as continued growth opportunities over the coming years. Analyst Commentary Recent research updates on ONE Gas focus on modest price target adjustments, Q4 execution and how the company is positioned within the regulated utilities group.
MDU
US$21.69
MDU Resources Group
7D
1.4%
1Y
30.1%
BIPC
US$42.22
Brookfield Infrastructure
7D
4.2%
1Y
19.1%

Brookfield Infrastructure: Resilient Business Model And Low Valuation Make It A Buy

Apr 09
CPK
US$128.86
Chesapeake Utilities
7D
0.6%
1Y
-4.0%

CPK: Depreciation Study Headwind Will Frame Future Undervalued Earnings Recovery

Analysts have trimmed their price target on Chesapeake Utilities by $1 to $140, citing updated estimates that factor in a headwind from a depreciation study. Analyst Commentary Bullish Takeaways The price target trim to $140 from $141 is small, which suggests analysts still see the current valuation as broadly aligned with their fundamental view, even after updating depreciation assumptions.
NJR
US$55.98
New Jersey Resources
7D
0.3%
1Y
14.9%
SWX
US$91.39
Southwest Gas Holdings
7D
2.6%
1Y
26.8%

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.
RGCO
US$23.44
RGC Resources
7D
8.2%
1Y
7.8%