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U.S. Gas Utilities Industry Analysis

UpdatedJun 12, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.4%
  • 3M-9.7%
  • 1Y6.5%
  • YTD-0.7%

The Gas Utilities industry has been flat over the last week, but Spire has lost 4.0%. The past year has been better, since the industry has gained 6.5% in that time. Looking forward, earnings are forecast to grow by 9.8% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Jun 2026US$81.2bUS$34.7bUS$3.8b16.9x21.5x2.3x
Mon, 11 May 2026US$83.8bUS$34.7bUS$3.8b17.3x22.1x2.4x
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
Price to Earnings Ratio

36.9x


Total Market Cap: US$54.8bTotal Earnings: US$1.5bTotal Revenue: US$38.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 29.8x202420252026
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 21.5x which is lower than its 3-year average PE of 29.8x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 36% 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-2.36%
Utilities-0.33%
Gas Utilities-0.39%
Gas Utilities-0.39%
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$35.030.5%
+US$38.6m		-3.2%PE11.7x
SWX Southwest Gas HoldingsUS$89.010.3%
+US$21.0m		24.3%PE27x
NFG National Fuel GasUS$77.550.2%
+US$12.4m		-7.8%PE10.7x
RGCO RGC ResourcesUS$23.944.4%
+US$10.5m		18.1%PE17.8x
NWN Northwest Natural HoldingUS$49.860.2%
+US$3.4m		25.5%PE17.1x

Latest News

SR
US$79.10
Spire
7D
-4.0%
1Y
9.5%
UGI
US$35.03
UGI
7D
0.5%
1Y
-3.2%
CPK
US$123.55
Chesapeake Utilities
7D
-0.2%
1Y
3.5%
SWX
US$89.01
Southwest Gas Holdings
7D
0.3%
1Y
24.3%
NFG
US$77.55
National Fuel Gas
7D
0.2%
1Y
-7.8%
Narrative Update • Jun 07

NFG: Dividend Commitment And Margin Outlook Will Support Future Multiple Expansion

Narrative Update on National Fuel Gas Analysts have raised their price targets on National Fuel Gas by $3, citing updated views on revenue, profit margins, and future P/E assumptions. Analyst Commentary Recent research pieces on National Fuel Gas focus on revised price targets and fresh coverage that highlight how analysts are thinking about valuation, growth prospects, and execution risk.
NWN
US$49.86
Northwest Natural Holding
7D
0.2%
1Y
25.5%
OGS
US$77.78
ONE Gas
7D
-0.8%
1Y
7.1%
Narrative Update • Jun 05

OGS: Affirmed 2026 Earnings Range Supports Steady Long Term Execution

Analysts have trimmed their average price targets on ONE Gas by a few dollars, with recent cuts to $82 and $95. These changes reflect updated sector models and more tempered expectations for utilities compared with the broader market.
ATO
US$169.96
Atmos Energy
7D
-0.2%
1Y
11.1%
Narrative Update • Jun 04

ATO: Safety Lawsuits Will Shape Future Earnings Power And Dividend Appeal

Analysts have raised their Atmos Energy price target slightly to $188.45 from $186.82, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News A wrongful death lawsuit has been filed after a major gas explosion destroyed a Dallas apartment complex in the Oak Cliff neighborhood, with claims focused on Atmos Energy’s safety practices and potential operational, regulatory, and reputational risks.
MDU
US$21.11
MDU Resources Group
7D
-1.2%
1Y
29.1%
NJR
US$55.09
New Jersey Resources
7D
-0.6%
1Y
23.4%
Narrative Update • Jun 03

NJR: Earnings Guidance Strength And Rate Filing Will Support Future Upside

Analysts have lifted their price target on New Jersey Resources by about $3.69 to reflect updated views on fair value, discount rate, revenue growth, profit margin and forward P/E, supported by a recent bullish research initiation and a higher target from the Street. Analyst Commentary Recent Street research on New Jersey Resources points to a more constructive tone on valuation and earnings power, with the latest price target moves reflecting updated assumptions on revenue, margins and forward P/E.
BIPC
US$40.41
Brookfield Infrastructure
7D
-2.2%
1Y
-1.5%
RGCO
US$23.94
RGC Resources
7D
4.4%
1Y
18.1%