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U.S. Gas Utilities Industry Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies15
  • 7D1.9%
  • 3M6.4%
  • 1Y15.6%
  • YTD6.4%

Over the last 7 days, the Gas Utilities industry has risen 1.9%, driven by gains from Atmos Energy of 1.5%. During this same period, the Brookfield Infrastructure underperformed, falling 7.6%. This means that the industry has gained 16% over the past year. As for the next few years, earnings are expected to grow by 9.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026US$85.9bUS$34.8bUS$4.0b19.4x21.4x2.5x
Mon, 23 Feb 2026US$86.2bUS$37.4bUS$4.0b19.8x21.6x2.3x
Wed, 21 Jan 2026US$80.6bUS$36.8bUS$3.9b18.5x20.5x2.2x
Fri, 19 Dec 2025US$79.6bUS$36.8bUS$3.9b18.5x20.3x2.2x
Sun, 16 Nov 2025US$80.4bUS$36.9bUS$3.7b19.1x21.5x2.2x
Tue, 14 Oct 2025US$78.9bUS$36.7bUS$2.3b18.1x34.2x2.2x
Thu, 11 Sep 2025US$75.2bUS$36.7bUS$2.3b17.7x32.5x2.1x
Sat, 09 Aug 2025US$75.4bUS$35.9bUS$2.3b18.1x33x2.1x
Mon, 07 Jul 2025US$73.0bUS$36.4bUS$3.2b18x23.1x2x
Wed, 04 Jun 2025US$73.2bUS$36.4bUS$3.2b18.6x23.1x2x
Fri, 02 May 2025US$73.6bUS$35.4bUS$2.9b19.6x25.2x2.1x
Sun, 30 Mar 2025US$72.1bUS$35.3bUS$2.5b19.7x28.8x2x
Tue, 25 Feb 2025US$71.5bUS$35.4bUS$2.5b19.5x28.9x2x
Thu, 23 Jan 2025US$69.0bUS$38.1bUS$2.3b18.4x29.7x1.8x
Sat, 21 Dec 2024US$64.9bUS$38.1bUS$2.3b18x27.9x1.7x
Mon, 18 Nov 2024US$67.9bUS$38.2bUS$2.7b19.7x25.3x1.8x
Wed, 16 Oct 2024US$63.1bUS$33.5bUS$4.4b17.4x14.2x1.9x
Fri, 13 Sep 2024US$60.6bUS$33.5bUS$4.4b17x13.7x1.8x
Sun, 11 Aug 2024US$58.5bUS$33.5bUS$4.4b17x13.2x1.7x
Tue, 09 Jul 2024US$53.6bUS$33.5bUS$3.1b15.4x17.5x1.6x
Thu, 06 Jun 2024US$55.7bUS$33.5bUS$3.1b15.9x18.2x1.7x
Sat, 04 May 2024US$55.7bUS$33.7bUS$2.9b16x18.9x1.7x
Mon, 01 Apr 2024US$55.8bUS$34.1bUS$2.2b16.7x25.8x1.6x
Wed, 28 Feb 2024US$51.7bUS$34.1bUS$1.8b14.7x28.6x1.5x
Fri, 26 Jan 2024US$56.1bUS$38.4bUS$1.5b15.5x37.9x1.5x
Sun, 24 Dec 2023US$58.8bUS$38.4bUS$1.5b16.6x39.8x1.5x
Tue, 21 Nov 2023US$56.2bUS$38.9bUS$1.5b15.6x38.5x1.4x
Thu, 19 Oct 2023US$51.3bUS$37.5bUS$684.8m17.1x74.9x1.4x
Sat, 16 Sep 2023US$52.9bUS$37.5bUS$684.8m18.7x77.2x1.4x
Mon, 14 Aug 2023US$53.9bUS$37.5bUS$684.8m18.5x78.7x1.4x
Wed, 12 Jul 2023US$54.2bUS$38.4bUS$1.5b18.8x36.6x1.4x
Fri, 09 Jun 2023US$56.1bUS$38.4bUS$1.5b20.3x37.8x1.5x
Sun, 07 May 2023US$56.0bUS$38.1bUS$1.5b19.8x36.3x1.5x
Tue, 04 Apr 2023US$56.4bUS$38.5bUS$2.4b19.7x23.8x1.5x
Price to Earnings Ratio

23.8x


Total Market Cap: US$56.4bTotal 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 21.4x 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 Market-1.92%
Utilities2.79%
Gas Utilities1.87%
Gas Utilities1.87%
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$183.191.5%
+US$446.7m		20.2%PE24.3x
NFG National Fuel GasUS$95.293.9%
+US$341.1m		20.9%PE13.8x
UGI UGIUS$36.673.7%
+US$283.3m		11.6%PE13.1x
SWX Southwest Gas HoldingsUS$86.713.7%
+US$226.2m		18.8%PE26.2x
MDU MDU Resources GroupUS$20.614.9%
+US$196.2m		23.8%PE22x

Latest News

UGI
US$36.67
UGI
7D
3.7%
1Y
11.6%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts have kept their UGI price target steady at about $44.50 per share, citing essentially unchanged assumptions for the discount rate, revenue growth, profit margins and future P/E as the basis for maintaining their view. What's in the News From October 1, 2025 to December 31, 2025, UGI repurchased 300,000 shares for $11.54 million, representing 0.14% of shares under its existing buyback program (Key Developments).
SR
US$90.68
Spire
7D
2.5%
1Y
16.0%

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

Analysts have nudged their price target for Spire slightly higher to $96.25 from $96.13, tying the adjustment to modest tweaks in fair value inputs, revenue growth expectations, profit margin assumptions and the forward P/E framework. What's in the News Spire plans to redeem all 10,000 shares of its 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock, along with the related depositary shares, on February 13, 2026, at a redemption price of $25.00 per depositary share plus $0.36056 in accumulated and unpaid dividends, for a total of $25.36056 per share (company filing).
ATO
US$183.19
Atmos Energy
7D
1.5%
1Y
20.2%
OGS
US$84.95
ONE Gas
7D
1.3%
1Y
11.8%

OGS: Steady Execution And Measured Outlook Support Future Earnings Potential

Analysts have nudged their average price target for ONE Gas higher by about $3. This reflects updated views on the company’s fair value, projected profit margins, and future P/E assumptions following recent research updates from multiple firms.
SWX
US$86.71
Southwest Gas Holdings
7D
3.7%
1Y
18.8%
NJR
US$54.59
New Jersey Resources
7D
3.3%
1Y
10.6%

NJR: Refined Earnings Outlook And Assumptions Will Support Balanced Future Returns

Analysts have raised their price target on New Jersey Resources by $4, reflecting updated views on fair value and modest refinements to assumptions such as discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary JPMorgan raised its price target on New Jersey Resources by $4, reflecting refreshed assumptions on discount rate, revenue growth, profit margins, and future P/E.
BIPC
US$37.76
Brookfield Infrastructure
7D
-7.6%
1Y
4.6%
MDU
US$20.61
MDU Resources Group
7D
4.9%
1Y
23.8%

MDU: Mixed Research Views And 2026 Guidance Will Shape Risk Reward Balance

Analysts have adjusted the MDU Resources Group price target to $22.00, a change of $1.20. This reflects updated views on fair value, discount rate, revenue growth, profit margin, and future P/E following recent research that includes both a $1 cut at BofA and a $4 increase at Citi.
NFG
US$95.29
National Fuel Gas
7D
3.9%
1Y
20.9%
RGCO
US$21.18
RGC Resources
7D
-0.7%
1Y
2.7%