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U.S. Gas Utilities Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies15
  • 7D1.2%
  • 3M10.1%
  • 1Y20.1%
  • YTD10.0%

The Gas Utilities industry is up 1.2% in the last week, with Atmos Energy up 1.4%. This means that the industry has gained 20% over the past year. As for the next few years, earnings are expected to grow by 9.4% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Mar 2026US$88.5bUS$34.8bUS$4.0b19.3x22x2.5x
Fri, 13 Feb 2026US$84.5bUS$37.4bUS$4.0b19.7x21.2x2.3x
Sun, 11 Jan 2026US$78.4bUS$36.8bUS$3.9b18.1x20x2.1x
Tue, 09 Dec 2025US$79.6bUS$36.8bUS$3.9b18.3x20.3x2.2x
Thu, 06 Nov 2025US$79.3bUS$36.7bUS$2.3b19x34.2x2.2x
Sat, 04 Oct 2025US$77.9bUS$36.7bUS$2.3b18x33.7x2.1x
Mon, 01 Sep 2025US$76.2bUS$36.7bUS$2.3b17.8x33x2.1x
Wed, 30 Jul 2025US$73.8bUS$36.4bUS$3.2b17.9x23.3x2x
Fri, 27 Jun 2025US$72.3bUS$36.4bUS$3.2b17.7x22.8x2x
Sun, 25 May 2025US$73.3bUS$36.4bUS$3.2b18.4x23.2x2x
Tue, 22 Apr 2025US$73.2bUS$35.3bUS$2.5b19x29.2x2.1x
Thu, 20 Mar 2025US$71.6bUS$35.3bUS$2.5b19.5x28.5x2x
Sat, 15 Feb 2025US$70.6bUS$35.3bUS$2.5b18.8x28.6x2x
Mon, 13 Jan 2025US$64.3bUS$38.1bUS$2.3b17.8x27.7x1.7x
Wed, 11 Dec 2024US$68.4bUS$38.1bUS$2.3b18.8x29.4x1.8x
Fri, 08 Nov 2024US$66.3bUS$38.1bUS$2.9b18x22.6x1.7x
Sun, 06 Oct 2024US$62.4bUS$33.5bUS$4.4b17.5x14.1x1.9x
Tue, 03 Sep 2024US$60.5bUS$33.5bUS$4.4b17.2x13.7x1.8x
Thu, 01 Aug 2024US$59.2bUS$33.5bUS$3.1b17.3x19.2x1.8x
Sat, 29 Jun 2024US$54.3bUS$33.5bUS$3.1b15.8x17.7x1.6x
Mon, 27 May 2024US$54.4bUS$33.5bUS$3.1b15.6x17.7x1.6x
Wed, 24 Apr 2024US$56.3bUS$34.1bUS$2.2b16.9x26x1.7x
Fri, 22 Mar 2024US$54.5bUS$34.1bUS$2.2b16.3x25.2x1.6x
Sun, 18 Feb 2024US$52.7bUS$34.4bUS$1.8b15x29.1x1.5x
Tue, 16 Jan 2024US$57.7bUS$38.4bUS$1.5b15.8x39x1.5x
Thu, 14 Dec 2023US$56.8bUS$38.4bUS$1.5b17.1x38.4x1.5x
Sat, 11 Nov 2023US$53.6bUS$39.4bUS$1.6b14.4x33.6x1.4x
Mon, 09 Oct 2023US$50.0bUS$37.5bUS$684.8m16.9x73x1.3x
Wed, 06 Sep 2023US$51.9bUS$37.5bUS$684.8m17.8x75.7x1.4x
Fri, 04 Aug 2023US$54.3bUS$37.3bUS$650.2m19.1x83.5x1.5x
Sun, 02 Jul 2023US$54.1bUS$38.4bUS$1.5b18.9x36.5x1.4x
Tue, 30 May 2023US$54.3bUS$38.4bUS$1.5b19.8x36.6x1.4x
Thu, 27 Apr 2023US$55.8bUS$38.5bUS$2.4b19.6x23.6x1.5x
Sat, 25 Mar 2023US$55.5bUS$38.5bUS$2.4b19.4x23.4x1.4x
Price to Earnings Ratio

23.4x


Total Market Cap: US$55.5bTotal 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 30.5x202420252026
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 22.0x which is lower than its 3-year average PE of 30.5x.
  • 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-2.40%
Utilities0.20%
Gas Utilities1.21%
Gas Utilities1.21%
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$187.821.4%
+US$426.8m		24.0%PE24.9x
NFG National Fuel GasUS$94.611.9%
+US$163.4m		22.8%PE13.7x
SWX Southwest Gas HoldingsUS$88.280.6%
+US$41.2m		15.9%PE26.6x
NJR New Jersey ResourcesUS$54.900.3%
+US$16.1m		11.5%PE16.9x
NWN Northwest Natural HoldingUS$52.670.7%
+US$15.8m		25.7%PE19.3x

Latest News

NFG
US$94.61
National Fuel Gas
7D
1.9%
1Y
22.8%
SR
US$92.11
Spire
7D
0.3%
1Y
20.8%
OGS
US$86.99
ONE Gas
7D
-0.2%
1Y
16.7%

OGS: Steady Execution And New Pipeline Project Will Support Future Earnings

Narrative Update: ONE Gas Analyst Price Target Analysts have nudged their views on ONE Gas higher, with recent price targets moving to $79 and $90. This reflects Q4 results that aligned with expectations and an outlook that highlights what they see as ongoing growth opportunities and sector-wide adjustments across regulated utilities.
CPK
US$130.43
Chesapeake Utilities
7D
-1.2%
1Y
2.1%

CPK: Depreciation Study Headwind Will Shape Bullish Long Term Outlook

Analysts have nudged their fair value estimate for Chesapeake Utilities up by $2 to $150.13, reflecting updated assumptions around revenue growth, profit margin and future P/E. They also acknowledge recent Street research that trimmed the formal price target to $140 to factor in a depreciation study headwind.
NWN
US$52.67
Northwest Natural Holding
7D
0.7%
1Y
25.7%

NWN: Q4 Earnings Revisions Will Support View Shares Remain Fairly Valued

Analysts have raised their price target on Northwest Natural Holding by $2 to $56. This reflects updated assumptions around fair value, revenue growth, profit margins, and future P/E following recent revisions to earnings-related estimates.
UGI
US$36.32
UGI
7D
-1.1%
1Y
9.9%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts have maintained their UGI fair value estimate at $44.50. Only minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions were made, resulting in an unchanged price target outlook.
ATO
US$187.82
Atmos Energy
7D
1.4%
1Y
24.0%

ATO: Governance Updates And Affirmed Earnings Guidance Will Support Steady Outlook

Analysts have nudged their price target on Atmos Energy to $180.90, a change of $0.80, citing updated assumptions around fair value, revenue growth, profit margins, and future P/E expectations. What's in the News Shareholders approved amendments to Atmos Energy's Restated Articles of Incorporation on February 4, 2026, including an increase in authorized shares to 400 million and provisions for plurality voting in contested director elections (Key Developments).
SWX
US$88.28
Southwest Gas Holdings
7D
0.6%
1Y
15.9%

SWX: New CEO And Dividend Outlook Will Support Steady Fair Value

Analysts have lifted their price target for Southwest Gas Holdings to $92.43, reflecting updated views on the company’s revenue growth outlook, profit margins, and forward P/E assumptions. What's in the News Company issued earnings guidance for fiscal 2026, projecting earnings per share from continuing operations in a range of $4.17 to $4.32 (Corporate Guidance).
NJR
US$54.90
New Jersey Resources
7D
0.3%
1Y
11.5%

NJR: Refined Earnings Outlook And Discount Assumptions Will Support Steady Returns

Analysts recently lifted their price target on New Jersey Resources by $4 to reflect updated assumptions around discount rates, profitability, and future price-to-earnings (P/E) expectations. Analyst Commentary Bullish Takeaways Bullish analysts view the higher price target, including the US$4 increase from JPMorgan, as aligning the stock more closely with their updated P/E assumptions.
MDU
US$20.61
MDU Resources Group
7D
-3.4%
1Y
22.0%

MDU: Equity Raise And EPS Guidance Will Shape Future P E Expectations

Analysts have fine tuned their view on MDU Resources Group, with the consensus price target moving slightly as firms adjusted their outlook in response to changes such as Citi's recent $4 increase and BofA's $1 reduction, reflecting updated assumptions on revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research updates around MDU Resources Group highlight a mixed but increasingly cautious tone, as price targets are adjusted to reflect updated views on revenue, margins and acceptable P/E levels.
BIPC
US$46.24
Brookfield Infrastructure
7D
0.06%
1Y
31.1%
RGCO
US$21.96
RGC Resources
7D
-3.4%
1Y
6.7%