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U.S. Gas Utilities Industry Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies15
  • 7D1.6%
  • 3M1.9%
  • 1Y17.2%
  • YTD3.6%

In the last week, the Gas Utilities industry is up 1.6%, with Atmos Energy up 3.0%. In the same time, UGI was down 7.6%. This means that the industry has gained 17% over the past year. Looking forward, earnings are forecast to grow by 9.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026US$83.0bUS$37.4bUS$4.0b18.8x20.8x2.2x
Wed, 07 Jan 2026US$78.8bUS$36.8bUS$3.9b18.1x20.1x2.1x
Fri, 05 Dec 2025US$80.1bUS$36.8bUS$3.9b18.5x20.4x2.2x
Sun, 02 Nov 2025US$78.0bUS$36.7bUS$2.3b18.9x33.8x2.1x
Tue, 30 Sep 2025US$78.0bUS$36.7bUS$2.3b17.8x33.8x2.1x
Thu, 28 Aug 2025US$76.2bUS$36.7bUS$2.3b18x33x2.1x
Sat, 26 Jul 2025US$74.6bUS$36.4bUS$3.2b18x23.6x2.1x
Mon, 23 Jun 2025US$72.8bUS$36.4bUS$3.2b17.3x23x2x
Wed, 21 May 2025US$74.2bUS$36.4bUS$3.2b18.7x23.4x2x
Fri, 18 Apr 2025US$72.8bUS$35.3bUS$2.5b19.4x29.1x2.1x
Sun, 16 Mar 2025US$71.2bUS$35.3bUS$2.5b19.1x28.4x2x
Tue, 11 Feb 2025US$69.0bUS$35.3bUS$2.5b18.6x28x2x
Thu, 09 Jan 2025US$65.4bUS$38.1bUS$2.3b17.9x28.1x1.7x
Sat, 07 Dec 2024US$69.4bUS$38.1bUS$2.3b19x29.9x1.8x
Mon, 04 Nov 2024US$61.0bUS$33.5bUS$4.4b17x13.8x1.8x
Wed, 02 Oct 2024US$63.0bUS$33.5bUS$4.4b17.3x14.2x1.9x
Fri, 30 Aug 2024US$59.8bUS$33.5bUS$4.4b17.4x13.5x1.8x
Sun, 28 Jul 2024US$59.2bUS$33.5bUS$3.1b17.6x19.3x1.8x
Tue, 25 Jun 2024US$53.9bUS$33.5bUS$3.1b15.5x17.6x1.6x
Thu, 23 May 2024US$56.5bUS$33.5bUS$3.1b15.9x18.4x1.7x
Sat, 20 Apr 2024US$53.2bUS$34.1bUS$2.2b16.3x24.6x1.6x
Mon, 18 Mar 2024US$53.6bUS$34.1bUS$2.2b16.9x24.8x1.6x
Wed, 14 Feb 2024US$51.0bUS$34.4bUS$1.8b14.4x28.1x1.5x
Fri, 12 Jan 2024US$58.8bUS$38.4bUS$1.5b15.7x39.8x1.5x
Sun, 10 Dec 2023US$57.0bUS$38.4bUS$1.5b16.5x38.6x1.5x
Tue, 07 Nov 2023US$55.4bUS$39.5bUS$1.5b14.9x36.9x1.4x
Thu, 05 Oct 2023US$49.1bUS$37.5bUS$684.8m16.7x71.8x1.3x
Sat, 02 Sep 2023US$52.9bUS$37.5bUS$684.8m18x77.3x1.4x
Mon, 31 Jul 2023US$55.0bUS$38.4bUS$1.5b19.5x37.1x1.4x
Wed, 28 Jun 2023US$54.2bUS$38.4bUS$1.5b19x36.5x1.4x
Fri, 26 May 2023US$54.6bUS$38.4bUS$1.5b19.8x36.8x1.4x
Sun, 23 Apr 2023US$57.2bUS$38.5bUS$2.4b20.3x24.2x1.5x
Tue, 21 Mar 2023US$57.2bUS$38.5bUS$2.4b20.1x24.2x1.5x
Thu, 16 Feb 2023US$58.4bUS$37.8bUS$2.7b21x21.6x1.5x
Price to Earnings Ratio

21.6x


Total Market Cap: US$58.4bTotal 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 20.8x 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-0.071%
Utilities0.081%
Gas Utilities1.56%
Gas Utilities1.56%
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$171.383.0%
+US$1.4b		20.3%PE22.7x
NFG National Fuel GasUS$85.773.3%
+US$260.4m		19.0%PE12.4x
NJR New Jersey ResourcesUS$52.424.7%
+US$244.0m		14.4%PE16.2x
OGS ONE GasUS$82.493.2%
+US$154.2m		17.5%PE19.4x
BIPC Brookfield InfrastructureUS$50.012.5%
+US$142.9m		21.6%PS1.6x

Latest News

MDU
US$20.34
MDU Resources Group
7D
-0.1%
1Y
23.6%

Analysts Have Made A Financial Statement On MDU Resources Group, Inc.'s (NYSE:MDU) Yearly Report

Feb 08
Analysts Have Made A Financial Statement On MDU Resources Group, Inc.'s (NYSE:MDU) Yearly Report
UGI
US$37.09
UGI
7D
-7.6%
1Y
17.6%

UGI: Share Repurchases And Higher Margin Outlook Will Support Future Upside

Analysts have nudged their price target for UGI to $44.50 from $44.00, citing updated assumptions around revenue growth, profit margins and future P/E that slightly adjust their valuation view. What's in the News From July 1, 2025 to September 30, 2025, UGI repurchased 500,000 shares for $16.53 million, representing 0.23% of its shares.
SWX
US$83.26
Southwest Gas Holdings
7D
1.4%
1Y
9.0%

SWX: Incoming CFO And Stable Margins Will Support Fairly Valued Outlook

Analysts have trimmed their price target for Southwest Gas Holdings to about US$92 from roughly US$92.00. This reflects slightly more cautious assumptions on fair value, discount rate, revenue growth, profit margin, and forward P/E inputs.
SR
US$86.08
Spire
7D
0.9%
1Y
19.8%

SR: Higher Dividend And Preferred Redemption Will Support Future Total Returns

Analysts have lifted their price target for Spire to US$94.50 from US$93.44. This reflects updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that slightly adjust their long term outlook for the business.
ATO
US$171.38
Atmos Energy
7D
3.0%
1Y
20.3%
BIPC
US$50.01
Brookfield Infrastructure
7D
2.5%
1Y
21.6%

Valuation Update

The valuation has been updated based on the latest financial results.
NJR
US$52.42
New Jersey Resources
7D
4.7%
1Y
14.4%

NJR: Gas Mix And Strong Balance Sheet Will Support Steady Future Returns

Analysts have inched their fair value estimate for New Jersey Resources lower to about $54.33 from $54.71, citing slightly more conservative revenue growth assumptions and a modestly lower future P/E multiple. They continue to point to the company's mix of gas utility, regulated midstream and unregulated businesses, along with its peer leading 18% to 20% FFO to debt ratio and consistent capex funding without material dilution, as key supports for their updated price target.
NFG
US$85.77
National Fuel Gas
7D
3.3%
1Y
19.0%
CPK
US$129.87
Chesapeake Utilities
7D
1.9%
1Y
6.2%

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
RGCO
US$21.85
RGC Resources
7D
-1.7%
1Y
1.8%
OGS
US$82.49
ONE Gas
7D
3.2%
1Y
17.5%

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.